Dear Friends of Activate,

In times of change, it’s vital to focus on what it takes to drive progress forward. Activate proves what is possible when we invest in science and entrepreneurship to tackle the world’s most pressing challenges.

Today, we published our 2024 Annual Report, which highlights the latest metrics about how fellows are scaling their achievements in science and innovation.

After nine years of crucial early-stage investment in science entrepreneurs, Activate Fellows continue to set a high bar for both innovation and impact.

As of 2024, Activate Fellows have collectively raised $3.6B in follow-on funding, created more than 2,800 jobs, and secured 125 patents. Despite the usual startup headwinds, 96 percent of companies led by Activate Fellows are still operating.

When you put these successes together, we’re celebrating our highest-ever ROI: with $2B raised by fellows in 2024 alone, we’ve now reached 44x ROI. This means for every dollar spent supporting fellows, they have collectively secured 44 times that amount to advance their world-changing technologies.

When we say Activate Fellows are reinventing the world, we mean it. It’s exciting to see Activate Fellows become influential industry leaders—disrupting and even creating new industries with their innovations. In this new report, you’ll see how Activate Fellows are trailblazers in cutting-edge industries like sustainable aviation fuel, thermal energy storage, green cement, and next-generation geothermal.

We’re also proud of how the Activate Anywhere Community is opening doors to innovation all around the country. Since 2022, this virtual community has welcomed 36 innovators and 28 companies, securing $56M in follow-on funding and creating 100+ jobs. By expanding access to talent from 42 states, with record numbers of BIPOC and women applicants, we’re redefining what’s possible for innovators nationwide.

Looking back on the wins of 2024, we celebrate the success of our fellowship model—across all five communities and 249 total fellows—and we look forward to continuing to scale our impact in 2025 and beyond.

ACTIVATE'S 2024 ANNUAL REPORT