Israeli tech entrepreneurs setting aside 1.8% of shares for social causes
The 1point8 initiative has been adopted by the likes of Amnon Shashua, Gigi Levy-Weiss, and Elie Wurtman
Israeli tech is taking responsibility and giving back, with the new 1point8 initiative seeing local entrepreneurs set aside 1.8% of the shares or options they hold to donate to social organizations. The initiative was established by a group of senior figures in Israeli high-tech from diverse fields, and is supported by Amnon Shashua, Gigi Levy-Weiss, Assaf Harlap, Eli Wurtman, Gil Sheratzky, and many more.
Every few months, the community will hold a Demo Day for all the social projects with measurable goals and innovative thinking. The leaders of the organizations will present their vision to the community (TED Talk-style), and the participants will vote on the allocation of resources for the upcoming quarter on a designated platform.
1point8 is open to everyone at any stage, whether an old or new employee, company founder, HR manager, or programmer. Similar to the initiative created by Bill Gates and Warren Buffet, members will join by signing a pledge – a non-legal document in which investors state that they will give 1.8% of their options to the 1point8 fund. Upon signing, investors gain membership to the community and can take part in the decisions on fund allocation.
The initiative is led by senior executives in the Israel high-tech community, among them Yaniv Rivlin, CEO of Bird Israel; Yael Wissner-Levy, VP Communications at Lemonade; Tal Kirschenbaum, Melio; Dror Spindel and Orre Tendler, business development managers at monday.com and Similarweb, respectively; Dona Raz Levy, Public Policy Manager at Google; Omer Zerahia, founder at MSICS; Stav Erez, partner at LABS/02; Ben Kaminski, partner at Target Global, Eran Haggiag, founder of ClearX, Sara Greenberg, Chair of Impact Investments, Anna Phillips, Head of Business Development and Goldman Sachs Investment Partners, and more.
The initiative has the professional support of two main entities: Start-Up Nation Central, led by CEO Avi Hasson, which leverages the organization's deep ties in the Israeli technological ecosystem as well as the Social Solidarity Foundation, a public benefit organization established by Anat and Amnon Shashua. The foundation assists in the development and growth of thousands of small businesses in Israel, while emphasizing solidarity and innovation.
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Keshet (Donor-Advised Fund) and leading philanthropists will provide professional guidance in selecting social ventures for investment. The organizations that receive the funds will be required to meet measurable and clear goals, to ensure that every shekel will have the greatest impact on Israeli society.
