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QUARTERLY REPORT / QUARTER TWOFY17

‘A GLOBAL HUB FOR ENTREPRENEURS MOVING IDEAS TO IMPACT IN THE DEVELOPING WORLD’

SPOTLIGHT

legatum.mit.edu

Conference in LondonNew Team MembersFinal Pitch Presentations

SPOTLIGHT 01 SPOTLIGHT 02 SPOTLIGHT 03

The Legatum Fellows shared their impact stories and celebrated the holidays with 100 members from the MIT developing world entrepreneurship community. We congratulate the Fellows as they reflect on their Fall achievements and look forward to a new year of progress.

We are pleased to welcome three new members of the Legatum Center team: Megan Mitchell, Fellowship and Student Programs Manager; Katie Morrissey, Senior Administrative Assistant; and Ali Diallo, Global Programs Manager. We look forward to introducing them to our students and community in the coming months.

The Legatum Center, in collaboration with Office of International Programs at MIT Sloan, hosted a conference in London on December 13th that explored new and innovative options for entrepre-neurial finance with a focus on emerging and frontier markets.

4 Impact Report6 Fellowship

10 Seed Grants12 Fall Speaker Series

14 Outreach & Collaboration16 In the News

Welcome

New Center Website

SPOTLIGHT 04

The Legatum Center is pleased to announce the launch of our new website. The new design has improved aesthetics, simplified content, and streamlined navigation, all of which allows for increased visibility of our students and the Center. We thank the Legatum Group for their support on this project. Explore the site to learn more.

I am thrilled to be able to bring you the MIT Legatum Center’s Second Quarterly update of FY17. With the fall semester underway in earnest in Q2, we found ourselves quite busy and have lots of exciting news and activity to report. I encourage you to review all of the programs and activities highlighted within, but also want to call specific attention to some of the things we are most eager to share.

Our Fellows have made significant progress on their ventures, and as I type most are spending January’s Independent Activities Period (IAP) in the countries of implementation speaking to customers, building partnerships, and growing their companies. Their work is informed by the learnings from our fall course – Impact Ventures – as well as our speaker series and special guests. We are looking forward to welcoming them back to campus in early February to learn more about all their progress.

In December, in collaboration with Sloan’s Office of International Programs, we convened more than 120 people at Canary Wharf in London for a day-long conference on innovative financial tools for entrepreneurs in developing countries and their role in alleviating poverty and fostering global prosperity. The conversations were insightful, the networking abundant, and the buzz palpable. I think everyone

came away charged and excited to implement their learnings; we at MIT are already plotting when we might do something similar in the future!

We are also seeing a few new faces around the Center since we welcomed three new members to the Legatum Team: Megan Mitchell, Fellowship and Student Programs Manager; Ali Diallo, Global Programs Manager; and Katie Morrissey, Senior Administrative Assistant.

And, in fact, if you want to learn more about our newest joiners, I encourage you to visit our redesigned website. It was updated with an eye toward a more modern and streamlined look and feel, and we have already received incredibly positive response to it from students, faculty, and others around campus.

At the back of this report, you will find a list of upcoming dates for the Center – but I want to call out just a few of the most critical. On February 22 we will host an Open House and showcase for our 26 Seed Grant recipients. April 27 and 28 will also be particularly busy days as we hold our Fellow Demo Dinner and Scaling Development Ventures Conference, both here on campus. I hope you can join us for these exciting events!

Finally, thank you to all of you for your ongoing support. It is your thoughtful engagement that makes our programs possible. We couldn’t do what we do without you.

Cheers to a prosperous and healthy 2017! Georgina Campbell Flatter Executive Director, The Legatum CenterLecturer, MIT Sloan

18 London Conference20 On the Horizon

IMPACT REPORTQ2 2017

Amount Awarded in Seed Grants for IAP 2017

# of Seed Grant Teams Funded

20

$41,000

10

37

Seed Grant Impact Reach

9 Departments, Labs, & Centers

Partnerships

Students Mentored by Legatum

95Guest Speakers

Current & Alumni Media Mentions

8

69

8 Student Clubs & Organizations

Professionals & Alumni who Volunteered as Mentors

48

120Potential Fellows who Attended Legatum Events

Alumni Speakers

Fellowship Key Components

Defining Your SuccessCommunicating Your Value

Proposition Building Your Team

OCT 6 OCT 13 OCT 20Finding, acquiring, and organizing talent in the developing world. Practical advice on where to locate your teams. The opportunities and challenges of moving to the developing world; How to build a thriving organization.

