CAMBRIDGE, Mass., Feb. 1, 2023 /PRNewswire/ -- MIT Solve, an initiative of the Massachusetts Institute of Technology with a mission to drive innovation to solve world challenges, announced today the 2023 Global Challenges and the Indigenous Communities Fellowship.

Solve invites anyone from anywhere in the world to submit a solution to this year's Challenges by 12 pm ET, May 9, 2023. The 40 Innovators–including eight new Indigenous Communities Fellows–will form the 2023 Solver Class, and pitch their solutions during Solve Challenge Finals on September 17-18, 2023 in New York City. These selected teams will share over $1 million in available funding, take part in a nine-month support program, and join the Solve community made of cross-sector social impact leaders, to scale their solutions.

Solve's 2023 Global Challenges are:

• Financial Inclusion
• Health in Fragile Contexts
• Learning for Civic Action
• Climate Adaptation & Low-Carbon Housing

For its second year, Solve will select a cohort of entrepreneurs among the 2023 Solver Class to join the Black & Brown Innovators in the US Program. The program offers culturally-responsive support and partnership opportunities, and selected teams will participate in Solve's annual US Equity Summit.

In addition to the Global Challenges, Solve is also opening applications for the 2023 Indigenous Communities Fellowship. The Fellowship, which looks for Native innovators in the US and its territories, has now expanded eligibility to Canada.

"Every year we are inspired by people's ingenuity and their determination to solve the most pressing issues of our time," says Hala Hanna, Acting Executive Director of MIT Solve. "We are excited to shine a spotlight on the most promising ones and grateful for our supporters who will help scale their impact."

Interested applicants can learn more and apply online at solve.mit.edu/challenges.

To date, the funding available for selected Solver teams and Fellows includes (see Challenge pages and terms of service for more details): 

• MIT Solve Funding - $400,000 with a $10,000 grant to each Solver team and Fellow selected
• The GM Prize supported by General Motors - up to $150,000 across up to six solutions from the Learning for Civic Action Challenge, the Climate Adaptation & Low-Carbon Housing Challenge, and the 2023 Indigenous Communities Fellowship
• The AI for Humanity Prizesupported by The Patrick J. McGovern Foundation - up to $150,000 to solutions that leverage data science, artificial intelligence, and/or machine learning to benefit humanity, selected from any of the 2023 Global Challenges
• The GSR Foundation Prizesupported by GSR Foundation - up to $200,000 to innovative technology solutions from any of the 2023 Global Challenges, with a focus on solutions that use blockchain to improve financial inclusion
• Living Forests Prizesupported by Good Energies Foundation - up to $100,000 across up to four solutions that help restore ecosystems or increase the use of sustainable forest products, selected from the Climate Adaptation & Low-Carbon Housing Challenge

Those interested in sponsoring a prize should contact sue.kim@solve.mit.edu.

Additionally, Solve Innovation Future will offer investment capital to Solver teams selected as a part of the 2023 class. To date, Solve Innovation Future has deployed over $1.3 million to more than 13 for-profit Solver team companies that are driving impact toward UN Sustainable Development Goals, and has catalyzed nearly seven times its investment in additional investment capital towards the Solver teams.

The Solve community will convene on MIT's campus for its flagship event Solve at MITMay 4-6, 2023 to celebrate the 2022 Solver Class. You may request an invitation here. Press interested in attending the event should contact maya.bingaman@solve.mit.edu.

About MIT SolveSolve is an initiative of the Massachusetts Institute of Technology (MIT) with a mission to drive innovation to solve world challenges. Solve is a marketplace for social impact innovation. Through open innovation challenges, Solve finds incredible tech-based social entrepreneurs all around the world. Solve then brings together MIT's innovation ecosystem and a community of members to fund and support these entrepreneurs to drive lasting, transformational impact. Solve has catalyzed over $60 million in commitments for Solver teams and entrepreneurs to date. Join Solve on this journey at solve.mit.edu.

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Media ContactMaya BingamanOfficer, Communications & Contentmaya.bingaman@solve.mit.edu