Companies worldwide are trying to differentiate themselves in the market, cut through the noise, and avoid becoming a casualty of the ‘Great Resignation’. A few important trends may help them remain relevant and innovative. Trust-based philanthropy has garnered traction alongside transformative corporate philanthropy models over the past decade. These are anchored around equitable, long-term partnerships aligned with a corporation’s purpose and significant resources rather than just a marketing campaign. Patagonia and <keyword id="6371031" type="General" weightage="20" keywordseo="ikea" source="Orion">IKEA</keyword> are two such examples. These philanthropic approaches seek to address the root causes of inequality and poverty and provide flexible and long-term funding that can also unlock other forms of financing, such as impact investment capital. Such approaches can help companies and their foundations meet their <keyword id="462897" type="General" weightage="20" keywordseo="social-impact" source="Orion">social impact</keyword> goals and environmental, social, and governance (ESG) objectives. <cmsannotation type="cmsannotation" annotationid="A business case for purpose" comment="subhead" text="A business case for purpose">A business case for purpose</cmsannotation> Indeed, there is an undeniable<a href="https://www.forbes.com/sites/afdhelaziz/2020/03/07/the-power-of-purpose-the-business-case-for-purpose-all-the-data-you-were-looking-for-pt-2/"> business case for purpose</a>, which positively impacts people, the planet, and a company’s bottom line and reputation. The research shows that more and more employees and consumers want to see companies make a difference and take a stand on social and environmental issues. This is particularly true of the Millennial generation, which will represent 75% of the global workforce by 2025 and account for trillions of dollars in spending across the globe. Global <keyword id="878850" type="General" weightage="20" keywordseo="market-research" source="Orion">market research</keyword> company, Forrester,<a href="https://go.forrester.com/blogs/millennials-want-credible-digital-content-so-give-it-to-them/"> reported</a> that four out of five Millennials prefer a company with a strong vision and voice. And according to Ellevest’s <a href="https://www.ellevest.com/magazine/disrupt-money/ellevest-financial-wellness-survey-2022">2022 Financial Wellness Survey</a>, more than half (56%) of Millennial women would leave their current company if its values on reproductive rights did not align with their own. Tired of what they see as government failure and inaction, this generation believes that businesses and cross-sector partnerships can be the most effective avenue to solve global challenges such as climate change and gender inequality. If companies fail to inspire and lead Millennials, they’ll be putting a major chunk of revenue at risk, not to mention will have a hard time recruiting talent. Additionally, companies with social impact, sustainability, and ESG objectives will, in a measurable way, be held accountable by shareholders and market regulatory bodies like SEC and SEBI for how they show up in the world, alongside all of their stakeholders. For example, the world’s largest tech company Apple and restaurant chain Chipotle are linking executive bonuses to ESG performance, along with these<a href="https://www.perillon.com/blog/17-major-companies-linking-executive-pay-to-esg-performance"> 15 other companies</a>. At the same time, MasterCard has made DEI (Diversity, Equity, and Inclusion) a priority for its 25,000 employees. DEI entails more<a href="https://www.spglobal.com/en/research-insights/featured/when-women-lead-firms-win"> diverse and women leaders</a> in executive positions, which is associated with higher profits, greater employee engagement, and increased customer satisfaction. <cmsannotation type="cmsannotation" annotationid="Trust-based philanthropy and new models of corporate philanthropy" comment="subhead" text="Trust-based philanthropy and new models of corporate philanthropy">Trust-based philanthropy and new models of corporate philanthropy</cmsannotation> These are reasons businesses and their foundations have integrated trust-based philanthropy as a corporate strategy to help achieve their ESG and social impact goals. Trust-based philanthropy is rooted in long-term partnerships and shared-power relationships based on transparency, dialogue, and mutual learning. On a practical level, this means abandoning restrictive, one-time gifts for multi-year, unrestricted funding to support organisational health and adequately address the root causes of systemic issues such as poverty and social exclusion — rather than apply band-aid solutions. Open Road Alliance<a href="https://openroadalliance.org/"> found</a> that funder-created obstacles represent 46 per cent of the challenges nonprofits face, largely because of the strings attached to the funds made available. Instead, unrestricted, flexible, catalytic, and long-term capital allows organisations to allocate resources where they are most needed, making room for innovation, emergence, and impact. Alongside companies like Target and Niagara Bottling, Thankyou is one example of a company bringing trust-based philanthropy to life. They fund a number of high-performing global nonprofits with flexible, long-term philanthropic support, including supporting global nonprofit iDE on their mission to end global poverty using a market-based approach. It’s important to note that trust-based philanthropy does not mean neglecting due diligence. On the contrary, this form of philanthropy is based on rigorous due diligence that values and respects local insights and organisations. Funders should fully embrace the idea that trust-based philanthropy encourages innovation and accelerates scaling and impact, something most companies value. It can derisk innovation, seed new ideas, and attract additional forms of capital long-term, including impact and ESG investors. Much like how the commercial sector places big bets on new ideas and business models, philanthropy is capable of taking big bets on an organisation’s vision, track record, and team — versus funding projects and micro-managing the execution. It may feel like risk-taking, but there is value in failing fast and trying a different approach that leads to more successful outcomes. This is a complex challenge. But we need locally-led innovation and the freedom to fail, learn, and pivot. Trust-based giving doesn’t necessarily work for everyone. However, there is an urgency for long-term, flexible philanthropy that supports people and organisations instead of one-time projects, given the USD5 trillion annual funding gap to solve the<a href="https://sdgs.un.org/goals"> UN Sustainable Development Goals</a>, the dire findings in the<a href="https://www.ipcc.ch/report/sixth-assessment-report-working-group-ii/"> IPCC report</a> (Intergovernmental Panel on Climate Change), and the fact that 300 million people fell back into poverty during the pandemic. There are already enough resources and ingenuity in the world to fight climate change and alleviate poverty, and we have an array of capital tools that we can use creatively to reach those living in extreme poverty, create markets that ensure affordable goods and services reach low-income families, and reduce dependency on aid. This is where companies can step up, amplify their impact, and show their customers they are truly walking the walk. Elizabeth Ellis is the CEO of International Development Enterprises (iDE). Alix Lebec is the founder &amp; CEO of Lebec Consulting and an iDE Board Member. Peter Yao is the Chief Impact Officer for Thankyou, an Australian-based corporation. This column is part of a year-long (2022-23) campaign on the theme “Only One Earth: Sustaining People, Planet and Prosperity” by Business Insider India’s Sustainability Insider. Disclaimer: The opinions expressed by the author/interviewee do not necessarily reflect the views of Business Insider India. The article has been partly edited for length and clarity. <h2>Recommended stories: </h2> <div type="Article" hostid="261" msid="94519001" title="The electric vehicle boom depends on mining. Rivian&amp;#39;s new chief sustainability officer is tasked with making it responsible." mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div> <div type="Article" hostid="261" msid="94544778" title="PepsiCo wants to grow profits and shrink its carbon footprint. That requires the company to &amp;quot;go bigger&amp;quot; and &amp;quot;accelerate&amp;quot; climate action, a top sustainability exec says." mstype="2" mssubtype="0"><payload><![CDATA[seealso]]></payload></div>

