Today, Acting Assistant Secretary Jennifer Littlejohn of the Bureau of Oceans and International Environmental and Scientific Affairs and President and Chief Executive Officer Phil Weilerstein of VentureWell signed a Memorandum of Understanding (MOU), creating a public-private partnership under which management and oversight responsibilities for the Global Innovation through Science and Technology (GIST) Initiative transfers to VentureWell. This Department of State-VentureWell GIST MOU will catalyze innovation, facilitate knowledge exchange, and promote entrepreneurial endeavors that contribute to the advancement of science, technology, and societal well-being.
The Department of State and VentureWell share the common goal of empowering the next generation of science and technology entrepreneurs through the GIST Initiative. The GIST Initiative empowers young innovators by providing networking opportunities, skill building, and mentoring they need to develop startup solutions that address economic and development challenges. The GIST Initiative has benefited science and technology innovators and entrepreneurs in over 130 emerging economies. This MOU builds on the extensive program created by the Bureau of Oceans and International Environmental and Scientific Affairs in 2011, by continuing to build the capacity and resilience of startups and the entrepreneurial ecosystems that support them.
About VentureWell
VentureWell is an implementing partner for the GIST Initiative. VentureWell supports the cultivation of an emerging generation of science and technology inventors and the innovation and entrepreneurship ecosystems that are critical to their success. Since its founding in 1995, VentureWell has funded or trained over 18,000 science and technology inventors and innovators, resulting in the emergence of nearly 5,000 ventures with groundbreaking technological advancements in fields like biomedicine and healthcare, sustainable energy and materials, and solutions for low-resource settings. The startups they have supported raised more than $6.4 billion and are reaching millions of people globally. Additionally, VentureWell has facilitated international networking opportunities including competitions and pitch events, linking entrepreneurs with investors, policymakers, and industry leaders, helping to accelerate market access.
