When charities benefit from innovation economies
When Rainier client CopperGate was acquired by Sigma Designs a couple months ago, plenty of people made some nice sums of money. What I didn’t know at the time was that Tmura, the Israeli Public Service Venture Fund would convert options granted by CopperGate six years ago into $100,000!
Founded in 2002 to increase the involvement of the high-tech community in non-profit activity in Israel, Tmura receives donations of equity from (mainly private) Israeli and Israel-related high-tech companies and uses the proceeds from successful “exits” such as a public offering or acquisition to fund education- and youth-related initiatives in Israel. “Tmura” is the Hebrew word for “change” or “metamorphosis” and also means “value for money”; it is also a play on the word “truma”, which means “donation”.
CopperGate was Tmura’s 21st such exit event – exits to date have generated more than $2,600,000 for charity, which has benefited more than 20 different non-profit organizations in Israel.
Tmura grantees are mainly youth oriented. For example, Kadima youth centers have received Tmura money to help operate a network of youth clubs in poor neighborhoods. In another example, Tmura has also helped an Israeli humanitarian aid organization called Latet (Hebrew for “to give”). Latet aims to mobilize Israeli society to greater involvement in the humanitarian field, through heightened social awareness and the fostering of values such as mutual responsibility and giving.
I love the basic concept behind Tmura – everyone wins in an exit event. Especially the kids.