OPINION: Can trust-based philanthropy become the mainstream?

<ul class="summary-list"><li><keyword id="11896271" type="UNKNOWN" weightage="60" keywordseo="ether" source="Orion">Ether</keyword> beat <keyword id="11893902" type="UNKNOWN" weightage="60" keywordseo="bitcoin" source="Orion">bitcoin</keyword> as the most-donated <keyword id="11893898" type="UNKNOWN" weightage="60" keywordseo="crypto" source="Orion">crypto</keyword> in 2021 with $30.79 million in donation volume.</li><li>The data was released Wednesday by <a href="https://thegivingblock.com/annual-report/ar21/">The Giving Block</a>, a crypto philanthropy platform for organizations and individuals.</li><li>Bitcoin was the second most donated crypto, followed by USD Coin.</li></ul>Ether beat bitcoin as the most-donated cryptocurrency in 2021 with $30.79 million in donation volume, according to data from <a href="https://thegivingblock.com/annual-report/ar21/">The Giving Block</a>, a crypto philanthropy platform for organizations and individuals.Bitcoin — historically the crypto with the highest annual donation volume — came in second last year with $25.88 million. Stablecoins were also gifted a lot, according to The Giving Block's year-end report released Wednesday. In sum, 85% of all donation volume was comprised of bitcoin, ether, and USD coin.<table style="border-collapse: collapse; width: 100%; height: 132px;" border="1"><tbody><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Cryptocurrency</td><td style="width: 50%; height: 22px;">Amount donated</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Ethereum</td><td style="width: 50%; height: 22px;">$30,794,056</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Bitcoin</td><td style="width: 50%; height: 22px;">$25,885,974</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">USD Coin</td><td style="width: 50%; height: 22px;">$4,739,117</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Dai</td><td style="width: 50%; height: 22px;">$2,247,258</td></tr><tr style="height: 22px;"><td style="width: 50%; height: 22px;">Flow</td><td style="width: 50%; height: 22px;">$1,407,000</td></tr></tbody></table>The platform saw people donate more than 70 cryptos as more options were added throughout the year. For instance, meme token shiba inu was introduced in November and a month later was already the fourth-most donated crypto.For the year, the total donation volume soared 1,558% compared to the previous year to $69.6 million. The average crypto donation size stood at $10,455, a 236% jump from 2020. The platform attributed the increased giving to three factors: the crypto market's bull run performance, which resulted in the appreciation of many crypto assets; the diversity of assets donated, which reflected the evolution of the digital asset ecosystem; and the deadline to be eligible for the tax benefits of donating crypto.Nonprofits also became more open to accepting digital assets. The Giving Block said more than 1,000 organizations were accepting cryptos by the end of 2021. "Many nonprofits have looked to cryptocurrency as the next logical step in fundraising innovation," the report said. "For several organizations, crypto philanthropy addresses the more specific challenge of creating sustained, meaningful engagement with younger donors, and taps into a powerful tax incentive to donate."Non-fungible token projects also donated $12.3 million in 2021, emerging as a major force in charitable crypto giving. One gift was valued at $3.5 million at the time of the donation, the report said.Founded in 2018, The Giving Block is an organization that aims to promote crypto philanthropy. The platform currently enables more than 1,000 organizations, charities, universities, and faith-based organizations of all sizes to accept crypto donations.

