00:00You have to be careful with philanthropy, you can waste a lot of money.
00:03My point about capitalism is, you know, I've spent a fair amount of time on philanthropy
00:07and it's vastly less efficient at solving problems than capitalism, right?
00:13You're going to create a lot more jobs with capitalism than you are with philanthropy.
00:16Businesses where you're effectively using other people's money that don't have best-in-class governance
00:24and oversight can end badly, and that's a description, unfortunately, of many non-profits.
00:29Many non-profits do not have the disciplines that come with running a for-profit enterprise.
00:33And as a result, they're less motivated, it's harder for them to hire the best people,
00:37there are no equity incentives, there's no market pressures, there's no M&A activity.
00:42So you've got to be careful with philanthropy, you can waste a lot of money.
00:45And these organizations can be taken over and become political vehicles as opposed to,
00:50you know, they can go off mission from what they were originally set up to do.
Comments