Philanthropy website The Big Give is aiming to raise £20 million in its 2010 Challenge Fund, which offers to double public donations to charities. Arts & Business, the national voice for private sector engagement in the arts, has agreed to join the challenge as its first sponsor by creating a fund to raise £3 million for arts organisations.
The Big Give’s founder Alec Reed is inviting fellow philanthropists to join him in creating a catalyst fund to launch the challenge. Each philanthropist will sponsor a fund for their favourite cause – such as environment, women’s rights, and children – with the aim of inspiring thousands of donors to support charities in that sector.
The 2009 challenge beat its £6 million target to raise £8.5 million. In 2008, the pilot scheme raised £2 million in just 45 minutes.
Reed said: “Matched funding challenges are a really effective way of doubling support for projects and charities. Our success shows that donors are looking for ways to make their support go further.”
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