Massachusetts Institute of Technology Legatum Fellowship for Entrepreneural Leadership
Every year, the Legatum Center for Development and Entrepreneurship at MIT builds a cohort of ~20 highly motivated entrepreneurial leaders from MIT who are accelerating progress in the developing world through their innovation-drivenventures. During this 1-year fellowship, students focus on building and scaling their innovative product or service “on the ground” as well as building the necessary knowledge, capabilities, mindset and networks to ensure maximum impact and a sustainable future. Through this process, we create strong entrepreneurial leaders who not only drive economic and social progress through their ventures but also become change agents and global role models for future generations of high impact entrepreneurs.
Staying true to our MIT motto, our fellowship programming incorporates elements of both Mens (Mind) and Manus (Hand), including:
- Specialized Leadership Curriculum: We are working with MIT faculty and experienced entrepreneurs to design a curriculum that will help our Fellows reach their personal and professional goals and advance as entrepreneurial leaders in the developing world. Through our customized training, students will develop practical skills for navigating complex business environments, setting and reaching venture milestones, and leading teams of people on the ground in the developing world. We also work with our students to map their curricular and extra-curricular journey at MIT so they can leverage the best that MIT has to offer.
- High-Touch Mentorship: We recognize that each student has unique venture and personal development needs, depending on the geography, industry and stage of their entrepreneurial journey. To accommodate these needs, we have built a network of domain experts and mentors to provide guidance, encouragement or specialized advice on an as-needed basis.
- Strong Community: Students who are accepted into the Fellowship become part of a special cohort of change agents whose support and networks they can leverage for the rest of their lives. Through the center, students are also immersed in an extensive entrepreneurial ecosystem of aspiring and experienced entrepreneurs, investors, potential partners, and new technologies.
- Financial Support: Each Fellow will be awarded with funding that can be used to support their school tuition and stipend. Fellows are also provided with seed grants to enable travel to the field so they can continue their primary market research (PMR), build relationships and run pilots.
- Beyond Ideation: We are looking for ventures that are ready to be deployed (if not already!) and scaled on the ground. We want our Fellows to be beyond the ideation/ exploration phase and beyond theorizing about a problem or challenge they “think” exists. We want our Fellows to know their customer’s pain points (and ideally have a paying customer!) and be confident in their ability to solve customer needs through their product or service. Considerable primary market research (PMR) and/ or pilot highly desirable before applying.
- Progress-Driven: We are looking for ventures focused in developing world markets that not only have the potential to accelerate economic progress (by creating jobs and increasing the average income per person) but also to accelerate social progress. Whether the venture enables increased life expectancy, provides better education or provides access to financial tools that significantly improve an individual’s productivity at home or in the workplace, Legatum Center ventures give people the prospect of being able to build a better life. We have a preference for for-profit ventures but are open to all business models that have the potential for considerable scale, impact and sustainability.
- Innovation-Driven: We are looking for venture concepts centered on building competitive advantage through an innovative product, process or business model. Often untried ideas, innovation-driven ventures push the boundaries of industry norms. IDE entrepreneurs face great risk– but the payoff for the entrepreneurs and region can be much greater, achieving exponential growth (in terms of revenue, jobs and impact), if successful.
- Online Application: All candidates for the Legatum Fellowship are required to submit an online application by the deadline of April 15th 2016. Online submissions include: an online survey, a 1-2 minute introductory video, two recommendation letters and your resume. We strongly encourage you to submit an online application. If you are unable to access the online application for technical reasons, you may request a hard copy application.
- Online survey: See here for an overview of the questions and here for the online application.
- Introductory Video: The purpose of this video is to introduce yourself to your future Legatum cohort. We ask that you spend no more than 1-2 minutes telling us about yourself, your idea (i.e. the problem you are trying to solve and your solution) and what you will contribute (both personally and professionally) to your Legatum cohort.
- Recommendation letters: We ask that you provide 2 recommendation letters. You will be able to upload these recommendations letters as part of the online survey. (1 page max)
- Resume/ CV: We ask that you provide the most up to date version of your resume or CV (1 page max).
- Review: Applications will be reviewed by a committee of MIT faculty and industry experts. Applicants who make it through to the final round will be called for interview.
- Interviews: Interviews are by invitation only. Whenever possible, Fellowship finalists are interviewed in person. For those finalists based outside of the United States or unable to visit campus, interviews will be conducted by phone or Skype.
- Notification: Successful applicants will be notified by May 20th, 2016.
Please note that re-applicants are required to complete this year's Fellowship application in full. Previous submissions will not be reviewed.