ImpactAlpha, Sept. 25 – The Silicon Valley model has been to get rich first and give away money later. Jeff and Kate Schox want founders to think about giving earlier. The pair, who are also cofounders of Trucks Venture Capital, launched Schox Philanthropy, a kind of “philanthropic circle” for startups founders.
Founders put 1% of their stock into a pooled fund. When one of the startups exits, the proceeds are divvied up equally among all the founders, who make donations to nonprofits. Schox holds an open call for grants and, after vetting applicants, provides founders with a curated list of nonprofits.
The fund has already provided $250,000 in grants to early stage nonprofits in the Bay Area, including AnnieCannons, which trains human trafficking survivors to be software engineers, and FUSE Corps, which matches executives with local governments to solve urban challenges. The grants are not earmarked and can cover operating expenses. Schox plans to give away another $250,000 this year, according to Inside Philanthropy.
