Supporting Science, Technology and Innovation is at the heart of the IsDB’s long-term strategy. To underline this commitment, in April 2018, the IsDB launched Transform, a $500 million fund to provide seed money for start-ups and SMEs to develop their ideas and facilitate the commercialization of technology among the IsDB’s member countries.
Closely aligned to the SDGs, the Transform Fund will focus on accelerating progress towards achieving greater food security; healthier lives; inclusive and equitable education; sustainable water management and sanitation; access to affordable, clean energy; and sustainable industrialisation across the developing world.
Transform will ensure the IsDB members have access to a vital flow of facilities to help finance innovative ideas linked to real development solutions. This will result in exciting new technologies and solutions, contributing to the development of IsDB member countries and Muslim communities in non-member countries.
This year we held our first two Transformers event in Kazakhstan and Bangladesh. Innovators from the regions were invited to pitch their ideas that support one or more of the SDGs to a high-level panel of experts, with the winner being awarded $3,000. Six winners from these competitions have been invited to attend the Summit, alongside 30 grantees from the Transform Fund.