NoVo Foundation to invest $90 million to Women of Colour
Philanthropy is a feature for many millionaires and billionaires, including Warren Buffett, one of the world’s most famous entrepreneurs. As part of his legacy, his son Peter and daughter-in-law Jennifer established the NoVo foundation in 2006. Earlier this week, they announced their latest initiative to invest $90 million over seven years to fight the structural inequalities facing young women of colour all over the United States.
The NoVo Foundation, state that they focus on the highest definition of philanthropy — in the roots of the words anthro and philo referring to, “for the love of human beings”. But is this giving really offering real benefit?
Since its inception, the NoVo foundation has worked with girls and young women in the Southern Hemisphere in partnership with the Nike Foundation and others to support young women around the world. Through $120 million in grants, NoVo says it has reached half a million girls in 80 nations. In the United States, the foundation started working with young women of colour four years ago and announced its initial strategy in 2014; so this $90 million investment will further those efforts.
During this segment, I’m taking a look at the potential impact of this investment, and of the question whether philanthropy really is effective for developing sustainable and consistent change.