Qoints is proud to announce its charitable commitment to The Upside Foundation. The Upside Foundation is a Canadian charity, serving as a platform for startups and established companies to give back to their community.
Established in 2013, the Upside Foundation facilitates corporate philanthropy through a unique model that allows companies to donate options or warrants instead of cash. This enables members of the high growth startup sector to take part in giving without having to dip into limited cash reserves. Qoints is proud to be part of the drive for 150 x 150 – an initiative to have 150 pledges by Canada’s 150th birthday, which was achieved just days before.
Companies will typically donate approximately 1% of their outstanding shares to Upside. Qoints is encouraging each one of its current and future shareholders to pledge 1% of their stock to the Upside Foundation. At the time of a liquidity event (either an acquisition by another company or an IPO), Upside will sell their stake and donate the cash proceeds to a registered Canadian charity. Qoints is involved in the selection of the funding recipient(s), which furthers the meaningful connection to the donation.
Upside welcomes companies from all industries to participate in their work, with a majority of the pledges coming from tech-focused startups with high growth projections.
“Participating in this program amplifies our commitment to community involvement and giving back” said Cory Rosenfield, CEO and co-founder of Qoints. “We want to help spread the message that philanthropy is important to startups, too.”
If you want to find out more about the organization, and how they’re giving back to our communities, go to www.upsidefoundation.ca.
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