The Islamic Development Bank (IsDB) Group is pleased to announce the Transform Fund Call for Innovation 2020.
The fund will focus entirely on supporting IsDB Member Countries long-term preparedness and response to the COVID-19 pandemic. This Call will operate in addition to the IsDB Group’s other wide-ranging initiatives coordinated by our Strategic Preparedness and Response Facility.
IsDB Group is coordinating a wide-ranging response to the impact of COVID-19. It has set up a Strategic Preparedness and Response Facility which will oversee a response package. The facility will focus on emergency preparedness to curb the spread of the COVID-19, minimizing the socio-economic impact of the pandemic especially on poor communities, and building the resilience of our Member Countries in responding to outbreaks and pandemics.
The IsDB has a longstanding commitment to harnessing the powers of STI as a means to unlocking global development challenges. Their US $500 million Transform Fund, launched in 2018, invests in early stage innovative ideas and the scaling of innovations by providing seed money for innovators, entrepreneurs, startups, SMEs and institutions that need initial funding and growth capital to develop their ideas.
The Call for Innovation will identify, encourage and reward innovative proposals that will benefit local communities focused on the following:
- The application of advanced technology
- Innovative health supply chain management systems
- Development of Low-cost rapid tests and screening methods
- Capacity building interventions
Through Transform, innovative ideas will be translated into real development solutions that will address development challenges and empower the communities and youth in particular to realize their full potential. Linked to the Engage hub, Transform will accelerate science, technology and innovation led solutions that drive economic and social progress in the developing world.
Grants
Grants range from US$ 50,000-1,000,000 depending on the category.
The categories of application are:
- New Ideas with Proof of Concept, Funding Opportunity: Grants ranging from US$ 50,000-100,000
- Capacity Building in Science, Technology and Innovation Funding Opportunity: Grants ranging from US$ 100,000-150,000
- Scaling up of Innovative Projects, Funding Opportunity: Equity Participation up to US$ 300,000
- Commercialization of Technology Funding Opportunity: Equity Participation up to US$ 1,000,000
Operating Principles
Utilization of IsDB-STI Fund operational resources shall be in accordance with these guidelines and shall from time to time be adopted by the Board of Trustees, as it may have deemed necessary.
The projects and activities of the Fund will be governed by these operating principles.
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.
In addition, ideas and projects should also follow the characteristics outlines below:
- Activities and projects of the IsDB-STI Fund will be guided by the needs and priorities of beneficiaries
- The design of projects and activities of the IsDB-STI Fund shall incorporate financial sustainability considerations
- Activities and projects of the IsDB-STI Fund will not lead to any infringement of existing intellectual property rights
- Appropriate system for monitoring and evaluation will be put in place in order to measure attainment of IsDB-STI Fund objectives and improve its future operations
- Activities and projects of the IsDB-STI Fund will be in conformity with the principles of Sharia’h.
Eligibility
Applications are open to innovators, researchers, scientists and social entrepreneurs who are citizens of Islamic Development Bank (IsDB) Member Countries (MCs).
The Fund will look for applications specifically linked to tackling COVID-19 in relation to the following six UN Sustainable Development Goals:
- 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
For eligibility criteria and other operational matters, candidates may be assisted by referring to Operational Guidelines for the Application for Transform Fund.
How to Apply
Application Deadline: May 31, 2020