Guest Presenters: Jodie Wu, CEO & Founder, Global Cycle Solutions, Sarah Huber, CEO, Driptech, Shabnam Aggarwal, CEO & Founder KleverKid

The art and importance of storytelling, especially as an entrepreneur in the developing world. Exposure to storytelling frameworks and techniques for communicating vision and potential impact to different audiences. Shape your story for the broader impact-oriented community. Meet your storytelling coach. Role play.

Guest Presenter: Nick Meyer, EIR, Martin Trust Center for MIT Entrepreneurship

Methodologies and approaches for defining and measuring impact in impact-driven organizations. Practitioner perspectives and approaches for balancing business sustainability and social or environmental impact.

Guest Presenter: Adetayo Bamiduro, Cofounder, Metro Africa Xpress, Nigeria 2014-2015 Legatum Fellow

Course 15.S16: Impact VenturesBuilding on the momentum established during our September sessions, our Fellows continued to benefit from the knowledge and insights shared in the class and by guest speakers brought to campus in Q2. Class topics ranged from communications to funding to team building and management; below you can see the full set of issues covered and the guests we were fortunate to have join us.

The class, co-taught by Georgina Campbell and Sorin Grama, is project based focusing on the key choices and challenges students will face as entrepreneurial leaders in the developing world. Building on the MIT entrepreneurship curriculum, each class features an entrepreneur who shares a practical perspective on the class topics, followed by a class discussion, and a hands-on activity with students. This year, we have engaged over 12 founders, including 6 MIT alumni, from regions including Nairobi, Kenya; Togo; Lagos, Nigeria; Pune, India; and São Paulo, Brazil. Check-in MeetingsThe Legatum Fellows have now completed four check-in meetings with both the Executive Director and the Entrepreneur in Residence. Deliverables of these check-in meetings included IAP Seed Grant budget, an ecosystem stakeholder map, a summary of their social impact metrics, slide deck and preparation for Open Mic night.

MentorshipLegatum Fellows were encouraged to meet with their mentors at least three times during the semester to establish and revise their venture milestones and to form their action plans. The Center continues to build a dedicated roster of professional advisors, which includes 18 MIT alumni, entrepreneurs, and Legatum alumni, who have offered to assist on specific matters related to registering a company, intellectual property, networking, and industry or location specific matters. This quarter, we welcome two additional members to our professional advisory network: Manal Rahal, an expert in social enterprises based in Lebanon; and Steve Bayle, a mentor for technology start-up and member of MIT venture mentoring service.

Social Activities & Cohort BuildingOn October 21st, eight Legatum Fellows, one research assistant, five staff members and three Legatum alumni attended a team building session at Boda Borg, completing a collection of mental and physical quests.On December 1st, in preparation for the Open Mic event, members of the MIT community helped the Fellows practice their pitches.• Kate O’Sullivan, Senior Director of Creative Services, MIT Sloan News Office• Margaret Evans, Senior Writer, MIT Media Lab• Bianca Toness, Knight Science Journalism Fellow• Rosalia Omungo, Knight Science Journalism Fellow• Farah Mihoubi, Legatum Center Mentor• Nick Meyer, Entrepreneur in Residence, Martin Trust Center• Meera Subramanian, Knight Science Journalism Fellow• Curt Nickisch, Senior Editor, Harvard Business Review.On December 8th, the Legatum Fellows pitched their ventures to an audience of more than 100 MIT students, faculty, staff, and friends of the Legatum Center. Each Fellow gave a three-minute pitch of his or her venture. After networking, the Legatum Center hosted an open mic session and gave other MIT students an opportunity to pitch their ventures. Five IAP 2017 Seed Grant awardees spoke about their projects, as did several other MIT students.

