Editor note: In our 2022 Startups to Watch feature, the Silicon Valley Business Journal and San Francisco Business Times present startups and founders doing unique things in the San Francisco Bay Area. Overflow is one of 20 that we have profiled — to read more about our mission and the other startups we're featuring, click here.
Vance Roush, founder of the startup Overflow App Inc., is also the executive pastor of VIVE Church in San Jose. He says that his company was inspired by Proverbs 11:24, that the world of the generous gets larger and larger.
From that inspiration came Overflow, which makes it easier for people to donate stocks and cryptocurrency to universities, churches and nonprofits. Prominent customers include the Warriors Community Foundation and Meals on Wheels.
Donating stocks allows individuals to claim a charitable tax deduction while avoiding capital gains taxes on their assets, Roush said. In the meantime, nonprofits gain a potentially appreciating asset.
"There is this win-win situation where you can really expand and maximize your impact," he said. "We call it 'Give from your gains.'"
Overflow App Inc.
- Founded: 2019
- Founder: Vance Roush
- What it does: Provide tool for people to donate stocks and cryptocurrency to various entities
- Headquarters: San Jose
- Employees: 32
- Total raised: $13.5 million
- Investors: Craft Ventures, Salesforce Ventures, R7, Uncork Capital, Village Global
What was the “aha” moment behind Overflow? Like all great products, Overflow was born out of a deep necessity. As an executive pastor, I was approached by several millennials who wanted to donate stock, but the only way to do that was to download a form, fill it out physically, and fax it in.
I knew that if you tell a millennial to fax anything, it’s never going to happen. And there was my aha: If that little bit of friction was the only thing stopping somebody from making a significant stock donation to a cause they care about, there was an incredible opportunity to tap into a new fundraising channel while ushering in a new era of philanthropists.
Why did you base your company where you did? My wife and I moved to the Bay Area after graduating from the University of Washington and we love it. So, when we decided to start Overflow, we knew we wanted to base our company here as well.
What's the best way for you and your team to work? While we’ve largely worked fully remote, we’ve had the opportunity to come together as a team to collaborate and have some fun. It’s in these moments we’re reminded of the importance of human connection, so we invest intentionally to facilitate this throughout the year.
Who was the first person or organization you asked for money? One of the first institutional investors to back us is a fund called Village Global with luminary LPs such as Bill Gates, Jeff Bezos, Mark Zuckerberg, Reid Hoffman and Sara Blakely. The first time we actually pitched them Overflow, we were rejected. But rejection isn’t failure, it’s just insight. A few key team members and customers later, Village, alongside many other amazing investors, joined at the earliest stages of our journey on our mission to inspire the world to give.
