Legatum

Entrepreneurship is a key building block of national prosperity. In this article Legatum Partner and CEO Mark Stoleson reflects on the work of Legatum Center for Development and Entrepreneurship at MIT and the impact its alumni have had on their communities and nations.

Millions of children still miss out on basic schooling because of poverty, conflict or discrimination, which means they face a much greater risk of a lifetime of poverty and poor health.   Luminos Fund was founded by Legatum in 2016 to get children who have been excluded from school back into mainstream education.  Since then, through the fund’s accelerated learning programmes, Luminos has helped over 270,000 children restart their education, transforming their life opportunities.   Philip Vassiliou, Legatum Partner and Board Chair of the Luminos Fund, and Guy Cave, President of the Legatum Foundation and Board Director, recently visited Ghana for the fund’s board meeting and had the opportunity to see the Luminos catch-up programme in action. Photo Credit: Luminos Fund 

Reflecting on the founding vision of the Legatum Center for Development and Entrepreneurship at MIT, our goal was to attract the best and brightest young entrepreneurs from around the globe to a world-class institution and equip them to make a lasting impact on their communities. To date, the Legatum Center has supported 326 Student Fellows from 57 countries, resulting in 286 ventures - 75% of which are still active. These ventures have created over 17,000 direct jobs and served over 17 million customers in 170  countries. We have also supported 23 Foundry Fellows from Nigeria, Egypt, Ghana, Gabon, Kenya, Senegal, Botswana, Ethiopia, Rwanda, South Africa, and Zambia. At Legatum we believe that success is driven by values-based leadership, with an emphasis on resilience, perseverance, and a commitment to service.  Changing the world through the lens of values-based leadership is what we have always strived for since we started this journey two decades ago.  #Leadership #Entrepreneurship #GlobalImpact #ValuesBasedLeadership  https://lnkd.in/dUGXVScJ

Mark Stoleson, our CEO, recently had a conversation with Khadija Ali from DIFC, reflecting on Legatum’s founding mission, fostering prosperity through the strategic deployment of our capital and ideas. This mission has been the driving force behind the founding and scaling of three major philanthropic funds one of which is The END Fund which seeks to eradicate Neglected Tropical Diseases (NTDs) which still have a hugely negative impact on the poorest communities, including the lives of over a billion children. Recognising the urgent need to combat Neglected Tropical Diseases (NTDs), we embarked on a decade-long project in Burundi and Rwanda. Our goal was to implement a financially sustainable and efficient approach to eliminate NTDs at a national level. The END Fund, which has since evolved into the largest privately funded organisation dedicated to fighting NTDs, has now administered over 1.5 billion treatments. You can find the full episode here: https://lnkd.in/dSyZPAtn

Legatum partner and co-founder Alan McCormick, who recently stepped down as the first Chairman of the The Freedom Fund, has shared his reflections on the Fund’s fight against modern slavery which remains a pervasive global issue with terrible consequences for the lives of over 50 million individuals. Alan highlights the innovative strategies deployed by the Freedom Fund to effect real change. These have made it possible to mobilise over $225 million in philanthropic capital, supporting over 225 grassroots organisations, and touching the lives of 1.5 million individuals, resulting in the liberation of approximately 30,000 people. You can read the full piece here: https://lnkd.in/dKhE36cY Circle Network #EndModernSlavery #SocialImpact #Philanthropy

Yesterday we marked a monumental milestone: 10 years since the founding of The Freedom Fund.   Speaking at the publication of the Freedom Fund’s ten-year impact report, Alan McCormick, Legatum Partner and, until recently, Chair of the fund since its creation, reflected on the importance of the fund’s work and the reason Legatum continues to support it with such conviction.     Despite being illegal in nearly every corner of the globe, the scourge of slavery stubbornly persists, with a staggering 49.6 million individuals trapped in its grip worldwide. To combat modern slavery effectively, we must unite with determination and strategic investment. With nearly 1.7 million lives impacted over the past decade, the Freedom Fund exemplifies the power of collaboration and purposeful action. Alan emphasised the critical need for clear vision, measurable goals, and frontline support led by local champions, particularly survivors. It's a call to action that demands we embrace a systemic approach, rallying survivors, governments, businesses, and all stakeholders to join forces. “The task ahead remains huge. And we will only accomplish it through this diverse community. There is still much more work to do and I for one am committed to doing what I can throughout my lifetime to bring about the end of modern slavery and all forms of exploitation. I hope we can join together in this mission.”

This week, at a conference on campus, the Legatum Center for Development and Entrepreneurship at MIT launched an impact report celebrating the first 15 years of its existence and reflecting on the support it has provided to talented entrepreneurs from 57 different countries. Our CEO, Mark Stoleson participated in a panel with some of the 326 entrepreneurs the Center has supported, entrepreneurs who have gone on to create 286 new ventures and over 17,000 jobs. We have always believed in the power of entrepreneurship to drive positive change and foster prosperity. The vision of the Center was to equip the brightest minds with the resources and support they need to create a lasting impact in their communities and beyond. Today we are proud to see the real impact they have achieved with support from the Center. Watch this video to find out more about our impact: https://lnkd.in/dyf_8bkR

On 30th April Legatum Center for Development and Entrepreneurship at MIT will be hosting “Innovation in Global Growth Markets: Prosperity through Entrepreneurship”, a conference via livestream legatum.mit.edu/conference. Celebrating 15 years of supporting entrepreneurs and fostering innovation, the event kicks off with the panel "15 Years of Impact: The Power of Entrepreneurship and Innovation in Driving Prosperity in Global Growth Markets". Our CEO Mark Stoleson will share his reflections on the Center’s commitment to supporting entrepreneurship in growth markets. Legatum believes that entrepreneurs and entrepreneurial principals offer the most effective pathways to prosperous communities and nations. It is this belief that inspired Legatum to founding the Center. Tune-in live on 30th April.

In his recent interview with Barron's, our CEO Mark Stoleson had the pleasure of discussing the transformative power of collaborative philanthropy and unveiling details about our upcoming philanthropic fund launch.   At Legatum, we hold a strong belief in the power of collective action to enact large scale, measurable change. A core tenet we uphold is the practice of stepping back once a model is validated, inviting others to participate in a genuine collaborative endeavour. We then find strong independent leadership and provide unrestricted resources as we empower these collaborative funds to implement effective, community-based solutions. Stay tuned for further updates. #CollaborativePhilanthropy #ImpactInvesting #SocialChange

Our CEO recently sat down with Khadija Ali DIFC Unplugged Podcast to reflect on Legatum’s 20-year journey operating from its base in the Centre. Mark and Khadija discussed some of Legatum’s key investment milestones and our approach to collaborative philanthropy. Stay tuned for the episode.