PR Newswire
18 Sep 2022, 21:30 GMT+10
Solve Innovation Future announces investment in three new Solver teams
CAMBRIDGE, Mass., Sept. 19, 2022 /PRNewswire/ -- Solve, an initiative of the Massachusetts Institute for Technology with a mission to drive innovation to solve world challenges, revealed the new Solver teams and Indigenous Communities Fellows selected for its 2022 Global Challenges. The news was announced during Solve's annual social impact pitch event in New York City ahead of UN General Assembly Week.
The new 2022 Solver and Indigenous Communities Fellow Class was selected by Solve's expert judges from a pool of over 1,100 applicants from 117 countries and 46 Native Tribes. In this new class, 70% of Solver teams are women-led, 20 countries and eight American Indian Tribes are represented, and 48% are for profit/hybrid organizations.
You can find out more about the Solver class for the 2022 Global Challenges:
Included in this 2022 Solver Class are the first teams to join the inaugural Black & Brown Innovators in the US Program, launched this year as part of Solve's ongoing racial equity work.
"Solve sees the power in supporting entrepreneurs with proximity and experiences of global challenges and their impact on their communities. I'm excited to see the positive changes these teams will make," said Solve's Executive Director, Alex Amouyel. "In the coming nine months, our team-with the support of our growing Solve Community made up of corporations, foundations, and institutions-will fund, support, and mentor these entrepreneurs so they can scale their work and impact."
Over $2M in prize funding was awarded to the 2022 Solver teams and Indigenous Communities Fellows as well as select Solver teams from previous classes, with prize pools split as follows:
Additionally, Solver teams and Indigenous Communities Fellows are eligible for investment from Solve Innovation Future, Solve's first-of-its-kind philanthropic venture fund. Solve Innovation Future invests debt and equity in for-profit and hybrid Solver teams. Solve Innovation Future is an evergreen fund, held as a donor-advised fund with ImpactAssets, with Solve serving as the donor advisor. Any returns are reinvested in future Solver teams, meaning donor gifts are multiplied over time. Solve Innovation Future has invested in 13 Solver teams since launch, and for every dollar invested, the team has catalyzed an additional five dollars of investment to Solver teams.
Solve is excited to announce three new Solver team investees:
Read Solve Innovation Future's annual report to learn more.
About MIT Solve:
Solve is an initiative of the Massachusetts Institute of Technology (MIT) with a mission to drive innovation to solve world challenges. Solve is a marketplace for social impact innovation. Through open innovation Challenges, Solve finds incredible tech-based social entrepreneurs all around the world. Solve then brings together MIT's innovation ecosystem and a community of supporters to fund and support these entrepreneurs to help them drive lasting transformational impact. Solve has catalyzed over $60 million in commitments for Solver teams and entrepreneurs to date. Join Solve on this journey at solve.mit.edu.
Stay Connected
Twitter | LinkedIn | Instagram | Facebook | YouTube
CONTACT: Maya Bingaman, Officer, Communications & Content, [email protected]
SOURCE MIT Solve
Get a daily dose of Asia Bulletin news through our daily email, its complimentary and keeps you fully up to date with world and business news as well.
Publish news of your business, community or sports group, personnel appointments, major event and more by submitting a news release to Asia Bulletin.
More InformationOMAHA, Nebraska: With Congress considering cuts totaling around US$1 trillion to Medicaid over the next decade, concerns are rising...
ROME, Italy: Quick thinking by emergency responders helped prevent greater devastation after a gas station explosion in southeastern...
WASHINGTON, D.C.: President Donald Trump is drawing praise from his core supporters after halting key arms shipments to Ukraine, a...
MOSCOW, Russia: This week, Russia became the first country to officially recognize the Taliban as the government of Afghanistan since...
CAIRO, Egypt: This week, both Hamas and Israel shared their views ahead of expected peace talks about a new U.S.-backed ceasefire plan....
WASHINGTON, D.C.: The Trump administration has made public a visa decision that would usually be kept private. It did this to send...
WASHINGTON, D.C.: The U.S. government has granted GE Aerospace permission to resume jet engine shipments to China's COMAC, a person...
DUBAI, U.A.E.: Saudi Aramco is exploring asset sales as part of a broader push to unlock capital, with gas-fired power plants among...
MILAN, Italy: Italian regulators have flagged four non-EU countries—including Russia—as carrying systemic financial risk for domestic...
NEW YORK CITY, New York: With just weeks to spare before a potential government default, U.S. lawmakers passed a sweeping tax and spending...
PARIS, France: Fast-fashion giant Shein has been fined 40 million euros by France's antitrust authority over deceptive discount practices...
PALO ALTO/TEL AVIV: The battle for top AI talent has claimed another high-profile casualty—this time at Safe Superintelligence (SSI),...