MIT Solve Awards Over $1.5 Million in Funding to 31 Tech-Based Innovators Addressing Global Challenges
News provided byACCESSWIRE
Sep 18, 2023, 12:00 PM ET
CAMBRIDGE, MA / ACCESSWIRE / September 18, 2023 / MIT Solve, an initiative of the Massachusetts Institute for Technology with a mission to drive innovation to solve world challenges, unveiled its 2023 Solver class today -- 31 tech-innovators tackling its 2023 Global Challenges. This took place during Solve's annual pitch event in New York City ahead of the UN General Assembly Week. The 2023 Solvers share a prize pool of over $1.5 million, and each team receives at least $10,000 in unrestricted funding and enters a nine-month support program to scale their work and impact.
"Solve has always believed that those closest to the problems offer the most impactful and sustainable solutions. We're honored to welcome these 31 new Solver teams to our community, and look forward to championing them and helping them scale their impact on their communities and the world," said Solve's Executive Director, Hala Hanna.
The new 2023 Solver Class was selected by Solve's expert judges from a pool of over 1,500 applicants from over 120 countries and more than 100 unique Indigenous communities. In this new class, 68% of Solver teams are women-led, 14 countries and seven American and Canadian Indigenous nations are represented, and 55% are for-profit organizations.
The prize funding announced at the event breaks down as follows:
- The GM Prize supported by General Motors ($150,000): Natives Rising, Ma Ka Hana Ka ʻŌlelo Hawaiʻi, La Firme, Build up Nepal ECO2Brick, GNYPWD Accessible Connect, Mapping Justice
- The HP Prize for Accelerating Digital Equity supported by HP ($150,000): Climate Health Vulnerability Mapping, GNYPWD Accessible Connect, Utiva, Livox, BeeLine Reader, Weird Enough Productions
- The GSR Foundation Prize supported by GSR Foundation ($200,000): Tiny Totos Kenya, PesaKit, NaYa, Rahat Beema
- The AI for Humanity Prize supported by Patrick J. McGovern Foundation ($150,000): Synnefa, Lucrefy, Climate Health Vulnerability Mapping, GNYPWD Accessible Connect
- The Health Access Prize supported by Johnson & Johnson Impact Ventures, an impact fund within Johnson & Johnson Foundation ($175,000): Rology, Elythea, Savyn, SAVE by Briota Technologies
- Prince Albert II of Monaco Ocean Innovation Prize supported by the Prince of Monaco ($100,000): Omiflo
- Living Forests Prize supported by Good Energies Foundation ($100,000): GeoAirCon, Omiflo, Nelplast
- The Experian Prize supported by Experian ($50,000): Tiny Totos Kenya, Lucrefy
- The Andan Prize for Innovation in Refugee Inclusion supported by Andan Foundation ($50,000): Faircap Clean Water, Utiva, Hello World
- All 2023 teams also receive a $10,000 grant from Solve, which is funded through donor gifts and sponsorship contributions.
You can find out more about the winning teams and their solutions to the 2023 Global Challenges:
- Financial Inclusion
- Learning for Civic Action
- Climate: Ecosystems + Housing
- Health in Fragile Contexts
- Indigenous Communities Fellows
Solver teams are also eligible for investment from Solve Innovation Future, a first-of-its-kind philanthropic venture fund. Solve Innovation Future invests debt and equity into for-profit and hybrid Solver teams. Any returns are reinvested in future Solver teams, amplifying the impact of each donor contribution. Since inception, Solve Innovation Future has invested in 17 Solver teams, with every dollar invested catalyzing an additional four dollars of investment into those teams.
Solve is excited to share the latest 2023 investees:
Read Solve Innovation Future's annual report to learn more about the fund and investees.
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 innovators from all around the world. Solve then brings together MIT's ecosystem and a community of supporters to fund and scale these innovators to help them drive lasting, transformational impact. Join Solve on this journey at solve.mit.edu.
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