In 2014, the Lemelson-Vest Fund for Student Innovation was established in memory of Dr. Charles M. Vest, who served as MIT’s 15th president from 1990 to 2004. The gift is made in honor of Dr. Vest's contributions to the inventive capabilities of generations of engineers. The Lemelson Foundation has established the Fund with the goal of encouraging invention activities of students through providing opportunities for supported hands-on experiences.