Palindrome Advisors Joins Startup America Partnership to Support Entrepreneurship in America with the goal of 1000 Advisors by the end of 2011
Palindrome launches second program that recognizes industry leaders’ startup engagement and mentorship as philanthropic
San Francisco – April 20, 2011 – Driven by the desire to make significant changes in America, Palindrome today announced its commitment to the Startup America Partnership, the initiative launched at the White House on January 31st 2011 to celebrate and accelerate entrepreneurship in the U.S. The organization is also unveiling a new program, “Palindrome Startups”, which will match Palindrome’s Founding Advisors, all experienced executives and proven entrepreneurs, with young companies and first-time entrepreneurs.Under the program, Palindrome’s Advisors will form deep relationships with startups to help increase the prevalence and success of high-growth enterprises creating quality jobs in the U.S.Palindrome will tap into a “deep engagement” model paralleling its nonprofit model, by matchingexisting Advisors with startup boards and entrepreneurs. The program starts with a mentorship program and leads to a formal board seat – a structure that facilitates meaningful engagement between top industry leaders and first-time entrepreneurs and startups.
Three weeks ago, on March 30th, 2011, one hundred top industry leaders made a public commitment to change the way they give back to the nonprofit sector. Under the “Palindrome Pledge”, these Founding Advisors made a commitment not only to take more prominent roles in the board management and operations of nonprofits, but also to devise new models and technology to change the way nonprofits are run. The Pledge received attention nationally and internationally as the non-billionaires’ version of The Bill and Melinda Gates “Giving Pledge.” Since the initial announcement, Palindrome has also received over two hundred new nonprofit applicants and over one hundred additional leaders wanting to become Advisors committed to the “Palindrome Pledge.”
“When I first heard about Startup America, I was blown away by their mission and their desire to support young entrepreneurs as the key to innovation and growth for the United States,” says Zaw Thet, who founded Palindrome as a nonprofit with the mission of changing how leaders give back. “Having been a young entrepreneur myself, I remember how difficult it was to build a company before getting help from experienced mentors and investors. I saw instant synergies between our mission at Palindrome and what Steve Case and Scott Case are doing at Startup America.”
The Startup America Partnership (www.startupamericapartnership.org) brings together an alliance of major corporations, funders, service providers, mentors and advisors working to dramatically increase the prevalence and success of high-growth enterprises in the U.S. AOL co-founder Steve Case chairs the partnership and the Kauffman and Case Foundations are founding partners, providing initial funding and strategic guidance.
The Palindrome team has set an ambitious goal of 1000 Advisors matched with 1000 nonprofits and startups by the end of 2011. Palindrome will provide access to individual, seasoned entrepreneurs, by extending its nonprofit board engagement model to startup boards. To this end, Palindrome will begin accepting applications today from entrepreneurs that have an incorporated startup company or professional financing no greater than one million dollars. Although all startups will be considered, Palindrome strives to seek out underrepresented entrepreneurs by age, ethnicity, gender, and disability. As part of Palindrome’s core vision, the model remains philanthropic: Palindrome’s Advisors will donate time free of cost to the “Palindrome Startups” program, in addition to their commitments to nonprofit boards. If the Advisor-Startup relationship grows into a formal board seat, one hundred percent of all equity or other compensation received will be donated to Palindrome’s Nonprofit Partners. With the support of Startup America, Palindrome has succeeded in launching a second program that allows industry leaders to make startup mentorship and engagement philanthropic – keeping in line with its ultimate mission of “changing how leaders give back.”
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