This report explores the neglected topic of foundations' involvement in the creation of new organisations. In recent years much attention has been paid to venture philanthropy but there has been little focus on foundations as entrepreneurs creating new organisations and institutions. Based on interviews across Europe, the exploratory study tells nine stories of entrepreneurial, or inventive, foundations and their creations. It explores why foundations take the big and bold step of inventing something new, the processes, considerations and challenges along the way. The nine cases are very different in socio-political context, in purposes, and in scale. Despite these differences there are a number of common issues which all inventive foundations need to consider including how to let go while at the same time ensuring the future of their fledgling creation. The report does not tell foundations how to be inventive but rather highlights some of the issues they may wish to consider.