Creating and building team culture. How to keep good talent and manage internal conflicts. How to manage remote teams. Practical technology tools for international teams, including tools for managing money (payments, payroll, accounting), managing data and analytics, managing internal operations, managing sales and marketing, project management tools.

Guest Presenter: Angela Nzioki, Country Manager, Plus People Africa Kenya

Managing Your Team

NOV 3

Navigating the Funding Landscape

Managing Partnerships and International Operations

NOV 10 NOV 17Panel discussion – open to the entire MIT community – focused on evaluating funding needs and options for entrepreneurs in the developing world and the variation between traditional and impact investing. More than 50 MIT students joined the 18 Legatum Fellows to listen to the following panelists share their perspectives:Brian Cayce, Vice President, Grey Ghost VenturesArjun Gupta, CEO & Co-founder, SmartJoulesBilikiss Adebiyi-Abiol, CEO & Co-founder, WecyclersDeepa Iyer, Associate, Draper Richards Kaplan Foundation

Risks and opportunities to outsourcing business. Building and maintaining relationships with suppliers and a broader set of stakeholders (as identified in Designing & Building your Product). Managing conflict, corruption and bribes, negotiations, ethics. Supply chain challenges. Import export challenges.

Guest Presenter: David Reich, Founder & CEO, Assured Labor, Head of Regional Growth - LATAM, Uber

$

$ $

SEED GRANT TEAMSThe Legatum Center has awarded 20 students with Seed Grant funding to be used to support their IAP trips in the developing world. The students will be conducting primary market research, building prototypes, and piloting products or services. Among this year’s recipients are teams working in Ghana, Ivory Coast, Nigeria, Tanzania, Kenya, Sierra Leone, Myanmar, Chile, China, Taiwan, Papua, Mexico, Peru, Vietnam, India, Maldives, Indonesia, and the Philippines. In addition, three Seed Grant teams were funded in partnership with the MIT Sand Box program. We look forward to sharing their progress in our next quarterly update.

Kismet

Myra Olaopa, a 2016-2017 Sloan Fellow, is returning to Sierra Leone to conduct market research for a microfinance program that enables mothers to pay for their young daughters’ education.

dotLearn

Babatunde Alawode, a 2017 PhD candidate in the School of Engineering, is traveling to Accra, Ghana to pursue content development for students in grades seven, eight, nine, and ten preparing for high school and college entrance exams.

Grain marketing

Kate Collins, a 2017 MBA candidate, is traveling to Tanzania to meet with grain farmers and traders with the goal of identifying opportunities for smallholder producers to sell to Kenyan processors.

Shea butter processing

Stephanie Liu, Awa Kone, and Omosalewa Adeyemi are traveling to Nigeria and the Ivory Coast to conduct market research on demand for cosmetic and food products made from locally harvested shea. All three students are 2017 MBA candidates.

Pricing & inventory management

Alfonso Blohm and German Toro, 2017 MBA Candidates, Joshua Paredes and Sahil Sanjay Sachdev, SM candidates in the School of Engineering, are gathering information about the prices small business owners pay for supplies in Montevideo, Uruguay with the objective of building a company that allows small business owners to purchase inputs in bulk.

Entrepreneurship skill-building

Dajiang Suo, a 2019 PhD candidate in the School of Engineering, is traveling to Yunnan province to interview recent secondary school and university graduates about the challenges, opportunities, and skills they need to develop to start their own companies.

OneText

Kesiena Owho-Ovuakporie, a 2017 SM candidate in the School of Engineering, is developing a prototype and planning a pilot for his text messaging service in Nigeria.

Agriculture finance & blockchain

Devin Walsh, a 2018 MBA candidate, is traveling to Indonesia to explore applications for blockchain in increasing producers’ access to financial services.

$

$Remittance services

David Lighton, a 2018 MBA candidate, is traveling to the Philippines to conduct primary market research for cost-effective remittance services between senders in the United States and recipients in the Philippines.

Releaf

Isaiah Udotong, a 2018 SB candidate in the School of Engineering, is meeting with agriculture producers in Nigeria about their interest in financial products that enable them to increase production and sell into more competitive markets.

iRide

Chinedu Onyeizu, a 2016-2017 Sloan Fellow, is conducting primary market research for a service that allows travelers to purchase bus tickets online as an alternative to waiting in lines at bus stations in Lagos.