Ether beat bitcoin as the most donated cryptocurrency for the first time in 2021, data shows

<ul class="summary-list"><li>In an interview with Time, the former Google CEO <keyword id="51897" type="PERSON" weightage="60" keywordseo="Eric-Schmidt">Eric Schmidt</keyword>, himself a billionaire, <a href="https://www.cnbc.com/2020/12/02/google-billionaire-eric-schmidt-on-aocs-claim-billionaires-represent-a-policy-failure-she-ought-to-be-more-thoughtful-in-her-consideration.html">pushed back against the idea that</a> "every billionaire is a policy failure."</li><li>"We would probably all be better off spending more time understanding the contributions made by specific individuals and not making generalizations about anyone," Schmidt told Eben Shapiro, the deputy editor of Time, <a href="https://time.com/5915269/eric-schmidt-future-leadership-ai/">in an interview published Sunday.</a></li><li>Schmidt highlighted accomplishments from his own career in the interview: the "democratization of phones and the access to information. I basically networked the world and got information in everyone's hands. I defy you to argue against making the average person smarter."</li><li>The concept that "every billionaire is a policy failure" has been <a href="https://www.vox.com/future-perfect/2019/7/9/20681088/alexandria-ocasio-cortez-dan-riffle-billionaire-policy-failure">propagated by Dan Riffle</a>, policy advisor to progressive New York Congresswoman Alexandria Ocasio-Cortez. </li><li>Ocasio-Cortez herself has repeatedly questioned whether <keyword id="6393637" type="UNKNOWN" weightage="60" keywordseo="Billionaires">billionaires</keyword> should exist and the morality of such <keyword id="6383453" type="UNKNOWN" weightage="60" keywordseo="wealth">wealth</keyword> inequality. She also <a href="https://www.cnbc.com/2019/01/07/ocasio-cortezs-70percent-tax-even-warren-buffett-says-rich-should-pay-more.html">supports raising taxes on the wealthy</a>, and is currently selling $58 sweaters inscribed with "<a href="https://shop.ocasiocortez.com/products/tax-the-rich-sweatshirt">Tax the Rich</a>."</li><li>In a lengthy <a href="https://twitter.com/bobbyhundreds/status/1331481489859440648">Instagram story, posted on November 25</a>, Ocasio-Cortez wrote: "The question of billionaires is less about being a 'good' or 'bad' individual and more about the immorality of a system and <keyword id="34412" type="ORGANIZATION" weightage="100" keywordseo="economy">economy</keyword> that not only allows abuse of everyday people but finally rewards the powerful."</li><li>The Instagram story continued, saying billionaires "profit off not paying workers a living wage, keeping medicine expensive, profiting off incarnation and war, building unethical and unsustainable food systems or otherwise hoarding unthinkable levels of wealth of the every few by denying basic dignities of life for many."</li><li>Last January, Ocasio-Cortez also said she <a href="https://www.cnbc.com/2019/01/22/alexandria-ocasio-cortez-a-system-that-allows-billionaires-to-exist-is-immoral.html">doesn't think philanthropic billionaires</a> such as Bill Gates or Warren Buffett are bad people, "but I do think a system that allows billionaires to exist when there are parts of Alabama where people are still getting ringworm because they don't have access to public health is wrong." </li><li>Schmidt declined to comment when reached by Business Insider. A representative for Ocasio-Cortez referred Business Insider to her November 25 statement on Instagram and to a conversation <a href="https://www.facebook.com/watch/?v=2667523570032945">she had regarding billionaires</a> in January with author Ta-Nehisi Coates.</li></ul>

