MIT Legatum Center for Development and Entrepreneurship Fellowship is open for application
The Legatum Fellowship is an aggressive program designed to assist aspiring entrepreneurs in achieving a world-class training at MIT, in addition to in-depth mentor and neighborhood assist, so as maximize their chance of success as principled, impactful leaders in rising markets.
Each yr MIT Legatum Center builds a cohort 20-25 scholars devoted to constructing and scaling ventures within the growing world and present them with tuition, journey, and prototyping assist, in addition to entry to mentors, particular seminars, and different cross-campus assets.
Program Details
This Fellowship is extremely action-oriented and fits the scholar who’s dedicated to changing into a principled chief and bettering the lives of others via entrepreneurship.
- Curriculum: Through personalized academic expertise, scholars develop sensible expertise for navigating advanced enterprise environments, making principled enterprise choices, setting and reaching enterprise milestones, and constructing and main groups globally.
- Mentorship: They are devoted to serving to Fellows navigate their entrepreneurial journey at MIT. They have additionally constructed a community of area specialists and mentors to supply steering, encouragement, and specialized recommendation as wanted.
- Community: MIT has a wealthy entrepreneurial ecosystem comprised of college, traders, potential companions, new applied sciences, and each aspiring and skilled entrepreneurs. The Legatum Center serves as a neighborhood hub, serving to scholars navigate the pockets of MIT to safe the exact experience and assets you’ll have to optimize your entrepreneurial journey.
Expectation
Legatum Fellows are anticipated to be engaged contributors within the Legatum Center neighborhood. Expectations embody:
- Completion of a for-credit administration seminar that focuses particularly on the challenges and alternatives for entrepreneurs within the growing world
- Completion of 1 extra MIT course associated with entrepreneurial management growth
- At least one journey to the meant nation of implementation to both conduct main market analysis, take a look at a prototype or pilot the enterprise mannequin
- Participation in peer-to-peer coaching periods
- Demonstrated willingness to be taught and adapt the enterprise as mandatory
- Participation in pitch occasions on the finish of every semester
- Regular check-in conferences with the Legatum Center workers
- Participation in MIT’s entrepreneurial ecosystem via student-organized golf equipment and conferences
- Commitment to being an entrepreneurial chief in a growing nation post-graduation
They consider ventures based mostly on three key standards:
- Stage: Ideally, they’re trying for ventures which might be able to be deployed on the bottom. However, for scholars of their first yr at MIT or enrolled in one-year packages, additionally they think about ventures at an earlier stage offered the applicant has recognized an issue and developed a plan to check key hypotheses in preparation for launch. In different phrases, they need Fellows to be past the “exploration section,” theorizing about an issue or problem they assume exists. Fellows ought to perceive their clients’ ache factors and be assured of their potential to unravel buyer wants via their services or products. Considerable main market analysis (PMR) and a pilot is fascinating earlier than making use of. During the Fellowship, they may problem scholars on their present enterprise assumptions, requiring them to take a look at and adapt their enterprise fashions, merchandise, and crew, so that they’re able to implement their ventures full-time upon commencement.
- Impact: They are trying for rising market ventures that enhance lives. This might be achieved via the enterprise’s revolutionary know-how or service in addition to via elevated financial prosperity, native job creation, and improved ecosystem circumstances. They have a choice for for-profit enterprise fashions however are open to all enterprise ideas which have the potential for appreciable scale, sustainability, and effect.
- Innovation: They are trying for enterprise ideas that construct aggressive benefit via a revolutionary product, the course of, or enterprise mannequin. Innovation-driven entrepreneurs face a nice threat, however, once they succeed, the payoff for each the entrepreneurs and the areas they serve are even larger as their scaling operations result in exponential development in income, jobs, and effect.
