Hadley, Massachusetts, December 20, 2024—VentureWell has been entrusted by the U.S. Department of State to steward the Global Innovation through Science and Technology (GIST) Initiative, a program supporting innovators and entrepreneurs worldwide. Acting Assistant Secretary of the Bureau of Oceans and International Environmental and Scientific Affairs Jennifer Littlejohn and Phil Weilerstein, president and CEO of VentureWell, signed a Memorandum of Understanding (MOU) transferring management and oversight responsibilities of GIST to VentureWell. This five-year public-private partnership underscores a shared commitment to fostering global innovation, advancing entrepreneurial ecosystems, and addressing pressing economic and societal challenges through science and technology.
Since its inception in 2011, GIST has empowered over 15,000 innovators in more than 130 emerging economies by providing critical networking opportunities, skill-building resources, and mentorship. For the past decade, VentureWell has served as a trusted partner for the GIST Initiative, providing training and support to entrepreneurs in emerging economies worldwide through innovation hubs, training programs, workshops, access to mentors, and financial resources to help them advance their ventures from idea to implementation. Additionally, VentureWell has facilitated international networking opportunities, including competitions and pitch events, linking entrepreneurs with investors, policymakers, and industry leaders to accelerate market access. With this new partnership under VentureWell’s leadership, the initiative will continue to support and expand access to transformative opportunities for science and technology entrepreneurs.
“For more than 10 years, we’ve been honored to partner with the State Department to empower entrepreneurs worldwide,” said Mark Marino, vice president of Growth Strategy at VentureWell. “This MOU represents a key milestone, enabling us to broaden our geographic scope, diversify our programs, and scale opportunities for sustainable solutions to global challenges.”
This partnership builds on the extensive legacy established by the Bureau of Oceans and International Environmental and Scientific Affairs, which has hosted over 100 GIST events and awarded more than $1.5 million in startup resources through GIST initiatives. VentureWell’s stewardship will continue to strengthen entrepreneurial ecosystems and foster new partnerships to drive sustainable growth for emerging markets.
For more information about GIST and VentureWell’s global innovation programs, visit venturewell.org/gist.
About VentureWell
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 17,000 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 have raised subsequent funds totaling more than $6.3 billion and are reaching millions of people globally.
Visit venturewell.org to learn more.