Stan Polovets, co-founder and chairman of The Genesis Prize Foundation, brings corporate leadership experience to his philanthropic work.
Good intentions alone aren’t enough to launch a thriving nonprofit. According to Stan Polovets, co-founder and chairman of The Genesis Prize Foundation, achieving meaningful results necessitates identifying a need, well-defined goals, extensive research, and collaborative partnerships.
“One critical factor in [the] success of a philanthropic venture is having concrete, measurable goals,” Polovets explains. “You need to know where you want to go so you can chart the right path.”
This pragmatism stems from Stan Polovets’ extensive experience in business; he has held several leadership roles across multiple industries throughout his career.
Research is essential. Polovets says, “Be the expert on the field you are trying to affect and understand where there is ‘blank space’ — an opportunity to address an unmet need.”
His own philanthropic journey began with personal experience. When his son was diagnosed with ADHD while living in Russia, Polovets discovered a critical gap in support services. This led him to establish the Vnimanie Foundation, which helped transform how Russian society looked at learning disabilities.
“The foundation sponsored conferences with leading Western psychologists, psychiatrists, pediatricians, and educators,” Polovets explains. “We created parent support groups, published books on this subject, and lobbied the government to allow the import of medications used in the West.”
Strategic partnerships rank high among Stan Polovets’ priorities for nonprofit achievement. Under his leadership, The Genesis Prize Foundation brings together diverse groups of philanthropists, nonprofit professionals, and young leaders to tackle pressing issues, from entrepreneurship to gender equality.
“None of us can do this work alone,” he says. “Every year, we have partnered with individuals, organizations, and donors to achieve our goals. It truly is a ‘two heads are better than one’ approach.”
Equally vital is maintaining organizational adaptability. “Things can change in a very short time. We need to adapt and not panic,” Polovets says. This flexibility proved crucial when The Genesis Prize Foundation faced unexpected challenges, such as the COVID pandemic, war in Ukraine and the Israel-Hamas war in Gaza, requiring quick pivots in programming and award ceremonies.
Stan Polovets’ Corporate Experience Informing Nonprofit Leadership
Stan Polovets’s career spans multiple industries and executive roles. Beginning as a financial analyst at ExxonMobil (1985-1986), he gained early experience at KPMG (1986-1987) and Ernst & Young (1990-1992), where he served as senior manager in international M&A for Eastern Europe and the former Soviet Union.
In 1992, he founded and led the Russian Petroleum Investor Group as CEO until 2001, while simultaneously serving as adviser to the CEO at Williams, a Fortune 500 with significant U.S.-based energy. and adviser to Turkmenistan’s deputy prime minister and minister of oil and gas.
The pinnacle of Polovets’ time in the energy sector came with his role at TNK; he joined this Russian oil “major” in 2001, and in 2003 was instrumental in creating TNK-BP, one of the largest joint ventures in the global energy sector, controlling over 18% of Russia’s oil production. His role in this biggest corporate transaction in Russian history cemented his reputation as a leader capable of navigating complex international business environments. From 2003 until 2008, Polovets served as senior vice president and board member at TNK-BP and played a crucial role in significant improvements of the merged company in the areas of corporate governance, efficiency and profitability.
The subsequent phase of Polovets’ career saw him at the helm of the AAR Consortium from 2008 to 2013. As CEO of this private equity group, he stewarded a global energy portfolio with assets exceeding $25 billion in value. This position further solidified his standing as an executive capable of orchestrating large-scale operations and propelling strategic expansion on an international scale.
He then took on the role of lead non-executive director at L1 Energy (2013-2019). Also during this time, his executive experience expanded when he stepped into the role of chairman for Eastern Europe at Edelman, the world’s largest independent communications firm, from 2014 to 2016 as well as serving as lead nonexecutive director at CLAL Industries from 2014 to 2019, one of Israel’s leading investment groups. He also chaired Anchiano Therapeutics Ltd. (2020-2021), overseeing its merger with Chemomab Therapeutics.
This corporate background shaped his view on nonprofit management. “Democratic leadership works best for me and the teams I have managed,” Stan Polovets says, “Although I make the final decisions, I do so after hearing each team member’s perspective. This inclusive and empowering style leads to better decisions and more engaged teams.”
The Genesis Prize: Transforming Recognition Into Action
The Genesis Prize Foundation exemplifies Polovets’ innovative take on philanthropy. It broke new ground within Jewish philanthropy through its novel approach to awards. “We’re the only foundation awarding an annual $1 million to an individual who does not take the money but turns around and invests it back into the community, often doubling or tripling the contribution through his own contributions, matching donors, grants, etc.,” explains Stan Polovets.
Since inaugural laureate Michael Bloomberg set a precedent of forgoing the prize funds, each subsequent winner has redirected the money to philanthropic initiatives. The Genesis Prize Foundation donates the funds in honor of the laureates, and they’re often accompanied by additional donor contributions and grants that have gone to a wide variety of causes.
Polovets says, “The Genesis Prize and the foundation exist to hold up role models who will inspire the next generation of Jews. The more Jews feel proud and connected to their identity and see highly accomplished individuals demonstrating the same, the stronger our global community will be heading into the future.”
He makes it clear that the foundation’s mission extends beyond financial impact. “The vision of the Genesis Prize is a strong and vibrant Jewish people, aware of their roots while looking to the future, a Jewish community flourishing in diversity yet united in appreciation of Jewish values and support for Israel. With this vision, we aim to bring the Jewish community together around its most critical issues,” says Polovets.
This commitment manifests in the foundation’s 2024 decision to recognize Israeli organizations advocating for hostages held by Hamas and providing crucial support — from medical care to counseling — to their families. “By bringing attention to this issue, coordinating with other Jewish organizations, and with hostage advocacy organizations, we are uniting as a community and supporting the fight for freedom and justice,” Polovets emphasizes.
He offers this advice for aspiring nonprofit founders: “Identify individuals and organizations whose counsel will be helpful to you and be sure to seek input at all stages of development.” This collaborative approach has helped The Genesis Prize Foundation distribute $50 million in grants to more than 230 nongovernmental organizations across 31 countries, impacting tens of thousands of beneficiaries.
