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 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.
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Innovation can change the way affected communities interact and interface with the world to ease the challenges and restrictions caused by the pandemic. Hence it's crucial to crowdsource and support innovative ideas and inventions that address important needs.
Applications for funding are required to support sustainability science ideas / projects with focus on innovations benefiting the Muslim World and having the following attributes:
a) Disruptive, transformative and inspiring innovations that are linked to one or more SDGs;
b) Feasible innovations having scalable solutions with high impact;
c) Innovations that are adaptable, replicable, readily diffusible, affordable and accessible;
d) Diversity in sectors such as education, health, agriculture, water and sanitation and infrastructure.
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.
Application submission closes on 31 May 2021.
For more information, please visit https://www.isdb-engage.org/en/page/call-for-innovation-via-transform-fu...