Causes

Why nonprofits should be courting entrepreneurs as donors

Most entrepreneurs feel strongly philanthropic, typically giving 50 percent more annually to charity than people not running or advising their own companies. They are also far more likely to volunteer.

These findings are from a new report called Entrepreneurs as Philanthropists, which surveyed 3,000 people across a variety of professions. It classified an entrepreneur as anyone who founded or owns a business, excluding public stockholders, unless they hold a controlling share. (Silicon Valley titans weren’t included in the study, because they’re a special breed with outsized influence.)

All told, entrepreneurs give about $1,200 more to charity than those working for traditional companies at the same income level. Two-thirds of them also volunteer at least two or more hours per month to cause groups.

There’s also a whole lot of them – about 27 million and counting is the often cited figure. Long term, there may be an even bigger benefit for nonprofits that win entrepreneurial loyalty: 70 percent of those who plan to sell or shift ownership within their companies within the next five years are interested in building some form of charitable giving into the exit.

Read the full story at Fast Company.

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