Eli Broad and Matthew took part in a lively discussion of philanthrocapitalism today at the LA public library. Billionaire real estate and finance tycoon Broad, who said he enjoyed the book which he read on a trip to Morocco, said that he feared philanthropy would be hit by the financial crisis, but that this only increased the importance of doing philanthropy well.
Broad, who we profile in the book, stressed the importance in these tough times of upgrading America’s school system, which is one of the focuses of his giving. He suggested that the Obama administration would do well to find a role for two people who have worked well with philanthrocapitalists, Wendy Kopp, the founder of Teach for America, and New York Schools Chancellor, Joel Klein, who he said would be a great Education Secretary.
Broad set out 3 key questions for philanthrocapitalists to ask as they decide what to support. What difference will this make in 30 years? Will it happen anyway? And is there leadership available that is capable of delivering? Great advice.