Bloomberg: Philanthropy Requires Patience, Faith

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Jan. 21 (Bloomberg) -- Microsoft founder and Chairman Bill Gates and Bloomberg LP founder Michael Bloomberg discuss the importance of private funds to philanthropic efforts and measuring the success of charitable projects on Bloomberg Television’s “In The Loop.” Michael Bloomberg is founder and majority owner of Bloomberg News parent Bloomberg LP.

Certain metrics by which you can measure your success.

When you give money, how do you measure success.

Less you have to have patience.

Number two, if you do something in the scientific world and it turns out to be a failure, it was a success because you do not have to go down that path again.

Where i came from, it is all a waste of your money.

That is not the case the way science works.

Knowing what you're doing and measuring it, there are a lot of people around trying to apply metrics.

In some cases you can in some cases you have to take on faith.

I know this will help and i'm willing to make the that.

-- that -- that that -- the backed -- the backed -- the bad -- the badbet.

The successes you have, we have had a one where the productivity has doubled, that gives you a believe to keep trying.

With the private money, you have the luxury that you can experiment and see what works.

If it does not work, you can move on.

You can do a lot of things with private money.

My daughter works with a group of people in their interest is low education and that sort of in.

If we did not have private money, we have the old masters.

It is the private moneys that through history have been willing to try new things and have an instinct that something will work.

They cannot prove it but are willing to make that bet.

You are good personal friends.

You will be heading off to africa.

Bill, you have been to africa numerous times.

What advice do you have four m? what do you think he should see their?

-- there?

Getting down to see the projects is exciting.

I hope he will feel good seeing the death rate is the -- is down.

Talking to the people the cities need a lot of help.

Both of us are drawn and more and more of our philanthropy help these companies.

This text has been automatically generated. It may not be 100% accurate.

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