At the National Foundation for Medical Research and Innovation (NFMRI) we like to think, “that philanthropy can go where others fear to tread.”
The great Warren Buffett spoke at a recent Forbes 400 Summit on Philanthropy in New York and said, “If you are doing important things, particularly with ‘bigger money’, you should be doing things that can change lots of lives and you should be doing things that have some real chances of failing. If they’re easy, let somebody else do them (or they have probably already been done).”
Words of wisdom they are, but what could also be added is that ‘big things’ are not only necessarily achievable by those on the world’s richest list; ‘big things’ can also be accomplished by all donors, though the process in which they are achieved may be slightly different.
In the case of medical research, its discoveries have the potential to improve the lives of countless individuals across the globe, but funding discoveries requires substantial infrastructure, the greatest minds and elaborate resources. Furthermore, the advancement of medical discoveries also requires gaining access to additional skills sets, capabilities, resources and networks. If you are on the world’s richest list, you may very easily have the ability to access all of these things. However, if your balance sheet has not earned you a spot on this list, don’t despair, you can still make a very big difference.
The key is determining which pieces of the puzzle you have, what pieces you should acquire and what collaborations are available to increase your chances of success. By collaboration I’m not only referring to grantees; I am also referring to donors partnering with philanthropic peers and grantees that have an objective in common. Your grantees may have the technical expertise and knowhow; your philanthropic peers may also have access to networks and resources, but could also have access to valuable infrastructure in place. Saving you from duplicating that infrastructure enables you to direct more of your resources towards the solution.
With medical research, the end goal is solving problems and the bigger the problem, the more complex the solution. Part of the discovery will require multiple, costly experiments and attempts that may not go to plan. But, in line with Warren Buffett’s speech, failure is not failure; failure is success as it only discounts one theory and strengthens another.
The journey taking a discovery towards an innovation and to delivering a safe and effective medical product is not only a long one; it is also costly and risky. Partnering and working with others with expertise in research and translation not only assists you in making informed decisions, it assists in managing risks along the way; it enables you to share the journey with others, both the pitfalls and successes. And like a decade long expedition across the world, why on earth would you want to do it alone?