Equinix (NASDAQ:EQIX) launched a global foundation focused on closing the digital divide.
The Equinix Foundation will fund organizations involved in providing equitable and inclusive access to technology, connectivity and education. The foundation will also seek opportunities in environmental sustainability, which the company considers strategically important.
“At Equinix, our purpose is to be the platform where the world comes together, enabling the innovations that enrich our work, life and planet. The Equinix Foundation is an important vehicle to deliver on our ‘In Service To’ commitment—to one another, our customers, our investors and the communities in which we operate. We are excited that through the Foundation, we’ll also advance our future-first commitment to build a better, more inclusive, more sustainable world, while harnessing and amplifying the passion of our people to help close the digital divide in our communities and beyond,” said Charles Meyers, president and CEO of Equinix.
The company is putting together USD$50 million in shares for funding for the foundation to make it self sustaining. The foundation’s board of directors will determine the annual giving budget for each year, which expects to cover grants, employee donation matching and crisis response donations. Additionally, the foundation anticipates making impact investments with interest income earned contributing to foundation assets while also supporting social programs.
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Foundation of philanthropic efforts
Equinix employees will help identify community driven nonprofits and other social enterprises in the fight against the digital divide. At present, the company has a number of different partners with nonprofits looking to close the divide.
A few of these companies include:
- BigHope, a Texas-based nonprofit preparing elementary school children for careers in science, technology, engineering art and math (STEAM).
- CLAP-TECH, a Hong-Kong based group that works with education and industry partners to help high school students prepare for the future.
- World Pulse, an online women-led social network covering 227 countries with the goal of uplifting women’s voices.
The company can use the foundation to be more strategic in its philanthropic investments.
“World Pulse provides three core services: a safe, supportive community for women through blogging and collaboration, greater digital skills through digital empowerment training, and we raise the volume on women’s voices by disseminating their content more broadly worldwide. With Equinix’s support over the past seven years, we have developed classes that provide women worldwide with technology stipends and training. This has had a huge ripple effect for the global community since one digitally trained woman can impact thousands of lives,” said Jensine Larson, CEO and founder of World Pulse.