Lilly Endowment

Lilly Endowment is a prominent private philanthropic foundation, established in 1937 by J.K. Lilly Sr. and his sons, Eli and J.K. Lilly Jr., through gifts of stock in their pharmaceutical company, Eli Lilly and Company. Based in Indianapolis, Indiana, the Endowment is dedicated to supporting causes in community development, education, and religion. It operates as a grant-making entity rather than a venture capital firm, meaning its financial support comes in the form of charitable grants to non-profit organizations, not equity investments in startups.

As one of the largest private foundations in the United States, Lilly Endowment possesses substantial financial resources, with assets exceeding $15 billion. While its primary focus is on strengthening communities and institutions within Indiana, it also extends its philanthropic reach to national initiatives that align with its core mission areas. Its significant endowment allows it to undertake large-scale, transformative projects, often involving multi-year commitments to major educational institutions, religious organizations, and community development programs.

The nature of Lilly Endowment's funding is through grants, which vary widely in size depending on the project's scope and needs. These grants can range from tens of thousands of dollars for smaller community-based initiatives to hundreds of millions for significant institutional advancements. For instance, in 2022, the Endowment approved grants totaling $723.2 million, following $886.7 million in approved grants during 2021. Given its identity as a philanthropic foundation focused on grants for charitable purposes, the concepts of "smallest typical first cheque" and "largest typical first cheque" as they pertain to venture capital equity investments are not applicable to Lilly Endowment's operational model.