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 Pacific Star 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 Pacific Star.
More InformationNEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...
NEW YORK CITY, New York: The U.S. must accelerate its efforts to develop fusion energy or risk losing its edge to China, Virginia Governor...
WASHINGTON, D.C.: In the past 20 years, China has become the world's top shipbuilder, producing more than half of all commercial ships....
BEIJING, China: China has announced new tariffs on Canadian agricultural and food products in retaliation for Canada's recent duties...
(250317) -- SHANGHAI, March 17, 2025 (Xinhua) -- A 3D-printed Nezha figurine is displayed at TCT Asia 2025 at the National Exhibition...
New Delhi [India], March 17 (ANI): Prime Minister Narendra Modi met United States' Director of National Intelligence (DNI) Tulsi Gabbard...
HARRISON, New York: PepsiCo is on the verge of expanding its portfolio with a major acquisition. The beverage giant is reportedly in...
GOODLETTSVILLE, Tennessee: Dollar General is bracing for a challenging year ahead, forecasting weaker-than-expected sales and profits...
SANTA CLARA, California: Intel's stock soared nearly 15 percent this week following the announcement that former board member Lip-Bu...
DETROIT, Michigan: Volkswagen's decision to scale back production at its Chattanooga, Tennessee plant has sparked backlash from the...
STOCKHOLM, Sweden: Spotify set a new milestone in 2024, paying out US$10 billion in royalties—the highest annual payout to the music...
NEW DELHI, India: Jaguar Land Rover (JLR) has decided against manufacturing electric vehicles at Tata Motors' upcoming $1 billion factory...