The Islamic Research and Training Institute (IRTI) of the Islamic Development Bank (IsDB) Group has announced the launching of the Smart Economy Grants Program, offering cash awards of up to USD 10,000 for projects involving the application of emerging technologies to spur knowledge-driven economic transformation.
Applications are invited from researchers, professionals, and entrepreneurs engaged in product development or projects involving the application of emerging technologies like artificial intelligence or blockchain for business and economy with Islamic finance components.
Eight grant recipients will be selected and awarded up to USD 10,000 each to implement their projects under IRTI’s Smart Economy Lab initiative, anchored to the Regional Hub of the IsDB in Indonesia. The award is an initial grant that is expected to serve as a catalyst for the winning projects and open new funding opportunities.
Acting Director-General of IRTI, Dr. Sami Al-Suwailem, said, “Through the Smart Economy Grants, IRTI aims to empower potential entrepreneurs to realize their dreams and contribute to the digital transformation of our societies. We look forward to receiving patentable ideas with significant entrepreneurial potential.”
Applications for the grants are to be submitted online through the IRTI website by 30 October 2020, along with detailed information and supporting documents on the project. Projects with proof-of-concept/ prototypes/ minimum viable products are also welcome.
Full details on the Smart Economy Grants, including eligibility, submission process, and evaluation criteria are available on IRTI website.