Billionaire Eric Schmidt, the former Google CEO, disagrees with AOC on whether his class is a 'policy failure.' He says you can't generalize and she says it's immoral.

<ul class="summary-list"><li>Over 75% of the original signatories to <keyword id="45830" type="PERSON" weightage="60" keywordseo="Bill-Gates">Bill Gates</keyword> and <keyword id="6358963" type="DEFINITION" weightage="60" keywordseo="Warren-Buffett">Warren Buffett</keyword>'s <keyword id="438033" type="ORGANIZATION" weightage="60" keywordseo="Giving-Pledge">Giving Pledge</keyword> — a promise to give away the majority of their wealth — are richer now than they were when they signed in 2010, a new report by the progressive think tank <a href="https://inequality.org/great-divide/gilded-giving-2020/">Institute for Policy Studies</a> (IPS) found.</li><li>The report suggests that many signatories are making money faster than they are giving it away. The net worths of nine of the original signatories, including Facebook's Mark Zuckerberg, Home Depot cofounder Ken Langone, and Salesforce's Marc Benioff have grown by more than 200%, per <a href="https://inequality.org/great-divide/gilded-giving-2020/">IPS</a>. </li><li>Many ultrawealthy philanthropists make large donations to private foundations that provide massive tax breaks and aren't legally required to dispense their funds to help people, <a href="https://inequality.org/great-divide/gilded-giving-2020/">IPS</a> reported.</li><li>The Giving Pledge does not oversee signatories' donations, according to the <a href="https://givingpledge.org/About.aspx">organization's website</a>.</li><li><a href="https://givingpledge.org/Home.aspx">Over 200 billionaires</a> from 23 countries have signed the Pledge, which could be worth up to <a href="https://www.businessinsider.com/bill-gates-elon-musk-giving-pledge-may-reach-600-billion-2018-7">$600 billion</a> by 2022, research firm <a href="https://www.wealthx.com/report/the-wealth-x-billionaire-census-2018/">Wealth-X</a> found. </li><li>A representative of The Giving Pledge did not immediately respond to Business Insider's request for comment on the IPS report's findings.</li></ul>

Hundreds of billionaires pledged to give their fortunes away through Warren Buffett and Bill Gates' Giving Pledge, but very little money may be actually helping people, according to a new study

