Crowdfunding platform launches to support development projects
A GLOBAL crowdfunding platform has launched to support international development projects.
IsDB Innovate was developed for the Islamic Development bank and went live in December, to raise money for science, technology and innovation projects that are aiming to solve the world’s biggest problems. Current projects include funding research into an anti-Ebola treatment and the development of a low-cost glucose monitoring unit to help Diabetics.
Projects can be put on the platform from anywhere in the world, but most tend to be from developing countries.
“These projects highlight places that people might not necessarily see as innovation hotspots,” Head of research Anton Root told Peer2Peer Finance News.
The platform currently only accepts donations but is set to open up to debt and equity investments later this year.
“Some of the entrepreneurs [raising money] do not want donations and might prefer a loan or equity element,” Root said.
IsDB Innovate will be applying for regulatory approval in various countries ahead of its expansion into debt and equity investments.
Root said that the platform is still working out which countries it wants to enter first, but confirmed that the UK is definitely on the shortlist.
“We’ve spoken to the Financial Conduct Authority sandbox,” he said.
“We haven’t applied to any regulators yet as we need to work out which countries we’re piloting in.”
Root said that Indonesia was also an appealing market due to its developed regulatory environment.