MoveForward

Conor Smith, a 2018 MBA Candidate, is piloting a mobile app that connects workers in rural areas of Myanmar with employment opportunities in the country’s cities.

Alba-app.com

Dan Stern, a 2018 MBA candidate, is scaling his family and home care services application. Alba-app.com has launched successfully in Chile.

Blueshift

Shun Fen Yu and Yunjiao Zuo, 2018 MBA candidates, are traveling to China and Taiwan to meet with producers of electronic components as they develop an online marketplace for factories and their clients from around the world.

Roots Studio

Diana Ang, a 2018 MS Candidate in the School of Architecture and Planning, is traveling to Indonesia to interview local artisans about options for accessing broader markets through e-commerce platforms.

Latinity

Natalie Gil, a 2016-2017 Sloan Fellow, is working with organizers of the Latinity conference to develop a program that teaches women coding skills and encourages them to explore STEM courses.

English.how

Tuan Le Mau, a 2018 PhD candidate in the School of Science, is conducting market research for an online English learning and practice tutorial platform in Vietnam.

Maker education

Pratik Modi and Fahad Punjwani, 2018 and 2019 SM IDM candidates, are conducting market research, in India, for the interactive maker curriculum that teaches elementary school children how to make things and solve problems.

WISPS

Matthew Rosen, a 2018 SM candidate in the School of Engineering and David Bierman, a PhD candidate in the School of Engineering, are exploring an opportunity for commer-cializing a water purification technology in the Maldives.

Cycling helmet

Prerna Sekhri, a 2018 MS IDM candidate, is conducting market research, in India, for a cycling helmet that protects the wearer in the event of a collision and also reduces the harmful effects of exposure to air and noise pollution.

$FINANCIAL

TECHNOLOGY EDUCATION

ENERGY

FALL SPEAKER SERIESIn Q2 we continued our “brunch and learn” sessions on how innovation and entrepre-neurship can support the UN Sustainable Development Goals. Open to the entire MIT community, our three sessions were themed around financial technology, education, and energy. The goal of this series is to provide a forum for faculty, alumni, and students to engage in actionable conversations on how entrepreneurs can help meet the SDGs by 2030, opportunities and challenges facing entrepreneurs, and conditions to support their growth. From these events, we hope to inspire fresh ideas, spur new relationships, and continue to build a community of impact-driven entrepreneurs.

Financial Technology & Infrastructure Goal #9 Industry, Innovation and InfrastructureModerated by Professor Simon Johnson with guest speakers Deborah Drake, Vice President of Investing at the Center for Financial Inclusion, and Angela Nzioki, Co-founder and Country Manager of Pluspeople Kenya

Education & Technology Goal #4 Quality Education Moderated by Professor Sanjay Sarma with guest speakers Erdin Beshimov, Lecturer, MIT MicroMasters, Caitlin Baron, CEO, Speed School Fund, and Dr. Jonathan Donner, Senior Director of Research, Caribou Digital

Affordable and Clean Energy Goal #7 Affordable, Reliable, and Sustainable Energy Moderated by Dr. Rob Stoner with guest speakers Sorin Grama, Legatum Center Entrepreneur in Residence, Co-founder of Promethean Power Systems and Greentown Labs, Mark Vasu, Executive Vice President, Greentown Labs, and Dr. Devin Currie, Tata Postdoctoral Fellow, MIT Chemical Engineering

legatum.mit.edu

Professor Sanjay Sarma, Erdin Beshimov, Dr. Jonathan Donner, and Caitlin Baron at the Education & Technology Fall Speaker Series event.

8 Radio shows & 3 podcasts

produced

10 New connections with

organizations

outside MIT

1 Conference in

London

OUTREACH & COLLABORATION MIT has a rich and vibrant ecosystem with many entrepreneurial classes, clubs, and financial resources for students to make use of while they are here on campus. To help our students take full advantage of these resources, Legatum creates gateways into and pathways through this ecosystem. We cannot do this alone, which is why our team continues to build and strengthen partnerships with key organizations across campus, while simultaneously building pathways out of MIT by expanding our outreach efforts by sharing our alumni’s inspirational stories with entrepreneurs around the world.

