1% of Nothing inspires corporate towards philanthropy by connecting start-ups and founders to causes. Any startup can donate just 1% of their equity to charitable purposes thereby creating a difference in the world in the long run. The idea is that at the time of the donation the 1% might be very little, but with time it would grow significant.
Currently, 1% of Nothing is in beta. On their website, you can learn the many ways in which you can contribute to causes. There, you can take the 1% pledge.
This is how it works. Founders identify a cause that they would like to support. It is up to you in which way you would like to contribute to society. After identifying a cause, you take the 1% pledge of giving 1% of your equity to that cause. If a start-up gets acquired, that 1% turns into cash for that cause. Founders can also additionally pledge 1% of their time and/or profit and extend their collaboration with the cause they have chosen to support.
1% of Nothing is run by Matt Galligan and Shervin Pishevar. Their view is to change the world by inspiring small businesses and start-ups to contribute to charitable purposes.
The idea for 1% of Nothing started when Pishevar, serial entrepreneur met Galligan, co-founder and CEO of SimpleGeo when Galligan accidentally attended a philanthropy panel. Both saw how large companies were targeted, but smaller companies and startups were not considered that important as they did not have much capital.
Because Shervin and Galligan believed that startups could also contribute much to philanthropy, they started 1% of Nothing, a platform designed specifically for startup philanthropy.
To make the pledge you do not have to be the founder of your company. It also does not matter how much equity you have at the time of the pledge. You can also donate 1% of Time or 1% of Profits. An entrepreneur who donates 1% also gets a tax write-off benefit. The pledge is non-binding.
It is a wonderful start for any entrepreneur who wants to help those in need of help while doing their work.