Tech Transfer eNews Blog

MIT Solve launches fund to support early-stage companies addressing global problems


By Jesse Schwartz
Published: May 15th, 2019

MIT Solve, an initiative of the Massachusetts Institute of Technology aimed at advancing university research that addresses the world’s most pressing problems, is launching a new fund to help accomplish that goal.

The Solve Innovation Fund will raise $30 million over time from philanthropic donors who can contribute through tax-deductible gifts to MIT. The fund will make debt and equity investments in for-profit companies selected through Solve’s annual open innovation Global Challenges. Returns on investments will be funneled back into future Global Challenges teams, also known as Solver teams.

“I am happy to back the MIT Solve team helping launch the Solve Innovation Fund and providing critical funding for Solver teams addressing the world’s most pressing problems,” says Noubar Afeyan, founder and CEO of life science company Flagship Pioneering and co-founder of the Solve Innovation Fund. “The Fund serves as a first-of-its-kind, innovative philanthropic vehicle for unlocking significantly more capital towards early-stage social entrepreneurs everywhere.”

MIT president L. Rafael Reif comments, “The Solve Innovation Fund is an inspiring step to providing Solver teams with the capital to deliver their solutions at scale. As an MIT graduate and a pioneering leader in greater Boston’s biotech community, Noubar Afeyan has a remarkable record of translating promising ideas into serious impact. As Solve launches this novel approach to funding innovations to advance social good, we are profoundly grateful to have Noubar as a supporter, an ally, an inspiration.”

Source: Yahoo! Finance

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