Primary market research session

Sorin Grama, Legatum Center’s EIR, conducted a PMR workshop for 25 seed grant teams ahead of their trips to developing countries. Workshop content prepared students to conduct interviews with customers and ecosystem stakeholders, administer surveys, use prototypes, work with local translators, make meaningful observations, and use interview data to inform product development.

“Entrepreneurs Around the World, Unite!”

As a joint effort between the Legatum Center and Trust Center, Sorin Grama has launched a talk show about entrepreneurship in emerging economies — “Entrepreneurs Around the World, Unite!”— on MIT’s radio station, WMBR, 88.1 FM. So far Sorin has hosted eight entrepreneurs and several experts on the show.

LISTEN HERE

Storytelling workshop with Michael Meyer

Michael Meyer, the former chief speech writer for UN Secretary General Ban Ki Moon and currently the Dean of the Aga Khan University Graduate School of Media and Communications in Nairobi, Kenya, engaged our students in a two-hour conversation on strategies for communicating stories and their impact. Many Legatum Fellows, prospective applicants, and seed grant applicants attended the session.

25Seed Grant teams at the PMR workshop

100+ Attendees at events

1 New website launched

Legatum Center hosts the Governor of Lagos

On November 16th, the Legatum Center hosted a delegation that included the Governor of Lagos. The goal of the visit was to strengthen the relationship between MIT and Nigeria and to discuss entrepreneurial opportunities for partnership. Three Legatum students, who are currently working in Lagos, had an opportunity to pitch their ventures to the Governor.

Establishing entrepreneurial connections

Opeyemi Ologun, a Co-founder of MDaaS Nigeria with Oluwasoga Oni (2015-2016 Legatum Fellow) and Genevieve Barnard (2016-2017 Legatum Fellow) represented the Legatum Center and MIT at the Africa Leadership Network annual meeting in Mauritius.

Website

The Legatum Center launched a new website with improved aesthetics, simplified content, streamlined menus, clear navigation, and a responsive layout for mobile devices, with the goal of increasing visibility of our students and programs. A special thanks to Graham Alltoft and Colin Webb, from the Legatum Group, who championed the project.

Connect users’ identities are matched based on similarities that can be comforting but also with differences that can be interesting. Building on this successful MIT pilot, Connect hopes to launch globally, beginning in UAE, early next year. Connect is looking to address social divisions among Emirates and expatriates with a particular focus on entrepreneurship communities.

IN THE NEWS

Connect

Tuka Al Hanai, Legatum Fellow and PhD candidate in Electrical Engineering, was featured in an conversation.com piece about the success of the Connect pilot at MIT. Connect is a service, inspired by the awkwardness of meeting new people and a growing feeling of social isolation, that arranges face-to-face meetings between interesting people over lunch. Users are asked questions that capture facets of their identity, such as studies, hobbies, or interests, and then the app streams those answers through an algorithm and suggests a venue, time, and conversation starter.

“An “interesting” person is one whom we are likely to get along with personally, but who differs from usin some way – ideologically, demographically or socioeconomically.”-Tuka Al Hanai, Co-founder, Connect

Flare a finalist in Apps Africa competition Catilin Dolkart, Co-founder of Flare, is a finalist in the Apps Africa Innovation Awards, for Disruptive Innovation. Flare is a application making ambulance providers more accessible to those in need.

Appsafrica.com Innovation Awards Finalists 2016

Solstice awarded $800,000 grantSteph Speirs, a 2016-2017 Legatum Fellow, is a Co-founder of Solstice, which was awarded an $800,000 grant by the U.S. Department of Energy in October 2016. Solstice will use the funding to radically expand access to community-shared solar power by deploying projects serving low-to-moderate income (LMI) consumers. Read the announcement here.—————————

94%

“I was impressed & inspired by these young entrepreneurs”

- Attendee at the Accelerating Developing World Growth through Entrepreneurship and Finance Conference, Canary Wharf, London

On the evening before the conference approximately 40 VIPs convened at the Legatum Institute to kick-off the event. Alan McCormick, Partner and Managing Director at the Legatum Institute, gave welcome remarks, followed by Professor Fiona Murray, Associate Dean for Innovation at MIT Sloan. Speakers, MIT affiliates, event staff, and other special guests were able to meet and mingle over the course of the night.

