For latest version: please go to https://academicentrepreneurship.pubpub.org/pub/tz6ti0cb/release/3 In recent years there has been an increasing need for investigators to secure alternative sources of funding, and nonprofit organizations have become integral parts of the research and development process. Venture philanthropy is a relatively new concept of cooperation in which nonprofits not only fund research but also take a businesslike approach to product development, commercialization, and collaboration with industry partners. Potential opportunities that come with nonprofit funding can include better patient access, more early funding for research and development, and increased networking opportunities. Investigators must be prepared for potential pain points such as managing conflicts of interest, managing intellectual property, and ensuring prior art is accounted for during the application process. With proper management and transparency, involvement with a nonprofit foundation has the potential to be greatly beneficial to both the investigator and the foundation.