In this Foundation Friday Series, we’re pleased to share a recent webinar with our client and award-winning author Carrie Morgridge, CEO and Co-Founder of The Morgridge Family Foundation (MFF). In this exclusive session, our National Director of Legal Services Jeannea Varrichio sat down with Carrie to talk about her third book, Courage Money: A Guide to Becoming a Venture Philanthropist, which helps readers take personal inventory of three things to help set themselves up for successful giving:
- Your Passions: What do you care most about? How will that translate into your future philanthropy?
- Your Skills: What personal and professional experiences and skills do you bring to your new role as a philanthropist?
- Your Values: What values guide you? How will you align your values with your philanthropy? Do you want to lead? Help and serve others?
Here are some highlights of the conversation.
The Courage Money Philosophy
Courage Money is about understanding your strengths and weaknesses, taking risks and then finding your why. “I wrote Courage Money because there was more I wanted to share about our family’s philanthropic journey and the impact that’s possible for people who are willing to take risks with their giving,” said Carrie. “I wanted to help readers understand their passions, skills, and values, and also their tolerance for risk. It took us many years to figure these things out, and I hope my book can help people save time and money by thinking about these things early on in their process.”
“In a world where systems are rapidly evolving—especially with the rise of artificial intelligence—philanthropy is facing a pivotal moment. The traditional models of giving are being challenged.”
A Courage Money Case in Point
Family Reach is a nonprofit that provides financial assistance and resources to families facing cancer. One in three people will be diagnosed with cancer, and many will face impossible financial decisions. When Family Reach came to MFF they wanted to develop the technology to scale their work, but they were struggling to find a partner that could see that technology was a potential solution. MFF listened. They partnered. They invested.
MFF’s leap of faith turned a Boston-based initiative into a nationwide movement, helping millions instead of thousands. Carrie said this investment is a great example of what Courage Money looks like and feels like: High risk leads to high reward. Becoming a venture philanthropist means investing in the potential of a nonprofit.
Understanding Your Risk Tolerance
Venture Philanthropy isn’t one-size-fits-all. Carrie encourages philanthropists to ask themselves: Where do I fall on the risk spectrum—from 1 to 10? Where is your board? Knowing your strengths, weaknesses, and appetite for risk helps you walk through the right doors—and those doors are often defined by what your partners need.
Your Relationship with Money Shapes Your Impact
Carrie shared her story of growing up with little money but an abundance of love, hope and health. Now, her approach to giving is data-driven: How many lives will this dollar touch? Her “why” is rooted in education, but it branches into athletics, food insecurity, and systemic change across many other sectors.
Finding Your Why: A Roadmap for Purposeful Giving
Philanthropy can feel overwhelming. That’s why Carrie recommends starting by defining your why. She says, “Begin in your own backyard—your children’s school, your local community. Hyper-local efforts often reveal broader systemic opportunities.”
Here are three activities she shared to help you find clarity:
- Passion Inventory: List your personal and giving passions. Where do they align?
- Skills Inventory: Identify your personal and professional skills. Where can you add the most value and find the most joy? Do you want to run the back of the house yourself, or do you want a partner like Foundation Source to do it for you? At MFF, they recommend the latter.
- Values Inventory: Reflect on what truly matters to you. At MFF, they are positive and collaborative in their approach.
AI: The Most Talked About, Least Understood Tool
According to the Center for Effective Philanthropy, 65% of nonprofits are uncertain about AI, and 90% of funders currently provide no support. Carrie said this gap is a call to action. Are you asking nonprofits the right questions about what will help them the most?
Consider the following questions to ask them:
- Do you have an AI budget?
- How do you think AI will impact your work?
- Do you have a plan?
Philanthropy as a Family Affair
The same way Carrie’s in-laws asked her and her husband—Should we grow the foundation or spend it down?—Carrie and John asked their own children. They chose growth. Now, the third generation is bringing their own unique skills and values to the foundation, which Carrie says is building a collaborative legacy. Philanthropy became a shared journey.
Final Takeaways: Reset, Reflect, Reimagine
Carrie’s advice? Whatever your role is in philanthropy, be constantly thinking about the reset. If you are getting too comfortable with your grants and the nonprofits you support, consider trying something new. In Dan Heath’s newest book Reset, Dan talks at length about spending less time on what’s not working and more on what is. Carrie said, “Surround yourself with like-minded, open-minded thought partners. Every six months, revisit your why, and stop doing what isn’t working.”
And remember: Venture capital can also be your fun capital. Build networks. Take smart risks. Find joy. Courage Money was written to help philanthropists find their own excitement and enthusiasm in the joy and fun of giving, while making a huge difference in the world.
We’d like to thank Carrie for sharing her unique insights with us! To learn more about the Morgridge Family Foundation, visit morgridgefamilyfoundation.org.
Want to learn more about the ways we support philanthropists and their teams?
Our philanthropic specialists are here to help! To learn more, schedule a call with us or reach us at 800-839-0054. Together, let’s #begiving.
