One of our core values is our tolerance for philanthropic “risk.” Our overarching goal is to do as much good as we can, and as part of that, we’re open to supporting work that has a high risk of failing to accomplish its goals. We’re even open to supporting work that is more than 90% likely to fail, as long as the overall expected value is high enough.
And we suspect that, in fact, much of the best philanthropy is likely to fail. We suspect that high-risk, high-reward philanthropy could be described as a “hits business,” where a small number of enormous successes account for a large share of the total impact — and compensate for a large number of failed projects. [node:read-more:link]