By Tim Enwall – founder and COO of Tendril Networks
My wife Hillary and I strongly believe that entrepreneurial success and entrepreneurial philanthropy can and should be about much more than the individual – which is why we are excited to be involved with the Entrepreneurs Foundation of Colorado program.
We first started thinking about the issue of entrepreneurial philanthropy back when we started Solista and particularly when we sold the company handsomely to Gartner, Inc. We have always been committed to personal philanthropy by sharing our personal success with the local community, but we always thought there should be a way for the corporation to give back as well. Sure, you might say, each individual should make their own decisions about where to give should they receive some form of largesse from a successful company. But that ignores the whole concept that a corporation has a soul, a corporation is a member of the community in which it operates and, ultimately, a corporation is comprised of many people – all of whom contributed to success.
After selling Solista we gave to the University of California, my alma mater. In doing so, one of the personnel there suggested: "Next time, if you allocate some stock to us then we would just receive the gain on the stock". It sparked a pursuit on my part which ultimately culminated with the agreement to participate in the Entrepreneurs Foundation of Colorado program. Initially, I went to the Community Foundation Serving Boulder County and discussed the idea with Executive Director, Josie Heath. She liked the idea but we soon ran into some legal resistance and I started another entrepreneurial effort, so it died on the vine.
Meanwhile, a good entrepreneurial friend of mine, Ryan Martens, put more energy and effort into the concept and actually gave 1% of his latest endeavor, Rally Software, to a charity. Working with Mike Platt, and Brad Feld (corporate counsel and venture investor respectively), the three of them ironed out the legal and tax issues and arrived at a structure that would enable the corporation to give easily and appropriately – and give in a manner that was equal across all of the shareholding base (which had also been a barrier). When they approached me about this program – Entrepreneurs Foundation of Colorado – it was a no brainer. I want to thank them for their passion and persistence in establishing an easy way for startup companies to build philanthropy into their business structure, and I also want to thank them for letting Tendril participate in the program.
Corporations have soul. Corporations are a member of the community and every person who has ever been associated with that corporation feels a true send of pride when they see a banner go up, a plaque put in place, or a brick laid down with the corporation’s name on it as one of the donors. It is this sense of pride that one doesn’t get when reading an article in the newspaper that "Founder A endows Program B" – that just gets lost in the noise. No, when a gift is done in the name of a corporation it carries on the spirit, the ideals and the character of the corporation long after any of the individuals associated with the corporation are gone. It makes philanthropy a shared experience rather than just a personal act of generosity, and that builds a stronger bond between companies and the communities where they reside. Entrepreneurial philanthropy also inspires a strong sense of purpose and giving within a company, allowing everyone associated with a company to participate in the philanthropic act, give to the community, and spark their own personal commitment to supporting the community. That is the true value of this wonderful program – and I hope many more entrepreneurs and their companies will see this and give back to the community that enables them to live such rich lives.
Posted in: Companies