Evaluation can play a role in promoting innovation, and generating evidence for the replication of projects and programmes by other organisations. Over 2012 the EFC and Fondazione Cariplo joined forces to organise a European Learning Lab entitled The Value of Evaluation. Based on the assumption that foundations work better when they embrace a culture of learning and have a sincere commitment and attention to human resources, European Learning Labs bring together the same class of foundation staff several times over a period of one year to explore a topic in depth. Similar to its predecessors the 2012 Lab challenged the class to learn from within by tapping into their tacit knowledge, and to share their experiences with their 32 fellow classmates. This publication should not be considered a verbatim report of the 2012 European Learning Lab. Nor should it be considered as an exhaustive guide on evaluation in foundations. It is instead offered as a snapshot of practitioners' attitudes about, apprehensions towards, and appreciation for, evaluation as a tool to advance the learning and activities of European foundations.