Tech startups have taken the world by storm over the past few years. It stands to reason seeing as how the world is in the midst of a technological revolution. It seems as if all of the major aspects of our lives are getting smarter each day with phones, houses and cars receiving major tech upgrades. The UK in particular has seen a major uptick in tech companies, with a 92% increase in startups over the past three years. Tech companies also employ 1.56 million people in the UK.
These new companies come with the standard and expected benefit of creating new and exciting jobs. They also provide new technology that several other industries can use and benefit from, such as cloud computing and artificial intelligence.
These new tech startups are also contributing to an unexpected industry in an extremely positive way. Startups have an intense passion for philanthropic work. More than 50 companies have joined the Pledge 1% movement in the UK, which sees businesses allocate 1% of time, product and equity to charitable contributions. And most of those businesses are related to the tech industry.
So why do UK’s tech startups want to give back so much? One reason has to do with the millennial mentality. Millennial’s are focused on using technology and making the world a better place. After conducting a survey, research company Achieve found that 84% of millennials donate to charity and 70% volunteer.
Millennials are also very picky about their job choices. According to a millennial survey conducted by Deloitte last year, the factors ‘a sense of meaning from my work’ and ‘the impact it has on society’ were the highest ranking factors for millennials when deciding on job offers.
And technology, for the most part, is synonymous with improving or helping the lives of human beings, so it makes sense that those working with technology enjoy charity.
It’s great to see these tech startups with the mindset of helping out your fellow man. Hopefully other industries will take notice and begin to implement philanthropic efforts into their business models.