The Upside Foundation has been registered as a charity since 2013. Its mission is to establish corporate social responsibility within the technology start-up community. It enables entrepreneurs and young companies to fulfill a social mission and give back to society without reducing their equity and without being diverted from the very busy work that is the development of the company.
The Upside Foundation proposes an innovation of Israeli origin which allows young entrepreneurs to easily integrate patronage into the culture of their company. The organization encourages first-time companies to reserve 1% of their shares for charitable purposes. These shares may be converted into cash once the companies are successful, particularly when they are sold or are making their initial public offering. Donations can then be made to registered charities. This process opens up a new market for social patronage and allows start-ups that may not otherwise have a corporate social responsibility program.
The grant from the Social Innovation Fund to organizations in the early stages of consolidation will allow the Upside Foundation to hire a Director, support the organization and its procedures, Donors and partners and to extend program services to the entire Canadian start-up community.
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