A new corporate social responsibility programme for start-ups has launched in Toronto, Canada.
Ten early stage companies have already committed to donate options for 0.5 – 1% of their equity to the Upside Foundation which will invest any returns in national Canadian charities supporting causes including child literacy and poverty.
The Foundation is based on successful similar models in the USA and Israel which have raised $16m according to Upstart Foundation co-founder and venture capitalist Mark Skapinker. Speaking at the CIX conference today he said “Canadian entrepreneurs genuinely want to ‘share the upside’ with their communities and we’re very excited to provide them the opportunity to do just that.”
The company lists its supporters as UK-based accountancy firm KPMG, Canada-based marketing company MarketingWise, brand and design company Trajectory and law firm Bennett Jones.