Nice idea and initiative. I admire the effort.

Some feedback on the name: while it succinctly denotes how it works, I feel it has some negative connotations.

For a founding team and investors to commit 1% of equity to charity, it is a big deal. "1% is nothing" sound patronizing. Moreover, I don't know any single founder that wants to be associated with someone that characterizes the value of his/her startup as 'nothing' - as in 1% of nothing - i.e., your company is worth nothing.

Of course I understand the spirit of where you are trying to go, but as a byproduct you are generating this negative (unconscious?) connotations that I would try to avoid.

Perhaps '1% means a lot' or something along those lines would be more appealing.