Innovations Against Poverty, the new challenge fund by Sida, had a successful start last year with hundreds of entrepreneurs getting engaged and nearly 30 companies receiving financial support. The funding and outreach is now increasing to also target middle income countries in the Middle East and North Africa (MENA). On March 15, Innovations Against Poverty arranges a live streamed event which potential applicants are welcome to join.
At Sida, the Swedish International Development Cooperation Agency, our intention with this fund is to capture and support innovative ideas and approaches to fight poverty and create real opportunities for marginalised groups of people. Our primary focus has been people at the base of the pyramid, where we offer to share the risk with those organisations whose objective is to develop inclusive business models. Whether they call themselves social entrepreneurs or are commercial businesses matters less, we simply believe that the private sector can play a much larger role than what currently is the case. With Innovations Against Poverty we can hopefully act as a catalyst to show the role that business can play and of course make an impact.
Companies and market oriented civil society organisations in any country can apply for grants or guarantees as long as the operations are in the list of countries receiving official development assistance. There is no specific sector focus, but for MENA we in particular encourage applicants that work on water management and enhanced access to clean water, as well as companies that focus on unemployed youth. The grant process is competitive and among those that fulfill the basic criteria we choose the most promising ideas.
On Thursday 15 of March we are arranging an event, which gives comprehensive information about the fund and instructions for how to apply. It takes place at our head office in Stockholm and will be streamed live between 1pm and 3pm CET. To view the workshop, you will find the instructions on the IAP website.
Business for Development
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