How has technology altered the philanthropy landscape?
I have found more and more that money, recognition or success can’t truly satisfy the deepest of human needs as much as philanthropy can. Undoubtedly, the most calming and enlightening experience is that of giving back to the community and seeing the results of your philanthropic endeavours come to fruition. At a very basic level, philanthropy makes me happier and as it’s a family legacy, it’s engrained in my system.
With technology it’s become easier to take philanthropic endeavours to a larger audiences around the world. Take the digital-first audience, Gen Zs, for example, who are all about giving back to the community. They are more conscious of the brands they align themselves with, they want to leave the world a better place.
With tech, and specifically crypto and blockchain technology, the digital transformation is shaping the way we approach philanthropy. The ultimate objective for any aspect of philanthropy is to scale massively and to be inclusive. And technology has empowered communities who want to help those living across the world from them and make informed decisions on how their money is going to be deployed. It’s also enabled those at the receiving end to receive funds without the bureaucracy of large organisations.
I revert back to the Gen Z population, due to technological advancements, this demographic is doing more philanthropic work than the previous generation. This has been primarily due to the fact that technology has made it easier for them to pick and choose and of course their awareness level is also much higher due to digital media. On the other side, it also requires philanthropic foundations to be more transparent and share their data and learnings with those who are contributing.
Will cryptocurrency change the way in which philanthropy is conducted?
I’ve done a fair amount of research on this topic and according to the Fidelity Giving Report, 2021 there were more cryptocurrency donors than their non-crypto counterparts.
Accepting charitable funds through crypto is already happening in the US for larger organisations and I believe we’ll see these numbers steadily increasing in 2022. Even smaller charitable organisations will be able to benefit from the crypto trend.
It’s simply not possible to ignore the impact of crypto on philanthropic foundations and projects globally. In my opinion, crypto is here to stay and grow so shouldn’t charitable sources benefit from this aspect too?
Another important aspect of it all is that crypto donations offer attractive tax benefits and allows donors to transfer large funds, while remaining anonymous and without going through legal and regular banking KYC. This of course makes it easier for large donors to contribute to the causes close to them without drawing too much attention to themselves.
Where is your philanthropic focus and why?
Even before Hashoo Foundation (philanthropic arm of Hashoo Group) was formally launched in 1988, my father Sadruddin Hashwani was actively involved in providing communities in Pakistan with tools to develop themselves economically and socially while positively impacting their living standards. So you can say that philanthropy is truly in our DNA.
Over the past several decades the Hashoo Foundation has rolled out numerous projects successfully that range from educational scholarships to economic development in rural areas of Pakistan, to tackling environment issues and climate change.
As chairman of the Hashoo Foundation, it is my utmost priority to continue to launch more initiatives that result in social change and create opportunity for all those involved.
As a proponent of philanthropy, I can’t stress enough the need for every business leader to be actively involved in social responsibility and giving back to the community in some form or another.
How can entrepreneurs become philanthropists?
It’s key to remember the difference between charity and philanthropy. When we talk about philanthropy it’s so much more than just donating funds, an entrepreneurial mindset is required because in philanthropy we are also looking to do well while we do good. Philanthropy requires researching impact investment opportunities that best fit your corporate strategy and allow you to invest in programmes that can lift a community as well as gain returns.
Keeping philanthropy at the core of an organisation’s corporate strategy is a great first step. The simplest advantage of investing or setting aside money for welfare of the community is a great opportunity to make a difference and build a thriving ecosystem. There’s nothing more satisfying than to see your local areas or communities become a better place to live in. When the communities are able to elevate their lives, they will be able to contribute positively to the economy at large which in turn comes back and benefits all businesses.
Entrepreneurs should note that having a culture of philanthropy at a corporate level has its benefits in creating employee engagement as well. It also provides employees a deeper sense of pride in the company they represent. By partaking in socio and economic causes and charities, you can provide your employees with so much more value in their daily work.
Employees could be encouraged to share their ideas or thoughts thus adding more value to your philanthropic initiatives. As a result, companies can create a strong and supportive and highly engaged workplace environment.
Philanthropy helps align your brand with a greater cause than just building an empire for yourself. It also helps build positive relationships with potential and existing clients. It’s no surprise that globally respected businesses and corporations also want to engage with those who also share similar values. Even customers want companies to care about social, political and environmental issues. The sense of ‘doing good’ is so imperative for every individual who could be a potential client or customer.
Making a positive change in your local community or aligning with any charitable initiative means that you are making a positive global impact for the betterment of society.