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The Legatum Center at MIT

The Legatum Center provides entrepreneurs with knowledge and tools to help them create and scale businesses in developing countries, while generating research and ideas that promote the principles of entrepreneurship around the world.

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Legatum Legatum Center at MIT C01
Portfolio
The Legatum Center at MIT

The Legatum Center provides entrepreneurs with knowledge and tools to help them create and scale businesses in developing countries, while generating research and ideas that promote the principles of entrepreneurship around the world.

Legatum MIT Logo 02 500x500
Legatum Legatum Center at MIT C01



Overview

The Legatum Center for Development and Entrepreneurship at MIT is a community hub for students, alumni and faculty who seek to accelerate social and economic progress through innovation-driven entrepreneurship. The Center was founded in 2007 by Legatum, together with entrepreneur and fellow philanthropist, Iqbal Quadir.

The Legatum Center provides aspiring MIT student entrepreneurs with the education, resources, community and funding they need to create and scale their businesses in low income countries and economies.

Legatum remains one of the key supporters of the Center, alongside the Mastercard Foundation, HRH Princess Moudi Bint Khalid, and the Jacobs Foundation.

Background

Legatum has long held the belief that ‘business is development’ and that entrepreneurship is the key determinant in transforming societies and improving a country’s prosperity. The Legatum Center was founded as a way to advance these ideas and demonstrate how entrepreneurial leadership can create jobs, improve lives and build a better world.

Approach

The Legatum Center runs a competitive annual fellowship programme that selects 20-25 students who are committed to building and scaling ventures in the developing world. The Center supports these students with tuition and prototyping support as well as access to mentors, special seminars, travel grants and other resources tailored to their specific needs. Students are also taught practical skills for navigating business environments, reaching venture milestones and how to effectively build and lead teams globally.

The Legatum Center aims to maximise their Fellow’s likelihood of success as principled, impactful leaders in emerging markets, who are committed to improving the lives of others in the developing world.

Beyond its educational remit, the Legatum Center’s goal is to encourage a conversation around the role of entrepreneurship in developing nations, with a focus on front-line community development through business and innovation.

Analysis

The Legatum Center demonstrates the power of entrepreneurship to generate opportunities and help innovative businesses increase prosperity across the developing world.

Entrepreneurship
is
the
engine
of
growth
and
development
Mark Stoleson
CEO, Legatum
Stat Icon ENTREPRENEURS
282
ventures created
Humble beginnings

As with many of Legatum’s initiatives, The Legatum Center at MIT was the result of a bit of serendipity and being in the right place at the right time. The team met Iqbal Quadir at the Templeton Foundation Summit in 2006 where the idea took root.

$10.3m
in fellowship funding
17,000+
jobs created
326
fellows supported
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