<ul class="summary-list"><li>On Thursday, <keyword id="265395" type="PERSON" weightage="60" keywordseo="Jack-Dorsey">Jack Dorsey</keyword>, the <keyword id="25931" type="COMPANY" weightage="60" keywordseo="billionaire">billionaire</keyword> CEO of <keyword id="6354616" type="UNKNOWN" weightage="60" keywordseo="Twitter">Twitter</keyword>, announced he is working with 14 American mayors to fund universal basic income (UBI) trials in their cities.</li><li>The pilot programs will be run city by city and have not yet launched.</li><li>Former presidential candidate Andrew Yang helped bring the idea of universal basic income into the mainstream and is funding his own UBI pilot program.</li><li>Proponents say guaranteed incomes could help close America's growing wealth gap, while others say they could compound America's financial crisis by encouraging people to stop working.</li></ul>Billionaire Jack Dorsey, the cofounder of Twitter, is spending millions to experiment with universal basic income.Dorsey's experiment is part of a larger initiative called <a href="https://www.mayorsforagi.org/">Mayors for a Guaranteed Income</a>. On Thursday, the group announced the program could impact as many as 7 million Americans across 14 different cities, including Los Angeles; Atlanta; Newark, New Jersey; and Jackson, Mississippi. The involved mayors say they plan to launch guaranteed income pilot programs in their cities at an unspecified future date and lobby federal lawyers to consider a national one, too.The coalition behind the experiment says giving people a guaranteed income could lift people out of poverty and cushion the economic and career blows of the coronavirus crisis.Dorsey, who has built up a net worth of <a href="https://www.forbes.com/profile/jack-dorsey/#134327de2372">$7.5 billion</a>, will sink $3 million from his nonprofit into the program, according to the announcement. The UBI program comes shortly after Dorsey's widely publicized pledge to <a href="https://www.businessinsider.com/fabulous-life-of-billionaire-jack-dorsey-taking-square-public">donate $1 billion</a> to coronavirus relief efforts.The group did not specify who will be eligible for payments and how much they will receive each month under their plan. In a statement, it said that it envisions the basic income as a flexible supplement to existing social programs. At least two cities — Jackson, Mississippi; and Stockton, California — represented in the mayors' coalition already have working guaranteed income pilot programs, while Chicago, Newark, and Atlanta have task forces exploring programs of their own, according to the group's <a href="https://www.mayorsforagi.org/faqs">website</a>.Proponents and past research claim that a guaranteed income could be the best way to level the wealth divide between the richest and poorest Americans, a chasm that has <a href="https://www.businessinsider.com/billionaires-got-565-billion-richer-during-the-coronavirus-pandemic-2020-6">grown even wider</a> during the <a href="https://www.businessinsider.com/coronavirus-cases-maps-us-world-spread-symptoms-death-rate-2020-1">coronavirus pandemic</a>. Critics of basic incomes say the economic effects of such proposals haven't been thoroughly researched and could stop recipients from working, <a href="https://www.businessinsider.com/what-is-basic-income-2016-8">Business Insider</a> previously reported.Still, Dorsey isn't the only wealthy American experimenting with universal basic income. Entrepreneur and former presidential candidate Andrew Yang announced in May that he will give <a href="https://www.businessinsider.com/andrew-yang-universal-basic-income-cash-experiment-upstate-new-york-2020-5">$500</a> to 20 New Yorkers every month for the next five years through his nonprofit in an effort to test the effects of the policy.Yang made his universal basic income proposal — a scheme, called the Freedom Dividend, that would pay every American adult $1,000 monthly — a central part of his presidential campaign. Once considered an unlikely policy proposal <a href="https://www.businessinsider.com/what-is-basic-income-2016-8">championed only by Silicon Valley titans like Mark Zuckerberg and Elon Musk</a>, guaranteed income has since gained traction with lawmakers on both sides of the aisle.UBI proposals can be <a href="http://basicincome.org/basic-income/history/">traced</a> back as far as the 16th century, but have been floated throughout American history by a wide range of leaders including Thomas Payne and Martin Luther King, Jr. The one-time $1,200 stimulus checks Americans received earlier this year as a part of the CARES Act were essentially an interim universal basic income, <a href="https://www.businessinsider.com/what-is-basic-income-2016-8">Business Insider</a> previously reported.

Twitter billionaire Jack Dorsey just announced he will be funding a universal basic income experiment that could affect up to 7 million people

