ISLAMIC DEVELOPMENT BANK- STI Transform Fund

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. 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.