Islamic Development Bank announces “Call for Innovation via Transform Fund 2019”
Deadline: 31 May 2019
The Islamic Development Bank (IsDB) is seeking applications for the second round of its “Call for Innovation under Transform Fund”.
The Islamic Development Bank (IsDB) has established a special Fund, known as Science, Technology and Innovation Transform Fund (IsDB-STIF) to support its Member Countries in finding practical solutions to key development challenges related to 6 focused Sustainable Development Goals through the power of innovation. Transform is a multi-million-dollar fund that provides seed money for innovators, startups, SMEs and institutions that need initial funding and growth capital to develop their ideas and compose a strong business proposal.
Purpose of the Fund
- The overall aim of the fund is to support the Muslim World with the power of innovation, facilitate the commercialization of technology, promote joint activities among member countries, research institutions, and ensure the development of entrepreneurship.
- More specifically, the objectives of the IsDB-STI Fund are to:
- Support the Muslim World with the power of innovation, especially social innovation to address key development challenges.
- Support and generate public good through facilitating the commercialization of technology developed through sustained partnerships among researchers and entrepreneurs from IsDB Member Countries (MCs) and non-member countries for socio-economic impact.
- Promote joint activities that would lead to innovation and entrepreneurship through the application of science and technology.
- Promote the continuity of and access to the chain of financing from various financing sources such as angel funds at early stages and hedge funds at later stages, in order to allow small innovative SMEs to flourish their own ideas and create new market.
- Devote a steady and predictable source of funds that is critical for developing STI.
Scientists, Innovators, Startups, SMEs, Private Firms, Governments & Non-Governmental Organizations, and Academic or Research and Development Institutions in IsDB Member and non-member countries, which are in need of funding support under one of the following four categories of the IsDB-STIF, can apply to these categories:
- Category 1: New Ideas with Proof of Concept
- Funding Opportunity: Grants ranging from US$ 50,000-100,000
- Category 2: Scaling up of Innovative Projects
- Funding Opportunity: Equity Participation up to US$ 300,000
- Category 3: Commercialization of Technology
- Funding Opportunity: Equity Participation up to US$ 1,000,000
- Category 4: Capacity Building in Science, Technology and Innovation
- Funding Opportunity: Grants ranging from US$ 100,000-150,000
Beneficiaries of the Fund
The IsDB-STI Fund will support eligible scientists, innovators, SMEs and institutions that need initial funding and growth capital for their ideas/projects. These ideas/projects will result in technologies and solutions that will contribute to the development effectiveness of IsDB Member Countries and Muslim communities in non-member countries.
How to Apply
Applicants can apply online via the given website.
For more information, please visit https://www.isdb-engage.org/en/challenge/call-for-innovation-via-transform-fund-2019