When I read about Chieh's plan to offer free college tuition to his employee's children, I was impressed. He embodies a new generation of tech entrepreneurs who want to use their success to make an impact.
Last year, you shared some very big news with your employees at Boxed: a commitment to cover 4 years of college tuition for their children. How did they react? What was that moment like for you?
I think there were quite a few people who were stunned. I saw a lot of looks that seemed to be questioning, "is this for real?" Once they realized it was real, we had a room full of very, very happy people. Some were laughing, some were crying. All of them were very excited. For me, if I paused that moment as I looked around the room, I would say I realized that this is what life is about.
Consumers and job seekers alike are now looking for companies with investments in social good. Have you seen this at Boxed?
Absolutely. I think it goes without saying that consumers love to support authentic companies, and we've received a lot of feedback supporting that. The worldwide response to our tuition program has been really inspiring. We've also seen a huge uptick in the number of applications for employment at Boxed, so yes, it's safe to say folks all over have recognized and appreciated this move as well.
How has the relationship with your employees changed since announcing the tuition payment program?
It really hasn't changed much, if at all. I'm sure most will tell you, looking back, this was typical Chieh. I've always tried to be transparent with the moves we make, and have enjoyed a great working relationship with everyone even before this announcement. I wouldn't be anywhere without their hard work and expertise, and I know as a company, we won't make it very far if we're not all in this together.
Your investors said this was a "classic Huang move." How did you pitch the scholarship program to your investors?
This was actually a personal decision of mine, to pay for the college education of our employees' children, and not a company decision. The responsibility of seeing this through falls completely on me. My wife on the other hand -- that took just a tiny bit of convincing.
What would you recommend to entrepreneurs who want to convince venture capitalists to support similar initiatives at their own company?
I would tell them that to trust their gut. Most entrepreneurs are very gut driven -- they have to be because the odds and data are often stacked against them. If your gut says something is the right thing to do, then do it. Over the long run, you don't regret doing the right thing. If your investors don't support you in doing good and doing the right thing, then you've got bigger problems.
What is the greatest lesson you've learned so far as an entrepreneur?
Life, especially the life of an early-stage entrepreneur, is full of gigantic ups and downs. Make sure you don't let yourself get too high or too low. It's a marathon, and you just have to keep your legs moving at a steady pace.
Finally, do you think that by doing good, you're more successful?
I'm a firm believer in karma. By doing good, good things eventually find you. I don't have an American Express black card, but I like to think that I would if I could fill it with karma points.
Follow Alexandre Mars on Twitter: www.twitter.com/alexandremars