Four Boulder-area startups were among 13 firms that became a member of the Entrepreneurs Foundation of Colorado, pledging a portion of their founding equity or their yearly profits to area nonprofits.
The baker’s dozen — which included locals Mobiplug, PivotDesk, Radish Systems and Technical Integrity — bring EFCO’s membership base to 53 firms. The nine Denver-area startups to join the network include AppIt Ventures, Arcstone Partners, Ascend ERP Cloud, Choozle, Galvanize, Infinite Buyer, Prediculous, Sport Bumper and Vokl.
In 2007, Rally Software, Foundry Group, Symplified, TechStars and Tendril launched EFCO, an affiliate of the EF Network, as a means to “give back and share their success.” The earmarked grants typically amount to 1 percent of early equity or 1 percent of profits, EFCO officials said, adding that the shares become liquid and transfer into the community after a public sale or offering.
The group has donated $500,000 to area organizations such as The Community Foundation Serving Boulder County and Rose Community Foundation since its founding and has its sights on doubling that this year, officials said.
“We set an ambitious goal to increase our EFCO membership by 25 percent coming out of Denver Startup Week. We felt this was achievable because of the incredible energy and growth in the sector in Denver and the efforts to build a strong sense of community among startups,” said Ryan Martens, board chair of EFCO and chief technology officer of Rally Software. “EFCO wants to leverage that opportunity into impact on the broader Front Range community.”