A conversation with leading funders on effective responses to crisis, getting unstuck, and whether philanthropy is doing enough.
A conversation with leading funders on effective responses to crisis, getting unstuck, and whether philanthropy is doing enough.
By Deb Nelson with Nwamaka Agbo & Deborah Frieze
Nov. 10, 2025
We are living in reactionary times. For many funders and organizers, what once felt like steady, if hard, progress on economic and social justice goals now feels more like a stall halfway uphill and a desperate effort to prevent a downward slide. Facing one crisis or cruel act after another, it is easy to lose hope. But it’s important not to get so caught up in short-term challenges that we lose sight of our purpose and long-term goals.
As executive director of the Just Economy Institute, a fellowship and network for funders, community organizers, and social entrepreneurs, I get a preview of what’s happening on the ground. And I see growing communities of people creating and supporting initiatives that shift the flow of capital and power in significant ways. There’s a lot of work to do, and people are still doing it, with eyes wide open to the moment and focused on a better future.
To get a better sense of these opportunities and actions, I spoke with two influential funders about what they’re seeing and doing to advance economic justice now: Nwamaka Agbo, CEO of the Kataly Foundation, and Deborah Frieze, founder of the Boston Impact Initiative and co-founder of the Unlock Ownership Fund.
Nelson: There’s been talk about how people are not doing enough in this moment, but I actually see people doing a lot. I see people and communities divesting from the extractive economy and investing in regenerative economies. What are you seeing?
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Frieze: I see people leaning in, coming together in coalitions exactly at the time when we need one another most. Examples include what the Freedom Economy, a coalition of investors and legal professionals, is doing to help impact investors navigate the current environment, and what Aunnie Patton Power is doing with the Innovative Finance Initiative, which is an effort to reimagine how capital is designed, deployed, and measured for impact, domestically and internationally. Finance people traditionally aren’t great about sharing what they know, but in these groups, people are being extraordinarily generous and transparent.
When Boston Impact Initiative hosted our cohort alumni gathering recently, there was a session with lawyers to talk about how to navigate racial justice investing in this moment. I appreciated what they said, which was to begin with an assessment of your own risk tolerance. If you are a low-risk-tolerant organization—for example, you have limited assets and capacity—then it makes sense to play defense. But if you’re a high-risk-tolerant organization, then consider going on offense. Double down on your commitment to building a just and equitable world. To me, that includes most foundations and donor-advised funds. Anybody who has already gotten their tax break ought to be on their front foot.