The Islamic Development Bank (IsDB) is seeking applications for its special Fund, known as Science, Technology and Innovation Transform Fund (IsDB- STI Transform Fund) to support organizations in finding practical solutions to their key development challenges through the power of innovation.
IsDB – STI Transform Fund is a multi-million-dollar fund that provides seed money for innovators, startups and SMEs to develop their ideas and compose a strong business proposal.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.
Application Deadline: July 31, 2018
The objectives of the IsDB-STI Transform 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 IsDB- STI Transform 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.
Funding & Categories
Scientists, Innovators, 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-STI Transform Fund can apply to these categories:
Category 1: New Ideas with Proof of Concept
- Candidates are eligible for receiving grant supports ranging from US$ 50,000 to US$100,000.
Category 2: Scaling up of Innovative Projects
- Candidates are eligible for up to US$ 300,000 in the form of equity participation by the Bank.
Category 3: Commercialization of Technology
- Candidates/institutions are eligible for up to US$ 1 million (one million United States Dollars) as equity participation by the Bank.
Category 4: Capacity Building in Science, Technology and Innovation
- Candidates are eligible for receiving funds up to US$ 100,000-150,000 by ways of grants to contribute to the financing of their proposed capacity development activities in the selected country.
Eligible organizations which are in need of funding support under one of the four categories must express a call for innovation via STI Transform Fund by filling the online application form available at the IDB portal ” Engaging and transforming communities” (accessible through the link: https://www.isdb-engage.org)
The request must be accompanied by an initial idea concept note (in the case of Category one) or detailed project technical proposal / feasibility study (in the case of other categories) demonstrating among others the requested information under each category and supported by illustrative media means (e.g. photos, videos, demos, etc.)
For more information, please visit www.isdb-engage.org