I’m Not Donating, I’m Investing.

This month on OKC Insights, we’re delighted to share this guest piece from Tom Clinch, Cultural Philanthropist Managing Director of Clinch Wealth Management.

In his article, Tom dives into the world of cultural philanthropy, giving us a unique insight into what motivates and guides those who choose to support the arts and breaking down the relationship between creativity and commerce.

Whether you're part of an arts organisation, a lover of the arts, or a charity looking for insights into the minds of philanthropists, we think you'll find Tom's perspective interesting. Grab a cup of coffee and enjoy exploring the world of cultural philanthropy with us!

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I’ve got good news and bad news. The good news is that there are lots of people in Ireland who have money and love the Arts. The bad news is that there are some misunderstandings in the Arts community about their motivations. So, let me introduce you to the mind of the cultural philanthropist.

Most significant cultural philanthropists are successful entrepreneurs. These people are typically creative mavericks in their field and control freaks in their business. They tend to apply this mindset to cultural philanthropy too. My family and businesses allocate a significant sum to the Arts each year between sponsorship, acquisitions and philanthropy. Each decision is an investment on which we seek a return of some kind. The expected return on sponsorship is primarily commercial. One of our businesses attaches its brand to a suitable cultural event that will attract new clients in its target market. The acquisition of a work of art, be it visual, musical, literary or dramatic is an investment on which we seek an aesthetic return. We want it to enlighten us and enrich our lives spiritually. Finally, we want our philanthropic investments to change something, and the degree of change is what you might call our rate of return.

Maybe we want to provide access to classical music for children from backgrounds that wouldn’t normally get that opportunity so we can awaken them to new possibilities in their lives. Maybe we want to support a visual artist who raises awareness of communities such as immigrant workers and the elderly of Dublin’s North Inner City, who are often excluded from cultural discourse. Maybe we want to support the development of a social hub for the Arts community so ideas can cross fertilise and the community can galvanize its political influence. The more we can achieve those objectives or returns, the more likely we are to re-invest.

We are fortunate to have established fruitful philanthropic relationships with exceptional Arts practitioners large and small such as Deborah Kelleher in RIAM, Anne Clarke in Landmark, and Karen Walshe of the Eamonn Doyle visual art studio. Here is what they have in common:

1. They clearly articulate the mission of their project and ask how it aligns with our objectives.

2. They demonstrate efficiency that gives us confidence in the security of our investment.

3. They make it easy for us to invest by creating a simple process.

4. They nurture the relationship by making us feel included.

5. They keep us updated on the progress of our investment.

My final thought is that there is strength in numbers and nothing to fear from pooling resources. As a community, we have a shared responsibility to foster a greater culture of Arts philanthropy. The philanthropists are out there and great initiatives like the RAISE programme are drawing them closer. More needs to be done but we are all moving in the right direction.

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Tom is the Managing Director of Clinch, which is the premier privately-owned wealth manager for Ireland’s leading Professionals, Entrepreneurs & Creatives. His wife Méav Ní Mhaolchatha is a Grammy-nominated singer and composer. Their daughter Catherine Clinch is the lead in the Oscar-nominated Irish film An Cailín Ciúin. They recently founded a joint-venture creative production company called SoSimpatico with the renowned cultural curator Aoife Woodlock. Tom is also a board member of Dublin Theatre Festival.