On September 30, 2004, approximately 250 practitioners and academics met at Stanford University to discuss the rapidly developing field of venture philanthropy. Venture philanthropy draws on lessons from the venture capital industry to help develop effective organizations that create social change. Practices that are common among venture philanthropists include: grantmaking focused on capacity building and infrastructure development; a highly engaged relationship between grantor and grantee; long-term relationships; and performance measurement throughout the funding relationship. Panelists at the conference included venture philanthropists, leaders of grantee organizations, and academics. A wide range of issues of concern to venture philanthropists and their grantees were discussed. This paper provides an overview of the conference.