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.
The second round for the Call for Innovation under Transform Fund is now open.
Deadline for submission is 31 May 2019.
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
Transform can also provide funding for the commercialization of technology developed through sustained partnerships among researchers and entrepreneurs as well as capacity building support
Through Transform, innovative ideas will be translated into real development solutions that will address development challenges and empower the communities and youth in particular to realize their full potential.
Linked to the Engage hub, Transform will accelerate science, technology and innovation led solutions that drive economic and social progress in the developing world.
For eligibility criteria and other operational matters, candidates may be assisted by referring to Operational Guidelines for the Application for the IsDB-STIF.