<ul class="summary-list"><li><keyword id="1973607" type="ORGANIZATION" weightage="60" keywordseo="Panda-Express">Panda Express</keyword> is helmed by married couple and co-CEOs Peggy and Andrew Cherng.</li><li>The Cherngs made a multi-billion fortune after growing the chain from a single restaurant in a California mall to a 2,000-location empire.</li><li>Peggy Cherng, an electrical engineer by trade, is credited with developing inventory and order-tracking systems that helped propel Panda Express into a global empire.</li><li>In an interview with Business Insider, Cherng said that in order to be successful, businesses need to be active in their communities and encourage others to be, too.</li></ul>When Peggy Cherng moved to the United States from Hong Kong in 1967 to attend Baker University, she didn't do it with the intention of becoming a <keyword id="25931" type="COMPANY" weightage="60" keywordseo="billionaire">billionaire</keyword> — but that's exactly what happened.An electrical engineer who once coded battlefield simulators for the US Navy, Cherng and her husband Andrew opened the first Panda Express in a Los Angeles-area mall in 1982, serving Chinese food favorites cafeteria-style. Cherng used her engineering PhD to help streamline the restaurant's logistics by using technology to track inventory and reorder ingredients long before the practice was widespread.The brand has since grown to over 2,000 locations and built a <a href="https://www.forbes.com/profile/andrew-peggy-cherng/#3b1786c31bde">$3 billion</a> fortune for the Cherngs in the process. Cherng and her husband are now the co-CEOs of fast-casual Chinese food empire Panda Restaurant Group (PRG), the parent company of Panda Express.But technology isn't Peggy Cherng's only major addition to Panda Express. Next to the cash register at each location, there is a small box labeled "Panda Cares," where diners and staffers alike are encouraged to donate to the company's charitable arm. In an exclusive conversation with Business Insider, Cherng credited a lot of Panda Restaurant Group's success to that box and the company's overall emphasis on giving back.This interview has been edited for length and clarity.Taylor Nicole Rogers: When did you decide to make philanthropy such a large part of Panda Restaurant Group (PRG)? What led you to make that decision?Peggy Cherng: Andrew and I came to the US for a chance at a better education and a better <keyword id="6360041" type="UNKNOWN" weightage="100" keywordseo="life">life</keyword>. Our company mission of inspiring better lives stemmed from our journey of humble beginnings to where we are now with PRG, and none of this is possible without the support of others.We built PRG upon our family's core values and the belief in putting people first because of the gratitude we feel for the opportunities we've had here. It only seemed natural for us to give back once we were able, and that's when we started Panda Cares in 1999. As a first-generation Chinese immigrant, I've been able to achieve the American dream and feel an obligation to pay it forward to the generations after me.<blockquote class="pullquote">As a first-generation Chinese immigrant, I've been able to achieve the American dream and feel an obligation to pay it forward to the generations after me.</blockquote>Rogers: What tools do you use for your philanthropy and why?Cherng: Panda Cares is funded through a donation box program in-store and online that gives guests and associates the chance to participate in the giving. Our associates fundraise in store, every day, asking guests if they'd like to round up or give any loose change or bills. So, every period, our associates' and guests' generosity is poured back into Panda Cares funding and the organizations we support.Andrew and I, along with our business partners, also contribute to Panda Cares for different initiatives and fundraisers. At first, we started small, aiming for $1 million, but as of June 2020, Panda Cares has raised over $212 million towards health and education needs of youth in underserved communities and disaster relief.<h2>On Panda Cares' focus on health and education</h2>Rogers: Panda Cares has given millions to the Boys and Girls Club, your Centers of Hope, coronavirus relief efforts, and most recently, an expanded partnership with the United Negro College Fund. How do you decide what causes to support and what organizations to work with?Cherng: When it comes to choosing how to give back, we focus on health and education — these are two of the most important aspects in life. A healthy body, mind, and spirit is essential, and proper education helps create opportunities and growth. We want children and families in underserved communities to live to their highest potential.Panda Cares is created to support our communities' needs, so we do shift its focus to relief when natural disasters or crises occur. When the pandemic started, we created COVID-19 Community Care Fund to combat food scarcity and PPE shortage. We donated $2.25 million to Feeding America and Boys &amp; Girls Club to ensure that no child and family go hungry during this difficult time. And we sourced over 5 million pieces of PPE to donate to local hospitals, so our healthcare heroes have the essentials to save lives. As we continue to evolve our educational programs, we have established the Panda Cares Scholars Program, in partnership with United Negro College Fund, Inc. (UNCF), to provide the necessary funding, academic support, and leadership development to help high school and college students from low-income families. Most recently, we committed an additional $12.6 million in scholarships to UNCF and the Jackie Robinson Foundation with the intent of creating more opportunities for BIPOC. <div type="image" title="peggy cherng panda express.JPG" height="1567" width="2089" msid="76843495" hostid="261"></div>We also continue to evolve our education programs. Andrew and I are so appreciative of the education system we have here in the United States, so in an effort to give back, Panda Cares helps fund programs that focus on character building and academic accomplishments to help students from underserved schools to grow intellectually and become future leaders.Rogers: How does your philanthropic work impact your business and your employees?Cherng: I'm a believer in leading by example, and all Panda family members are called upon to be "we" first vs. "me" first in their thinking. I think the power is in giving. Panda Cares is not only a way to serve the community but a way to inspire our associates in the value of giving. We inspire our associates to give from their hearts rather than out of any obligation they feel, and we empower them to volunteer their time to serve the community as much as they can.And the cycle of kindness and generosity continues through their network. I will say, that when our people are proud of their work, it really shows the positive impact giving leaves. And this makes me proud. <div type="image" title="peggy cherng panda express 2.JPG" height="1666" width="2221" msid="76843497" hostid="261"></div><h2>'Think about love as an action'</h2>Rogers: Do you have any advice for aspiring entrepreneurs, especially women?Cherng: An important philosophy I have is to think about love as an action. Love is about working harder, being more accepting and growing personally, so that you can be the best version of yourself and in turn become a role model to help others.This thinking has defined my servant leadership style and something that I believe is the key to Panda's success to-date. There is power to this type of vulnerability — it allows for individual connection even as the company scales. Rogers: How do you want people to remember you, Panda Express, and Panda Cares?Cherng: What started out as one restaurant to provide, employ, and feed one family has grown into a family of 40,000 associates. Everything we have is all contributed by our people — not by Andrew and me, but it's by a team of people who are dedicated to Panda's mission. We want to show our appreciation to our people and make guests feel that we're here not only to do business but to be a part of the community and contribute.

