Venturing into venture philanthropy : is more sustainable health and medical research funding possible through venture philanthropy and social entrepreneurship?

Abstract

Resource issues of Australia’s aging population are wrinkling the strategists’ brows. A quest for novel funding options is underway. This paper draws upon case study research to raise the allied concepts of venture philanthropy and social entrepreneurship as useful partners in a nation’s medical research funding portfolio. While both notions are quite new features in the nonprofit and philanthropy literatures (Van Slyke and Newman 2006) US cases suggest a tangible benefit to the health system that is worth exploring for Australia. This replicability potential is considered, along with its implications for medical research, philanthropic and government leaders. This paper is an early investigation of these concepts in the health and medical research setting.