The conference – held at Level39 Technology Accelerator, on the 39th floor of One Canada Square in Canary Wharf – focused on ways in which emerging forms of entrepreneurial finance and related policy changes can support entrepreneurs working on critical challenges in developing and emerging markets. Keynotes, panels, and vision talks were delivered by a diverse set of speakers including policy-makers, entrepreneurs, students, professors, impact investors; over 15 countries and 18 industries were represented among the presenters. Specific themes covered included

financial and human capital gaps, seed-stage capital and education, aid and trade, enhancing crowdfunding, accelerating innovation-driven entrepreneurship, and opportunities and challenges in impact-investing.

Attendees and speakers also benefited from the networking opportunities they had during the coffee breaks, lunch, and post-conference reception; and lunch included a showcase of student entrepreneurs working in emerging markets. Local universities represented included Imperial College, King’s College, Loughborough University London, Saïd Business School Oxford.

December 12, 2016Level39 Technology AcceleratorCanary Wharf, London

of attendees rated the conference Good or Very Good

Accelerating Developing World Growth through Entrepreneurship

and Finance

Impressions from Twitter 892,802

Attendees 120

Speakers 25+

Fernanda De Velasco, Founder, Play Business & Georgina Campbell Flatter, Executive Director, Legatum Center at the Accelerating Developing World Growth through Entrepreneurship and Finance Conference.

On the Horizon

SPRING KEY DATES

February 20LEGATUM FELLOWSHIP OPENS

One Broadway E70, Cambridge, MA The 2017-2018 Legatum Fellowship opens February 20th. The deadline for applications is March 16th, 2017. Find out more on our website at: legatum.mit.edu

February 22LEGATUM CENTER SEED GRANT PRESENTATION & OPEN HOUSE

One Broadway E70, Cambridge, MA Join the Legatum Center team to tour the space, ask questions about the 2017-2018 Legatum Fellowship application, and learn more about how 2017 IAP Seed Grant travelers advanced their ventures in the developing world! Please bring a photo ID to check in a the guest desk in the lobby.

March 2PEACE THROUGH ENTREPRE-NEURSHIP WITH STEVEN KOLTAI

Martin Trust Center E40, Cambridge, MA Join the Legatum Center for Development and Entrepreneur-ship, the MISTI MIT-PeaceTech Initiative, and the Martin Trust Center for Entrepreneurship for a conversation with Steven Koltai,to discuss opportunities for promoting peace through technology and entrepreneurship.

Legatum Fellows Final Pitch Presentations

April 27LEGATUM DEMO DINNER

MIT Museum 265 Massachusetts Ave, Cambridge, MA A TED-style event where Legatum Fellows will present their final pitches in front of an audience of MIT faculty, Legatum team, VIP guests, investors, and industry experts.

April 28SDV CONFERENCE

MIT Media Lab 6th Floor 75 Amherst St. Cambridge, MA The 2017 MIT Scaling Development Ventures conference is the capstone spring event for MIT entrepreneurship in the international development community. The conference will bring together students, faculty, entrepreneurs, and industry experts for a one-day event on scaling development ventures. The conference is run in collaboration with Legatum Center, DLAB, MIT Media Lab, and other key MIT development groups.

Thank YouAs we reflect on a quarter of exponential growth and engagement, the Legatum Center would like to thank the Legatum Group, The MasterCard Foundation, and the HRH Princess Moudi bint Khalid family for their continued support. Special thanks The Martin Trust Center for Entrepreneurship at MIT, D-Lab, the Innovation Initiative, MIT Media Lab, and the community at MIT for their support and collaboration.

The Legatum Center TeamProfessor Fiona E. MurrayGeorgina Campbell FlatterAnna OmuraSorin GramaMegan MitchellAli DialloJulia TurnbullKavan O’Connor

Adetayo Bamiduro, Cofounder, Metro Africa Xpress (MAX) at the Legatum Center collaboration space.