The founders of Panda Express built a $3 billion fortune off of the Chinese food empire. Here's why the first-generation immigrants say the key to achieving the American dream is giving back.

<ul class="summary-list"><li>The best thing philanthropists can do to dismantle systemic racism is to fight economic inequality, according to Ford Foundation president Darren Walker.</li><li>Inequality in America has reached record highs, especially along <a href="https://www.businessinsider.com/united-states-racial-wealth-gap-cost-economy-2019-8">racial lines</a>.</li><li>The United States is facing a national reckoning over racism, as cities across the country <a href="https://www.insider.com/george-floyd-death-15-powerful-images-of-nationwide-protests-2020-5">erupted in protests</a> over the weekend following the <a href="https://www.insider.com/george-floyd-non-responsive-before-officer-took-knee-off-neck-2020-5">deaths of George Floyd</a>, <a href="https://www.insider.com/ahmaud-arbery-shooting-killed-jogging-travis-gregory-mcmichael-georgia-justice-2020-5">Ahmaud Arbery</a>, and <a href="https://www.insider.com/breonna-taylor-shot-dead-louisville-house-police-narcotics-bust-2020-5">Breonna Taylor</a>.</li><li><a href="https://www.businessinsider.com/billionaires-respond-george-floyd-protests-musk-gates-bezos-soros-zuckerberg-2020-6">Responses</a> from America's richest philanthropists have varied from pledges of solidarity on social media to donations to a variety of organizations fighting racial injustice.</li></ul>The question of how private donations can help end America's long history of systemic racism has stumped even the country's foremost philanthropists.Gates Foundation co-chair Melinda Gates wrote that she doesn't "have all the answers about how I can use my voice and my philanthropy to be part of the solution" and is working to "continue to deepen my understanding and to stand with people and organizations working toward a future centered on gender and racial equity," in a <a href="https://twitter.com/melindagates/status/1267280808064069635?s=20">Twitter thread</a> addressing the killing of <keyword id="9295731" type="UNKNOWN" weightage="60" keywordseo="george-floyd">George Floyd</keyword> and the subsequent nationwide protests. <blockquote class="twitter-tweet blockquote" data-lang="en" data-cards="" data-conversation="">—Melinda Gates (@melindagates) <a href="https://twitter.com/mims/statuses/1267280808764530689?ref_src=twsrc%5Etfw">June 1, 2020</a></blockquote>Solving racism begins with directly addressing America's persistent economic inequality, Ford Foundation president Darren Walker said during an interview for <a href="https://time.com/collection/time-100-talks/5846620/darren-walker-ford-foundation-time-100-talks/">Time Magazine's TIME 100 Talks series</a> Thursday. But that can be difficult for some white philanthropists who have benefitted from the current system to acknowledge and work against, Walker said.<h2>Prioritizing communities that have been discriminated against is vital to closing the racial wealth gap</h2>"There are many partners, and other foundations, who may not agree and are reluctant [to change things]," Walker told <a href="https://time.com/collection/time-100-talks/5846620/darren-walker-ford-foundation-time-100-talks/">Time's Justin Worland</a>. "If we're to really take this seriously, we are going to have to recognize that equity demands that we prioritize the needs and aspirations of those communities who have historically been left out."Walker told <a href="https://time.com/collection/time-100-talks/5846620/darren-walker-ford-foundation-time-100-talks/">Time</a> that charitable organizations' customary game plan — releasing statements of sympathy or support and awarding a grant before returning to business as usual — doesn't lead to lasting change for marginalized communities.In a <a href="https://www.townandcountrymag.com/society/money-and-power/a29994597/darren-walker-philanthropy-gospel-of-wealth/">2019 essay</a> published in Town &amp; Country, Walker advocated for philanthropists supporting food banks to also consider supporting programs that remove the need for families to visit food banks in the first place, such as food subsidies, free school lunches, and raising the minimum wage.<h2>The United States' wealth gap is steadily widening, especially along racial lines</h2>The Washington Post reports the <a href="https://www.businessinsider.com/united-states-racial-wealth-gap-cost-economy-2019-8">racial wealth gap</a> is in many ways unimproved — and in some ways has even gotten worse — <a href="https://www.washingtonpost.com/business/2020/06/04/economic-divide-black-households/">since 1968, when a host of historic civil rights legislation was passed.