For over a year, the COVID-19 pandemic has been raging across the globe, resulting in loss and negative socio-economic impact. Small businesses and poor communities have been the hardest hit and require additional attention.
It is for these reasons that the Islamic Development Bank (IsDB) has announced the Transform Fund Call for Innovation 2021 which will focus entirely on supporting its Member Countries‘ recovery from the COVID-19 pandemic with the aim of building a stronger, more resilient, and prosperous future.
About IsDB Transform Fund
Launched in 2018, the Transform Fund is an initiative of the Islamic Development Bank in line with its longstanding commitment to harness the power of Science, Technology, and Innovation (STI) helping to solve the global development challenges.
The US $500 million fund is designed to invest in testing early-stage innovative ideas and in scaling innovation by providing seed money for innovators, entrepreneurs, startups, SMEs, and institutions or growth capital to develop and commercialize innovations that will generate economic and social impact.
The Call for Innovation will identify, encourage, and reward innovative, high impact proposals that support the following SDGs 2,3,4,6,7 and 9:
- Zero Hunger
- Good Health and Well-being
- Quality Education
- Clean Water and Sanitation
- Affordable and Clean Energy
- Industry, Innovation and Infrastructure
Categories of application are:
- New Ideas with Proof of Concept
Grants ranging from US$ 50,000-100,000 - Scaling up of Innovative Programs in the Private Sector
Private Sector Equity Investment up to US$ 300,000 - Commercialization of Technology in the Private Sector
Private Sector Equity Investment up to US$ 1,000,000 - Capacity Building in Science, Technology, & Innovation
Grants ranging from US$ 100,000-150,000
Requirement
Although IsDB Transform Fund is open to any innovator, entrepreneur, startup, SME, and institution, it is important to note that your project must take place and be developed in one or more than one IsDB Member Countries.
Evaluation criteria
(a) Innovativeness: Clearly describe your idea and the challenge you are proposing to address highlighting how you consider it to be innovative or creative. Innovation can be a completely new approach or a significant improvement to an existing approach. How is this different from other approaches? Why is your approach an improvement?
(b) Impact and Outreach: How can your idea have an impact to solve a challenge in IsDB Member Countries (MCs) or non-MCs related to one of the following SDGs: No Hunger (food security), good health and well-being, quality education, clean water, and sanitation, affordable and clean energy, industry, innovation, and infrastructure. Whom will your idea help? How will the impact be measured? How many people will be positively impacted in the short, medium, and long term?
(c) Doable and Practical: Is your idea scientifically sound? Can it be practically implemented? Does the technology needed to implement your idea exist? What is the specific step-by-step plan? Be specific in how you will carry out the work.
(d) Sustainable: The idea, when eventually turned into a product or service, must demonstrate a self-growing potential in terms of continuing its expected impact.
(e) Replicable and Scalable: Can the idea be scaled up and replicated in IsDB MCs (especially in LDMCs) without the need for a major reinvention or adjustment? Will the product or service be able to work in other geographies and 6 settings or is this a one-off effort? Will the product or service be able to scale and reach more and more people? If so, how?
(f) Patentable with Commercial Potential: Does your idea has potential for patenting? Simply explain how you see your idea developing in the future into a commercial product or service. Describe your plans for patenting and/or trademarking the ideas or work. The idea must have a potential for patent protection and development into a commercial product or service with an expected benefit.
How to apply
Before applying for the Transform Fund, it is important to understand how to:
- Successfully write an online application;
- Apply to the right funding opportunity for you and your company. For more information on how to apply, carefully read the operational guidelines
Deadline
Please, click here to create an account and sign up to participate. Submissions end on Monday, May 31, 2021.
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