CAMBRIDGE, Mass., May 11, 2021—The Legatum Center for Development & Entrepreneurship at MIT has launched the Foundry Fellowship, a first-of-its-kind leadership program for accomplished entrepreneurs who are considering their role in shaping the future of the African innovation ecosystems in which they work and live. At an inflection point in their entrepreneurial journeys, Fellows will learn from MIT faculty, connect with investors, and expand their network of peer innovators. The Fellowship is open to entrepreneurs working and living in Ethiopia, Ghana, Nigeria, Kenya, Rwanda, Senegal, and Uganda.
Building on the MIT ethos of Mens et Manus (Mind and Hand), the Foundry is a place where entrepreneurs come together to reflect on their achievements and shape their futures as leaders in business, investing, and governance. The program includes an interactive online curriculum followed by a three-week immersive session that brings the cohort together to explore innovation-driven ecosystems.
The Foundry Fellowship presents a unique opportunity to bring MIT resources and knowledge to these critical innovation ecosystems and, importantly, also offers MIT an opportunity to learn from successful leaders and their innovative solutions.
Professor Fiona Murray, Faculty Director of the Legatum Center, described this opportunity to expand MIT’s innovation network “[as] a moment for the Fellows to reflect on [their entrepreneurial] journey that also allows us to learn from them. They can use this experience as a stepping-off point as they move to the next stage of ecosystem-wide leadership.”
“As a school dedicated to the development of principled, innovative leaders who improve the world, MIT Sloan looks forward to welcoming the Legatum Foundry Fellows to Cambridge and to the MIT community,” said David Schmittlein, John C Head III Dean of the MIT Sloan School of Management.
A Collaboration between the Legatum Center and The Mastercard Foundation
Through this collaboration with the Mastercard Foundation, the Foundry Fellowship will deepen the impact of leaders who are solving complex problems, creating jobs, and bringing essential services to millions through innovation-driven business models.
With the world’s fastest growing youth population, Africa is home to 4 of the world’s top 5 fastest-growing economies, has the fastest urbanization rate in the world, and has a rapidly expanding middle class predicted to increase business and consumer spending. Innovation and entrepreneurial solutions are a critical component to continued growth and prosperous people and societies across the continent. Africa’s entrepreneurs are building businesses that offer lessons in inclusion, sustainability, and value creation that extend far beyond the continent. As a global network of entrepreneurs, investors, and thought leaders, the Legatum Center’s Foundry offers a platform for leaders to share their stories and consider new ways to extend their impact in their local ecosystems and around the world.
Dina Sherif, Executive Director of the Legatum Center says, “To propel Africa forward and remain competitive globally, we need innovation-led entrepreneurship and robust African entrepreneurial ecosystems. The Foundry Fellowship supports African entrepreneurs to transition to entrepreneurial leaders who work with various stakeholders to strengthen and improve their ecosystems.”
The Foundry Fellowship is a competitive program for outstanding entrepreneurial leaders working in Ethiopia, Ghana, Kenya, Nigeria, Rwanda, Senegal, and Uganda. The Legatum Center will accept nominations from May 3 – May 20, 2021. A nomination is not required to apply; entrepreneurs are invited to submit an application directly. All nominees and applicants must submit a completed application by 11:59 PM EDT on June 10, 2021 to be considered for the program.
Nomination and application information is available at legatum.mit.edu/foundry-fellowship/. An initial cohort of 15 Fellows will be selected for this fully-funded program.
The Legatum Center for Development & Entrepreneurship at MIT was founded in 2007 on the belief that innovation-driven prosperity is key to increasing prosperity and building more inclusive systems in emerging markets. The Center drives more inclusive prosperity by building pathways for the next generation of change agents who, through principled entrepreneurial leadership, will create good jobs, transform systems, and improve lives. We’re a global community that is based at MIT, drawing on the Institute’s talent, networks, presence, and expertise to inspire and equip those who want to move their ideas toward scalable impact. We build inclusive pathways within MIT and also between MIT and emerging market ecosystems. These not only support entrepreneurs on the ground, they also fuel research and thought leadership.