</a>In 1992, the median net worth of white families was $100,000 above that of black families, according a 2019 <a href="https://www.mckinsey.com/industries/public-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap">report</a> by consulting firm McKinsey &amp; Company. By 2016, the median white family was $152,000 wealthier than its black counterpart. During that period, the median wealth of white families grew over $50,000, <a href="https://www.mckinsey.com/industries/public-sector/our-insights/the-economic-impact-of-closing-the-racial-wealth-gap">McKinsey</a> reports, but the median wealth of black families did not grow at all in real terms. "[Philanthropists'] privilege in this economy has been compounded, while those who don't have assets, those who are trying and striving, are feeling that they are left farther and farther behind — because they are," Walker told <a href="https://time.com/collection/time-100-talks/5846620/darren-walker-ford-foundation-time-100-talks/">Time</a>. "We have seen this pulling apart of our society economically and that intersects with race and our historic realities of racial discrimination."<h2>Some <keyword id="25931" type="COMPANY" weightage="60" keywordseo="billionaire">billionaire</keyword> philanthropists have also pointed out that the real solution lies in tackling the root of the problem</h2><div type="image" title="george floyd protest" height="675" width="900" msid="76235380" hostid="261"></div>American cities <a href="https://www.insider.com/george-floyd-death-15-powerful-images-of-nationwide-protests-2020-5">erupted in protests</a> over the weekend after the recent deaths of three African Americans — <a href="https://www.insider.com/ahmaud-arbery-shooting-killed-jogging-travis-gregory-mcmichael-georgia-justice-2020-5">Ahmaud Arbery</a>, <a href="https://www.insider.com/breonna-taylor-shot-dead-louisville-house-police-narcotics-bust-2020-5">Breonna Taylor</a>, and <a href="https://www.insider.com/george-floyd-non-responsive-before-officer-took-knee-off-neck-2020-5">George Floyd</a>. At the same time, black Americans are <a href="https://www.businessinsider.com/black-americans-disproportionately-hospitalized-with-coronavirus-2020-4">dying at disproportionately high rates</a> of the novel coronavirus.Responses to America's growing racial unrest from <a href="https://www.businessinsider.com/billionaires-respond-george-floyd-protests-musk-gates-bezos-soros-zuckerberg-2020-6">billionaires philanthropists</a> have varied from pledges of solidarity on social media like Melinda Gates', to donations to a variety of organizations fighting racial injustice, to shutting down false conspiracy theories about Floyd's death.Snap CEO Evan Spiegel <a href="https://www.businessinsider.com/billionaires-respond-george-floyd-protests-musk-gates-bezos-soros-zuckerberg-2020-6">pledged to donate</a> part of his <a href="https://www.forbes.com/profile/evan-spiegel/#39646959529c">$4.1 billion</a> fortune to anti-racist organizations but said philanthropy alone won't "make more than a dent" in the issue without policy change. Spiegel called for the creation of a non-partisan commission on reparations and higher taxes on the ultrawealthy to address the racial wealth gap."Private philanthropy can patch holes, or accelerate progress, but it alone cannot cross the deep and wide chasm of injustice," <a href="https://www.businessinsider.com/billionaires-respond-george-floyd-protests-musk-gates-bezos-soros-zuckerberg-2020-6">Spiegel wrote</a>. "We must cross that chasm together as a united nation. United in the striving for freedom, equality, and justice for all."

You Searched For "philantrophy" and got 7 results

OPINION: Can trust-based philanthropy become the mainstream?

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Ether beat bitcoin as the most donated cryptocurrency for the first time in 2021, data shows

Isabelle Lee

Billionaire Eric Schmidt, the former Google CEO, disagrees with AOC on whether his class is a 'policy failure.' He says you can't generalize and she says it's immoral.

Dominic-Madori Davis

Hundreds of billionaires pledged to give their fortunes away through Warren Buffett and Bill Gates' Giving Pledge, but very little money may be actually helping people, according to a new study

Taylor Nicole Rogers

Twitter billionaire Jack Dorsey just announced he will be funding a universal basic income experiment that could affect up to 7 million people

Taylor Nicole Rogers

The founders of Panda Express built a $3 billion fortune off of the Chinese food empire. Here's why the first-generation immigrants say the key to achieving the American dream is giving back.

Taylor Nicole Rogers

How philanthropists can use their money to actually help achieve racial equality, according to the president of the Ford Foundation

Taylor Nicole Rogers