There's no substitute for rolling up your sleeves and working with the people who can make a difference. They get the benefit of your participation and you gain a direct understanding of the real problems and potential solutions, which makes you a more informed giver.

Dedicated researchers seek better treatments and cures for diabetes, kidney disease, Alzheimer's and every form of cancer. But these scientists face an array of disincentives. We can do better.

In the four decades of philanthropy that have paralleled my business career, I've found that the same principles apply whether you're providing access to capital to grow a business, creating a new paradigm for medical research, or pioneering innovative approaches to education: Empower the most talented people in each field and encourage them to pursue their passions.

There's no substitute for rolling up your sleeves and working with the people who can make a difference. They get the benefit of your participation and you gain a direct understanding of the real problems and potential solutions, which makes you a more informed giver.

Earlier in this century, philanthropy often flowed from the wills of dead industrialists. In recent decades, it's as likely to have come from a very alive business leader, entertainer, artist or sports star. The most effective of these patrons begin the process of giving by asking what they care about passionately.

For those of us who have lost loved ones in their prime - as I did when my father and other relatives succumbed - even one of those years would have been a precious gift.

My experience indicates that most people who've accumulated a great deal of wealth haven't had that as their goal at all. Wealth is only a by-product, not the original motivation.