Solve Innovation Future announces investment in three new Solver teams
CAMBRIDGE, Mass., Sept. 18, 2022 /CNW/ -- 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:
The 2022 Indigenous Communities Fellows.
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:
The GM Prize supported by General Motors - $150,000
The Innovation for Women Prize supported by Vodafone Americas Foundation - $75,000
The Living Proof Prize: Women's Leadership Solutions supported by Living Proof - $100,000
Heifer International Prize for Innovation for Smallholder Agriculture supported by Heifer International - $250,000
AI for Humanity Prize supported by The Patrick J. McGovern Foundation - $150,000
The Elevate Prize supported by The Elevate Prize Foundation - $300,000
The GSR Prize supported by GSR - $200,000
The Health Access Prize supported by Johnson & Johnson Impact Ventures, a fund within the Johnson & Johnson Foundation - $175,000
The Good Energies Prize supported by Good Energies Foundation - $100,000
The Andan Prize for Innovation in Refugee Inclusion supported by Andan Foundation - $100,000
The Health Equity Catalyst Prize supported by Merck, known as MSD outside the United States and Canada - $40,000
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:
GLOBHE provides high-resolution imagery as an alternative to satellite data. By leveraging a global network of drone operators, GLOBHE is able to better inform businesses, organizations, and researchers to drive for a sustainable future.
Ilara Health, creator of Butterfly iQ, is using tech-powered diagnostic devices to save lives, equipping a network of primary healthcare clinics (PHCs) to deliver quality healthcare to Africa's under-served communities.
Dondoctor, creator of Sexperto, is working to make health systems more efficient, cost effective, and equitable for all patients. An online scheduling and software system for medical centers, clinics and hospitals, dondoctor provides real time, factual information and access to reproductive care to individuals across Latin America through their Sexperto platform.
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.
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