Trying to bring the same spirit of "venture philanthropy" to the Internet entrepreneurs of New York City's Silicon Alley high-tech district, former U.S. Treasury Secretary Robert Rubin spoke to a group of young company leaders on behalf of the Citigroup Foundation, Business Week reports.

Rubin highlighted the need to teach young entrepreneurs about philanthropy and to make charitable giving fit their personal styles. One example held up was Community Foundation Silicon Valley, which has found success by allowing givers to have more say in how their "investments" are spent.

Other successful West Coast efforts include the Community Foundation Silicon Valley's Social Venture Fund and Seattle's Social Venture Partners, which require members to give a certain amount per year in exchange for a role in the organizations' decisionmaking.

This model has not been implemented in the East, Business Week reports. "I don't think that there are many institutions in the East that have stepped up to help nurture and develop the nascent philanthropic nature of these young people," Peter Hero, president of Community Foundation Silicon Valley, told the magazine.

Hero suggests the best way to attract money from young entrepreneurs is to network effectively through their workplaces, Business Week reports.

Representatives from the group of New York entrepreneurs will meet again soon to further discuss forming a high-tech community foundation, according to the article.

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