Nan Ransohoff's analysis highlights a third wave of American philanthropy, driven by wealth generated from AI and founders eager to give it away. She argues that existing philanthropic systems are ill-equipped to handle this new influx of capital. The author agrees, posing a crucial question: what if the most impactful social institutions of the future aren't nonprofits? Historically, philanthropy followed wealth creation, with entrepreneurs funding repairs for societal problems caused by their industries. Early philanthropists like Carnegie and Rockefeller were systematic, viewing giving as strategic investment in enduring institutions. This "two-ledger" system separated business success from charitable impact. However, a new generation of founders is blurring these lines, integrating their company's mission directly into its operating model. These "mission-driven companies" aim for success where societal good is intrinsically linked to profit. While some critique this as mere marketing, the strongest examples demonstrate that business growth is contingent on achieving the stated mission. Companies like WHOOP and Redwood Materials exemplify this, where their revenue scales as positive social outcomes are realized. The author suggests that this alignment of incentives represents a crucial part of the philanthropic imagination. Not all problems have market solutions, and traditional non-profits and public funding will remain vital safety nets. However, embracing companies whose core business is aligned with societal progress expands the definition of philanthropy beyond traditional financial donations. This "third wave" is characterized by founders who refuse to separate wealth creation from societal benefit from the outset.