Stan Polovets, co-founder of The Genesis Prize Foundation, drives impactful change in corporate and philanthropic settings.
The business world is constantly in flux — industries are evolving rapidly and boundaries are blurring. To excel as a leader in this dynamic landscape requires a rare combination of vision, adaptability, and steadfast principles. Stan Polovets, co-founder of The Genesis Prize Foundation, is an executive who has navigated diverse sectors throughout his career and embodies these vital qualities.
Polovets has worked in the biopharmaceuticals, energy, communications, and finance industries. From his deft handling of the complexities of corporate governance to pioneering transformative philanthropic initiatives, Polovets’ professional journey is a masterclass on effective leadership, emphasizing listening and inclusivity.
At the core of Polovets’ approach lies a firm belief in the strength of democratic leadership. “Regardless of the industry, I have found that democratic leadership works best for me and the teams I have managed,” he says. “Although I made the final decisions, I did so after hearing each team member’s perspective. This inclusive and empowering leadership style leads to better decisions and more engaged teams. This approach takes more time, but my colleagues were motivated to participate, knowing that I heard them and was open to their opinions.”
This approach has proven instrumental in fostering better decision-making and cultivating a sense of engagement within his organizations, such as The Genesis Prize Foundation.
Drawing from his extensive experience in private and public enterprises, Stan Polovets distills his insights into effective corporate governance. “Private and public companies are the proverbial ‘night and day,'” he says. Openness and camaraderie reign supreme in private settings, while public entities must meticulously manage sensitive information to prevent issues.
“Every aspect of public company operations must adhere to the highest standards, and all communications are under intense scrutiny by shareholders, analysts, and the public. Decision-making in private companies was often around the best strategy; in public companies, the extra layer of oversight — and often criticism — changed the decisions we made,” says Polovets.
“In a private company, founders and management have significant control over strategy and direction. Going public requires relinquishing this control to shareholders and can result in different opinions as to how the company should be run. Balancing the company’s vision and investors’ interests is among the most challenging issues in business.”
Beyond the Business Realm
Stan Polovets has led organizations at the forefront of technological advancement. As CEO of the Alfa-Access-Renova Consortium, Polovets led the private equity firm with investments of over $25 billion in the international energy sector. “Today’s energy companies are the quiet pioneers of new technology applied at scale,” he says.
Renewable energy sources like wind, solar, and hydro have transitioned from being a minor interest to a significant part of the energy industry, even creating new companies. From leveraging artificial intelligence to optimize resource exploration to embracing renewable energy as a core business, Polovets recognizes the industry’s pivotal role in shaping a sustainable future, noting that by 2022, renewables made up 13% of the total energy used in the U.S. and accounted for 40% of its electricity generation.
“New technologies such as carbon dioxide capture, coal to gas, hydrogen mixing, and combustion are being developed and commercialized. This is an exciting time in the industry,” says Polovets. “Corporations, governments, and startups have come together to foster technological breakthroughs and thus enable a sustainable future.
“The Inflation Reduction Act of 2022 channels close to $400 billion toward clean energy development in the United States. I am convinced the industry is capable of making our shared vision — energy security delivered in a sustainable, carbon-neutral manner — a reality.”
Similarly, in health care, Polovets’ perspective on groundbreaking developments in cancer treatment and research, specifically immunotherapeutic treatments — in which a person’s immune cells are genetically modified to destroy cancer cells — offers a glimpse into the transformative potential of scientific innovation.
“Initial positive results have been achieved in leukemia treatment, and trials are ongoing in other types of cancer,” says Stan Polovets. “Having our own immune system identify and destroy cancer cells the way it does with viruses could turn out to be one of the most effective ways to treat various forms of cancer.”
Polovets has served as the chairman of the Nasdaq-listed biopharmaceutical firm Anchiano Therapeutics Ltd., which is dedicated to discovering and developing cancer treatments. He says, “Personalized or precision oncology is an exciting field where diagnoses of cancers specific to each patient will allow biopharma companies to develop personalized treatments that correspond to that patient’s cell composition and development. This would increase the effectiveness of such treatment and minimize general harm from general treatments like chemotherapy.”
Charitable Initiatives: Stan Polovets, Co-Founder of The Genesis Prize Foundation
Stan Polovets’ philanthropic endeavors, rooted in a deep sense of purpose and a desire to create lasting positive change, have left an indelible mark on communities around the globe. The Genesis Prize Foundation, established in 2013, is an example of Polovets’ commitment to amplifying voices and empowering communities.
The Genesis Prize recognizes world-renowned living Jews who take pride in their Jewish heritage, show concern for the Jewish people’s future and the State of Israel, and inspire youth to impact the world positively. “We are living in a time where assimilation and antisemitism have inhibited open expressions of Jewish identity around the globe. The Foundation saw an opportunity to use a new tool for fostering that pride,” he explains.
Following the precedent set by the inaugural Genesis Prize laureate, Michael Bloomberg, who declined the $1 million prize money, each subsequent laureate has also opted to forgo the monetary award. The Genesis Prize Foundation then donates the prize money in honor of the laureates. These funds, frequently supplemented by additional donor contributions, have supported various philanthropic causes. These include women’s empowerment initiatives, refugee resettlement efforts, COVID-19 response programs, fighting antisemitism, etc.
“Since inception, we have impacted tens of thousands of beneficiaries, with over $50 million in grants to more than 230 [nongovernmental organizations] in 31 countries,” says Polovets.
Polovets understands that true impact is achieved in collaboration. “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 ‘more heads are better than one’ approach.”
Stan Polovets’ dedication to both business excellence and philanthropy reveals a vision that’s not confined to any one industry — it’s aimed at fostering a more connected global community. As he continues to drive change and inspire through his actions, Polovets exemplifies how leadership, rooted in a solid ethical foundation and an openness to collaboration, can transcend traditional boundaries and create meaningful, lasting impact.