A stage model of venture philanthropy

This paper explores the practices of venture philanthropy (VP), developing an eight-stage model from inductive analysis of high net worth entrepreneurs. The qualitative case study involved interviews with philanthropists, foundation teams, and investee organizations. The findings outline stages from deal sourcing to disengagement and return. Comparisons are drawn with venture capital, developmental VC, and business angel investment, highlighting VP as a hybrid model incorporating elements of all three approaches, thereby contributing to understanding its unique operational characteristics.