Every year, I’m inspired by the community that rallies around the Techstars companies. The sheer number of hours, brain power, and introductions that are pumped into each company is staggering – and the mentors do this without expectation of reward. They volunteer their time, their knowledge, and their contacts for the benefit of startups when there is no incentive to do so. At Techstars, we call this #GiveFirst; it’s a powerful mantra that has infused everything we do. #Givefirst creates stronger companies, stronger communities, and stronger people. There is no downside.
#GiveFirst is why I’m on the board of the EFCO and why we launched Pledge1% – a global effort with Salesforce at Atlassian, to infuse companies around the world with the #GiveFirst mantra. Pledge1% allows companies and startups to Pledge 1% of their equity, time, profits, or product to any non-profit they choose. This ensures stronger people and communities at scale. The more our companies are successful, the more the community benefits. And companies that donate 1% of their equity have no downside – it doesn’t cost them anything unless their company has a successful exit. Plus our member companies tell me it’s a motivating factor to know that it’s not just shareholders that benefit from a successful outcome; that you’re working hard for the benefit of whatever cause is meaningful to you.
Today, I’m excited to announce an official partnership between Pledge1% and Techstars. Techstars has taken the pledge, but we don’t think that’s enough. We’ll encourage each one of our new portfolio companies to take the pledge, making it easy in our onboarding docs for those who so choose. We’ll encourage our mentor’s companies, our investors, and our existing portfolio companies to take the pledge. With over 500 companies in our portfolio, adding another 180 every year, Techstars stands to move the global needle on corporate philanthropy. The community supports Techstars, now through Pledge1%, we can contribute back to those very communities.
I’m proud and excited to be part of the Pledge1% movement as #GiveFirst rings true in my heart. I couldn’t be more thrilled that Techstars is taking up arms as well. I hope all accelerators and venture funds follow suit, this is only a win for all of us.
If your company interested in taking the pledge, learn more at Pledge1Percent.org. If you’re an accelerator or venture fund wanting to learn more about how to get this to your portfolio, reach out to me and I’ll get the ball rolling.