Accomplice Pledges 1% of Carry to Two TUGG Portfolio Nonprofits
Last Wednesday was a special day in Boston tech and philanthropy. We celebrated the launch of Pledge 1% Boston, an initiative spearheaded by the Boston Foundation and supported by TUGG.
Pledge 1% is a national corporate philanthropy movement dedicated to making new stakeholders in support of local communities. Pledge 1% encourages and challenges individuals and companies to pledge 1% of equity, product, and employee time for their communities. We are are grateful that the Boston Foundation brought this to Boston and are proud to call them a partner, collaborator and fellow funder of social innovation in our great city.
10 companies have taken the pledge in Boston so far including: Accomplice, CoachUp, Cuseum, Freebird, FundLatinos, Gravyty, Nanogenecs, Ovuline, and Pepper Lane. We believe this is just the start and as more companies catch wind of this, the list of 10 will soon grow to 20+.
TUGG's founder, Jeff Fagan, brought goosebumps to attendees as he spoke about joining the movement of Pledge 1% "This is a movement and that's why I ask you not to join me, but to join we and make Pledge 1% a part of the fabric of our community."
Hands down, the most exciting moment of the night came from Jeff who announced that Accomplice is pledging 1% of its carry (unheard of in the VC world) and splitting that 1% between two TUGG nonprofits, InnerCity Weightlifting and Resilient Coders. While 1% may not sound like a lot, 1% of a several million dollar fund is huge deal and will make an extraordinary impact on these two organizations.
Our hope is that others will follow suit and join the movement as Pledge 1% snowballs into something bigger and better than we could ever imagine.
Below you can read a sample of Accomplice's Pledge 1% announcement.
Repost from Accomplice:
"We at Accomplice pledge to give 1% of our carry to TUGG nonprofits InnerCity Weightlifting and Resilient Coders. They’re two Boston-based organizations fighting to bring social and economic equality to under-resourced youth, and they’ve done amazing work.
The Pledge 1% campaign asks startup employees to commit to giving 1% of their equity, time, or product to nonprofits in their community. It’s a pledge to pay it forward if you become successful.
VC firms don’t have equity the same way that startups do, so we give our employees carried interest (or “carry”) in our funds. Carry is complicated, but think of it as our share of the profits we generate from our company-building and investing efforts.
We’re splitting our 1% pledge between InnerCity Weightlifting (ICW) and Resilient Coders, two nonprofits that started with TUGG and have grown to become part of the Boston tech community and our culture at Accomplice. TUGG supports nonprofits at the earliest stages through crowdsourced grants. These nonprofits are often the riskiest — and boldest — out there. And just like tech startups, they need someone to believe in them when they’re just a big idea and a tiny group of motivated people..." Continue reading.