#LivingMyPromise (#LMP) is a pioneering philanthropic initiative that encourages high-net-worth individuals to commit at least 50% of their wealth to meaningful causes. One of its standout programs is the Dolphin Tank, inspired by the popular “Shark Tank” format, but with a focus on supporting young NGO startups. Designed to connect #LMP promisors, who act as "Dolphins," with NGOs seeking funding, this initiative provides a platform for NGOs to pitch their work and secure support.
In this interview with TheCSRUniverse, Ms. Gunjan Thaney, Head of #LivingMyPromise, delves into the inspiration behind the Dolphin Tank initiative and its unique design. She discusses the measures #LMP takes to ensure transparency and accountability in fund distribution, the metrics used to assess the impact of funded NGOs, and the rigorous selection process for identifying impactful NGOs. Additionally, Ms. Thaney highlights how #LMP fosters collaboration, leverages technology to streamline operations, and encourages a culture of giving among younger generations. She also shares insights on the challenges faced by NGOs in securing funding and outlines #LMP’s future plans and ways for individuals and organizations to get involved.
Q&A
Q. What inspired the creation of the Dolphin Tank initiative, and what were the key considerations in its design?
A. The Dolphin Tank initiative was inspired by #LivingMyPromise's commitment to connect our promisors with meaningful, impactful philanthropy that allows for direct engagement with organizations. “Dolphin Tank"- is a “shark tank” format event to support young NGO startups (typically <5-7 years old, annual budgets between Rs30L-2cr p.a.). The intention is to identify NGOs that want to scale up their work and Promisors who are in principle committed to support them. The format has LMP Promisors as Dolphins and 5-10 NGOs pitching to them. Dolphins are wiser than sharks and also kinder, hence the name!
The key consideration in the design was to enable promisors to support NGOs that align with their values and offer a platform to the NGOs to pitch directly to the interested donors, making the giving experience more quick, personal and informed.
Q. How does #LivingMyPromise ensure the transparency and accountability of the funds raised and distributed to NGOs?
A. Depending on Promisor’s chosen level of involvement, the NGOs agree to share regular updates on their progress with the funds raised, ensuring better communication and transparency.
Q. How does #LivingMyPromise assess the long-term impact of the funded NGOs? Are there specific metrics or KPIs used to measure success?
A. LMP doesn’t have a framework to assess the funded NGOs. Instead, each Promisor has the autonomy to set their own evaluation metrics, tailored to their specific philanthropic goals and the nature of the supported initiatives.
Q. What strategies does #LivingMyPromise employ to identify and select the most impactful NGOs for funding?
A. Each NGO undergoes a rigorous screening process to assess its track record, impact, financial health, and alignment with our philanthropic values. We also collaborate with social sector incubators to identify promising organizations and ensure they meet our requirements. Shortlisted NGOs receive support to refine their pitch decks and deliver compelling presentations. Each pitch is followed by questions from Dolphins before making their funding decisions.
Q. How does #LivingMyPromise foster collaboration between different NGOs to maximize their collective impact?
A. LivingMyPromise provides a unique platform to philanthropists to connect, collaborate, and learn from each other. We bring like-minded individuals together that fosters a sense of community and shared purpose;however, we do not have a framework to work directly with the NGOs.Each LMP Promisor makes an individual decision about which particular causes or organization they wish to support.
Q. What role does technology play in streamlining the fundraising process and enhancing transparency in LivingMyPromise's operations?
A. Technology allows LMP to maintain an active line of communication between promisors and NGOs. Through virtual meetings, chat platforms, and social media updates, promisors can stay connected with the community, support projects, ask questions, and gain firsthand insights, creating a collaborative and transparent environment. Virtual events, such as the Dolphin Tank presentations, are hosted on digital platforms, allowing promisors to engage with NGOs remotely and engage in meaningful philanthropy. This setup increases accessibility, making it easier for promisors to participate and engage without geographical constraints.
