Prominent entrepreneur and philanthropist Roman Semiokhin dedicates significant resources in support of social and environmental causes, including donating $500,000 in support of emergency aid efforts in the wake of wildfires in Cyprus. This article will explore how effective philanthropy goes beyond immediate relief and recovery efforts, tackling the root causes of problems in society and empowering communities to put in place frameworks to effectively deal with future challenges.
While an array of different strategies exist to make businesses more effective, there are far fewer models for effective philanthropy. The general consensus is that there is no right or wrong way to give, with charity inviting admiration and praise no matter how it is carried out. To learn about charitable giving trends in the United States throughout 2020, view the embedded infographic.
The COVID-19 pandemic prompted philanthropists to be more active than ever before, with a report from Candid suggesting that generous donors pledged around $10.3 billion in May 2020 alone. From the development of diagnostics and vaccines to delivering groceries to vulnerable neighbours, philanthropy played a vital role in terms of both flattening the curve and providing solutions to address inequities in local communities, making a real difference in people’s lives. The embedded PDF provides more information about the impact of COVID-19 on giving trends.
It is vital for philanthropists to spend time in the communities they support to identify genuine need, rather than blindly throwing money at causes they care for but know relatively little about. The best philanthropists are acutely aware of socio-economic pressures within the regions they serve, as well as keeping track of changing landscapes and external political environments – enabling them to respond to needs with versatility.
To be effective, it is crucial for philanthropists to use funds strategically, thinking about long-term goals to achieve a lasting positive impact in local communities.
A seasoned philanthropist himself, Roman Semiokhin is mindful of the need to drive innovation and development in the regions he serves, backing projects designed to produce long-term benefits in fields ranging from education, agriculture and medicine to construction and real estate. Mr Semiokhin recently unveiled plans to create an innovative educational institution in his resident country of Cyprus, leveraging the latest research and technology to provide an effective learning environment that enhances students’ prospects and makes a lasting difference in their lives.
You can learn more about the vital components for effective philanthropy by viewing the embedded video.