At FYRFLY Venture Partners, we believe that “doing good” builds superior cultures, teams and businesses while having a positive impact on the world. And we believe it is time for the venture capital industry to embrace impact thinking. Our mission is to prove that empathy can drive superior results and higher returns.
Corporate philanthropy is not an outlandish concept anymore. The Millennial generation has brought about a shift in economic values. They buy from brands they respect; they want to work for companies that put people over profit; they think deeply about the ethical ramifications of their lifestyle choices. Millennials are reshaping the purpose and responsibilities of corporations.
Some business leaders embraced philanthropy long before consumer preferences demanded it. Marc Benioff, CEO of Salesforce, not only paved the way for cloud computing but also set a benchmark for corporate responsibility: the 1-1-1 model. It asks companies to pledge 1% of equity, 1% of time and 1% of product for their communities. Under the auspices of Pledge 1%, the 1-1-1 model has become a global philanthropy movement that injects empathy into the DNA of companies.
We believe that entrepreneurs who “play hard, work hard, and do good” will ultimately build better companies. We both found this to be true in our startup experiences. Thus, FYRFLY has created the FYRFLY Foundation to carry out the 1-1-1 approach, and we will collaborate with Pledge 1% and work with our portfolio companies on this and other appropriate models.