Q. How does LivingMyPromise encourage first-time donors and promote a culture of giving among younger generations?
A. LMP actively fosters a culture of giving and encourages first-time donors, particularly younger generations. LMP showcases stories of promisors from diverse backgrounds who have committed to philanthropic practices illustrating that philanthropy is accessible to anyone with the willingness to contribute to a larger cause. Through social media, LMP provides content that educates people on the importance of philanthropy, the impact of giving, and the concept of committing wealth for social good. This demystifies the philanthropic process, making it less intimidating and more appealing to new donors.
Events such as Dolphin Tank and our Annual Retreat brings philanthropists together to learn and share from like-minded people, all committed to make a positive difference. These initiatives foster hands-on experience, helping new donors, including younger generations, to see the value of their involvement.
In addition, LMP encourages families to involve younger members in conversations about giving. This approach nurtures an early understanding of philanthropy, helping younger generation view giving as a natural part of life.
Q. What are the key challenges faced by NGOs in securing funding, and how does LivingMyPromise address these challenges through the Dolphin Tank initiatives?
A. Many NGOs, especially young NGO startups, smaller or grassroots organizations, struggle to reach high-net-worth individuals willing to provide substantial support. Through Dolphin Tank, LMP connects vetted NGOs with a community of committed promisors, giving these organizations a direct platform to showcase their work to an audience ready to engage in impactful philanthropy. The competitive environment for funding can also be daunting for NGOs, especially when they are competing with larger organizations with more resources. Dolphin Tank creates an inclusive, supportive environment where multiple NGOs are presented in a single setting increasing their chances of receiving funding from multiple promisors who may be interested in supporting different cause areas. Dolphin Tank requires each NGO to present detailed project plans, budgets, and expected outcomes, providing donors with a clear understanding of how funds will be used. However, the focus is only on the work being undertaken by the NGOs making it a time-saving and smooth process for raising essential funds.
LMP Promisors may choose to be involved with the organisations being supported, over and above monetary contributions allowing for more sustained engagement. Based on their level of involvement, NGOs can continue sharing updates and communicating with promisors after receiving initial support, allowing for longer-term relationships and potential for recurring funding. Dolphin Tank provides a learning opportunity, where NGOs can gain insight into the philanthropic priorities of high-net-worth individuals and adjust their approach and pitch accordingly. Additionally, the exposure gained by presenting to a diverse set of promisors can open doors to future funding and collaborations.
Q. What are the future plans for LivingMyPromise, and how do you envision the evolution of the Dolphin Tank initiative
A. LMP aims to increase the number of promisors, welcoming more high-net-worth individuals who share the vision of dedicating a significant portion of their wealth to meaningful causes. Since #LivingMyPromise is an altruistic undertaking based on individual choice it is expected to spread via the individual who joins the movement. Once a person has signed the promise, it becomes easy to encourage others in the community to come forward. In this way, a significantly large community of givers can be achieved.
Q. How can individuals and organizations get involved with LivingMyPromise and contribute to its mission of creating a positive social impact?
A. Individuals with a net worth of ₹1 crore or more can join the LMP community by publicly committing to dedicate at least 50% of their wealth to philanthropic causes of their choice. By making this promise, they become part of a like-minded community committed to making a difference. Those who join LMP also share their personal stories and reasons for giving, inspiring others to consider the value of philanthropy in their lives. Testimonials and “Why LMP” stories provide powerful encouragement for new supporters. Whether through social media, blogs, or personal conversations, advocates can inspire others to consider joining or supporting the cause. Organizations and professionals can offer skills, resources, or services pro bono to assist LMP’s operations, such as helping with event planning, content creation etc. Volunteering expertise that can amplify LMP’s reach. Corporations and foundations can share about LMP with their employees so like-minded people can join this growing movement. Individuals can involve younger family members in discussions about giving, nurturing a sense of philanthropy across generations and fostering a culture of giving early on. By signing, sharing, supporting, and advocating, both individuals and organizations can help #LivingMyPromise create a multiplier effect that reaches diverse communities and causes across India.
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