Deadline: 31-May-21
The Islamic Development Bank (IsDB) is pleased to announce the Transform Fund Call for Innovation 2021 that will focus entirely on supporting their Member Countries response to recovering from the COVID-19 pandemic with the aim of building a stronger, more resilient, and prosperous future.
The IsDB has a longstanding commitment to harnessing the power of Science, Technology, and Innovation (STI) to help solve the global development challenges.
Their US $500 million Transform Fund, launched in 2018, invests in testing early-stage innovative ideas and in scaling innovation by providing seed money for innovators, entrepreneurs, startups, SMEs, and institutions.
They provide needed initial funding or growth capital to develop and commercialize innovations that will generate economic and social impact.
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; and
- Devote a steady and predictable source of funds that is critical for developing STI.
The projects and activities of the Fund will be governed by the following operating principles. IsDB-STI.
As such, applications for funding are required to possess the following attributes Support sustainability science ideas/projects with focus on innovations benefiting the Muslim World and having the following attributes:
- Disruptive, transformative and inspiring innovations that are linked to one or more SDGs;
- Feasible innovations having scalable solutions with high impact
- Innovations that are adaptable, replicable, readily diffusible, affordable and accessible
- Diversity in sectors such as education, health, agriculture, water and sanitation and infrastructure.
Funding Categories
The Transform Fund supports 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 by addressing the challenges related to one of the following SDGs:
- SDG2: No Hunger (food security),
- SDG3: Good Health and Well-Being,
- SDG4 Quality Education,
- SDG6: Clean Water and Sanitation,
- SDG7: Affordable & Clean Energy,
- SDG9: Industry, Innovation and Infrastructure.
Funding Information and Target Audience
The Transform Fund aims to support the below four categories of projects through Grants and Equity Participation:
- New Ideas with Proof of Concept:
- Grant- $50,000 -$100,000
- Eligibility- Scientists & Innovators
- Scaling Up of Innovative Projects:
- Equity Participation- Up to $300,000
- Eligibility- Registered legal entity*
- Commercialization of Technology:
- Equity Participation- Up to $1,000,000
- Eligibility- Registered legal company**
- STI Capacity Building:
- Grant- $100,000 -$150,000
- Eligibility- Registered legal entity.
Eligibility Criteria
- 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.
- Eligible scientists, innovators, NGOs, private companies, research institutions which need funding support under one of the four categories must apply to the STI Transform Fund by completing the online application form available at the IDB portal “Engaging and transforming communities”
- Grants are mainly offered to support scientists and innovators to develop their innovative ideas into development solutions as well as to support capacity building efforts of entities, such as universities, registered non-governmental organizations, registered private or public companies, SMEs and government organizations, in strengthening the STI ecosystem of MCs.
For more information, visit https://www.isdb-engage.org/en/page/call-for-innovation-via-transform-fund-en