On 1 April 2021, the Engage innovation hub of the Islamic Development Bank (IsDB) has announced the Transform Fund 4th Call for Innovation 2021, focusing entirely on supporting IsDB Member Countries’ response to recovering from the COVID-19 pandemic with the aim of building a stronger, more resilient, and prosperous future.
To address challenges related to COVID-19, this year the 4th Transform Fund Call for Innovation has been dedicated to support the development and transfer of innovative technologies that can contribute to building resilient value chain through boosting local manufacturing capacity of IsDB Member Countries for the production of COVID-19 related innovations.
The call provides funding opportunities through grant and equity ranging from US$ 100,000 to US$ 1 million to scientists, innovators, startups, researchers, public, not-for-profit, and biotechnology companies and research and development institutions across the globe, which have proposals that innovatively contribute to global security of COVID-19 vaccines.
The US $500 million Transform Fund, launched in 2018, invests in testing early-stage innovative ideas and in scaling innovation by providing seed money for innovators, entrepreneurs, startups, SMEs, and institutions. IsDB Engage provides needed initial funding or growth capital to develop and commercialise innovations that will generate economic and social impact.
The Call remains open for application submission from 1 April 2021 to 31 May 2021.