I was kindly invited by APAX Partners this week to attend the Entrepreneurs Foundation annual awards. The Foundation was new to me, and might be to you too, so I thought I’d pass on a few details. It’s a not-for-profit organization that ‘works with emerging companies to facilitate and enable the development and implementation of community benefit and philanthropic programs.’
Essentially emerging firms grant a portion of their stock to the Foundation (about the same amount as they would a director-level employee). Following a liquidity event, the proceeds are distributed to a number of community causes in consultation between the company and the Foundation. Meantime, The Foundation also assists companies with their charitable giving programs by providing a process, tax advice, and encouragement. Why join?
‘Joining Entrepreneurs Foundation gives companies a chance to give back to the community while also enhancing the companyâ€™s team building, recruiting, retention, morale and employee satisfaction through a customized corporate community involvement program. In fact in a recent survey of a sample of Entrepreneurs Foundation companies, 97% of the employees surveyed said they were proud of their companyâ€™s efforts in the community.’
The list of companies already involved is impressive, and as with all such programs, there is ample opportunity for networking among VCs and fellow entrepreneurs. Certainly something to consider for your own company or when advising clients. They even have a blog [requires free subscription] on the AlwaysOn Network.