Acting Assistant Secretary Jennifer Littlejohn of the Bureau of Oceans and International Environmental and Scientific Affairs, along with Phil Weilerstein, President and CEO of VentureWell, have signed a Memorandum of Understanding (MOU). This agreement establishes a public-private partnership transferring management and oversight responsibilities for the Global Innovation through Science and Technology (GIST) Initiative to VentureWell. The MOU is expected to "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 aim to empower future science and technology entrepreneurs through the GIST Initiative. This initiative provides young innovators with networking opportunities, skill-building sessions, and mentoring to help them develop startup solutions addressing economic and development challenges. Since its inception in 2011 by the Bureau of Oceans and International Environmental and Scientific Affairs, the GIST Initiative has supported innovators in over 130 emerging economies.
VentureWell serves as an implementing partner for the GIST Initiative. Founded in 1995, VentureWell has funded or trained more than 18,000 science and technology inventors. It has helped create nearly 5,000 ventures that have made significant technological advancements in fields such as biomedicine, sustainable energy, materials, and low-resource settings solutions. These startups have collectively raised over $6.4 billion globally. VentureWell also organizes international networking events like competitions and pitch events to connect entrepreneurs with investors, policymakers, and industry leaders.
For further information on this initiative or partnership details, inquiries can be directed to OES-Press@state.gov.
