A small but highly distinguished gathering attended the inaugural Forbes India Philanthropy Awards (FIPA) on Wednesday at Bangalore’s Leela Palace. The event was recognition of work done by leading businessmen, industrialists and entrepreneurs for social good. These awards will now be an annual feature. In his opening address, Forbes India editor Indrajit Gupta said the awards have been constituted to “recognise business leaders who have stepped up to the challenge of serving our people, especially those underprivileged who need the support.” We seek to identify “business as a force for good”, capitalism that is “conscious” and financial success that does not come at the cost of society, but that which seeks to grow by helping a community improve, he said. The chill in the Bangalore air was soon replaced by warm stories of social good and community development, shared by some of the most illustrious business leaders of India’s IT city. Hosted by Forbes India Contributing Editor Mitu Jayashankar and Editor Special Features Peter Griffin, the first edition of FIPA rewarded ten eminent people, who have been change-makers, innovators and executors in the field of philanthropy. Ashish Dhawan was recognised as the NextGen Leader in Philanthropy for setting up the Central Square Foundation, a venture philanthropy fund for improving educational outcomes for kids of low-income families. Dhawan deserted a promising career as a venture capitalist because he was “passionate about teaching”. He brings in “good people, objectives and business models” from his world of private equity to the field of philanthropy.