This paper was inspired by discussions from two events convened as part of the Bellagio Initiative on the Future of Philanthropy and Development The Forum on Bridging Philanthropy and Development in Africa and Asia took place in June 2012. The Forum brought together development practitioners and philanthropic investors from the two continents to explore the major opportunities and risks in directing philanthropic investment towards development outcomes, and to identify the steps required to strengthen successful collaboration between the two sectors. The World of Philanthropy Present and Future was convened by the Resource Alliance in October 2012. The meeting brought together senior fundraisers from international NGOs; heads and directors of CSR from large companies; high net worth individuals; representatives from trusts and foundations; private wealth advisors; and representatives from bilateral and multilateral agencies. These global groups explored together key questions affecting philanthropy today and in the future, building on recommendations and reflecting upon key findings from the Bellagio Summit, hosted by the Resource Alliance in partnership with the Rockefeller Foundation and the Institute of Development Studies in 2011. Specifically they sought to: 1. Determine the drivers behind the development agenda while considering how strategic cross-sectoral partnerships can ensure that giving is based on development needs 2. Identify the conditions necessary to incentivise more innovative and potentially' risky' approaches to philanthropy 3. Explore what needs to change in order to grow giving globally for sustainable development.