Since the emergence of Covid-19, many of the high profile billionaires have taken the lead to introduce several initiatives to tackle the challenges of the post-Covid era in the trade sectors, public health sectors, nationalism, and reducing intersectionality. Similarly, global initiatives for promoting economic development are also being established. In particular, The 195 Project stood out from the crowd. The foundation is set to address the aftermaths faced by the global economy in the post-Covid era and aims to serve the 195 countries worldwide through a philanthropist approach which means to serve these nations by addressing their challenges and providing them mitigations regardless of ulterior motives.
Think tank as a platform
Money works as a catalyst for driving businesses, and investment is the prerequisite condition for economic development. It functions at both micro and macroeconomic levels. The concept of philanthropy mechanism promotes social benefits and welfare. In this regard, Its agenda is focused on the sustainable solutions that can be acquired in the post-Covid era by serving needy businesses. For this, The 195 Project, founded by Hong Kong based insurance billionaire, Calvin Lo, took monumental steps forward to support the global economy.
One of the influential articles shared on The 195 Project website discussed the impacts of Covid-19 on economic system and equilibrium. It reported that virus effects shifted the economies towards shrinking; however, it also shared the initiatives such as expenditure of money and government regulations which are aimed to improve the economic values. It can be deduced that The 195 Project is a platform to get a comprehensive understanding of world challenges in the urge of pandemic-related research. Other research articles shared the parallel effects of a pandemic on society and how it shaped various societies, describing the universal vaccine solution against coronavirus, and associated challenges of logistic and manufacturing issues. One of the significant problems it addresses is the impact of pandemics on social and financial security of healthcare practitioners. 75% of the dental practices faced a pitfall and drastically underwent economic disruption. The Project 195 shared innovative solutions like teledentistry as a powerful tool and government policies for PPEs and safety regulations in COVID-19 era.
Standing out among the rest
The 195 Project is quite exceptional from other billionaire approaches in terms of generalizability. Other billionaire philanthropies include Bloomberg Philanthropies operated at the same principle of philanthropy. The approach utilizes data from online sources and, based on collected data, improves the performance of organizations and fields. For example, global statistics about deaths and hospital admissions in certain disease provides an opportunity to perform in key functional areas. It also serves the global healthcare sector and invests in education sector, and is functionally active in 120 countries worldwide. The pandemic has caused the increased need for support from the billionaire approach. In contrast to these approaches, The 195 Project entails support from 195 countries that enhance its generalizability, and it shares the views and research-based articles of experts from different regions. It is a Think Tank platform, and the thoughts and initiatives are merged from all over the globe. The base of the project is strong headed in terms of vision, and it has the potential to be proved sustainable for future growth. More so, The 195 Project can give assistance to project like Giving Pledgers that invest thoughtfully but requires strong foundation for investment in certain projects. Hence, The 195 project helps to establish strategies that can better be applied in philanthropy world.
Possible Challenges Ahead
Besides its strength, the project is associated with different challenges, such as intelligent investments in long-term plans. Similarly, focus must be on providing wealth and service to small and potential initiatives. Capitalism (controlled by private organizations) is a challenging aspect for all philanthropy approaches that should be tackled within this new initiative. Significant challenges are also present to implement current approach on global scale. It is the responsibility of the 195 countries to serve other regions not accessible by current system to reduce the societal disparities. The mission must be focused on the fact that every community gains social equality and preferential benefits. Since the pandemic challenges are difficult to overcome because of the over-mutating nature of the virus that is continuing to progress globally, current philanthropy approach can focus on the hardships to achieve better outcomes.
Focusing on the approach
Apart from the challenges, The 195 Project is a sustainable initiative, as it not only involves billionaires but focuses on the concept that billionaires should have good moral values, and it derives the circulation of significant research information. Hence, it is believed that The 195 Project has a tendency to change the concept of philanthropy investment, and it will become significantly important in a post-Covid era.