The transformative impact of the Genesis Prize Foundation under Stan Polovets’ leadership has established a groundbreaking model for philanthropic giving that continues to evolve and expand. As chairman and co-founder, Polovets developed a unique approach where laureates receive a $1 million prize that they then redirect to charitable causes, often generating additional matching funds that multiply the impact.
This innovative structure, as Polovets explains, distinguishes the Foundation from traditional philanthropic organizations: “It is the only foundation awarding an annual $1 million to an individual who does not take the money but turns it around and gives it back to the community, often doubling or tripling the contribution with the help of matching donors.”
The Foundation’s journey began with Michael Bloomberg, whose inaugural award established the Genesis Generation Challenge, spurring young entrepreneurs to address pressing social issues. This set a precedent for future laureates to leverage their awards for maximum impact. Actor Michael Douglas, whom Stan Polovets praised as “one of our most engaged and committed Genesis Prize laureates,” directed his award toward interfaith inclusion programs. At the same time, violinist Itzhak Perlman focused on disability initiatives, achieving doubled impact through matching contributions.
Subsequent years saw the prize evolve to address urgent global challenges. Sculptor Anish Kapoor directed his award toward refugee assistance, working with established aid organizations. The Foundation demonstrated adaptability by creating the Lifetime Achievement Award, first honoring Justice Ruth Bader Ginsburg’s contributions to civil rights and gender equality.
A particularly significant moment came with Robert Kraft’s selection in 2019, which led to the creation of the Foundation to Combat Antisemitism, supported by his award and a $20 million personal pledge. During the pandemic, 2020 laureate Natan Sharansky directed funds to help vulnerable Israeli communities, while filmmaker Steven Spielberg’s 2021 award advanced racial and economic justice initiatives.
Under Stan Polovets’ guidance, the Foundation has shown remarkable responsiveness to global events. In 2023, it shifted focus to recognize collective humanitarian efforts supporting Ukraine, while the 2024 selection highlighted organizations providing crucial support to Israeli hostages and their families. This adaptability reflects Polovets’ commitment to addressing contemporary challenges while maintaining the Foundation’s core mission.
The selection of Barbra Streisand marked another milestone, with her award supporting various causes including women’s health, environmental initiatives, and Ukrainian aid efforts. As Stan Polovets noted, “Barbra’s innovative philanthropy has had significant impact in so many areas, including health, environment, and gender equality.”
Through strategic selection of laureates and careful stewardship of resources, the Genesis Prize Foundation has evolved from a single annual award into a comprehensive force for positive change in Jewish philanthropy. By encouraging laureates to leverage their awards for maximum impact and fostering partnerships that multiply available resources, the Foundation continues to demonstrate how individual excellence and commitment to Jewish values can create lasting positive change in communities worldwide.
This transformative philanthropy model, developed and refined under Polovets’ leadership, has proven remarkably effective at channeling resources across various charitable causes while inspiring new generations to embrace their heritage and pursue positive change.