In July, the Islamic Development Bank, the Islamic Solidarity Fund, the United Nations Development Programme, and the Ministry of Finance of the Slovak Republic, organized a three-day workshop in Istanbul to explore how to build innovation ecosystems and leverage innovative finance to fuel sustainable development.
The workshop brought together participants from UNDP Country Offices spanning Africa, Asia Pacific, Europe, Central Asia, Latin America, and the Middle East. Their collective aim was to explore the potential of various innovative financing mechanisms, including crowdfunding, impact investing, blockchain-based financing, and other models, as means to overcome funding challenges and facilitate novel pathways for financing the Sustainable Development Goals (SDGs).
Unlocking innovation ecosystems: Cultivating collaboration and culture of innovation
During the first day, we looked into what it means to support the development of innovation ecosystems and explored various types of innovative finance models for sustainable development. Choosing single-point solutions instead of building ecosystems limits the impact and sustainability of innovation, making it ineffective and insufficient.
We heard from a number of UNDP Country Offices from Mauritania and Djibouti to North Macedonia and Uzbekistan, which presented the mapping of existing innovation ecosystems and projects, shedding light on their potential and challenges. Interestingly, each emphasized the importance of collaboration with various stakeholders, including startups, accelerators and incubators, entrepreneurs, policymakers and civil society organizations (CSOs), as crucial for addressing complex challenges effectively.
Boosting innovation ecosystems: Emerging frontiers
Additionally, the workshop convened a diverse group of technology partners, ranging from blockchain enterprises to crowdfunding platforms. Together, they examined potential pathways for embracing innovative approaches to advance the SDGs. The fusion of Artificial Intelligence (AI), Machine Learning (ML), and Metaverse technologies holds significant potential in transforming sustainable development efforts. These technologies offer the promise of enhancing impact measurement, data analysis, and decision-making processes.
“Shifting power and resources to the people most impacted by a problem builds trust and ownership in solutions.” Rujuta Teredesai, GlobalGiving
The event also explored the possibility of establishing a blockchain academy, tailored for diverse stakeholders, including nonprofits. Such an academy would offer opportunities to delve into state-of-the-art technologies and understand how blockchain, AI, and ML can be harnessed to support CSOs or forge strategic alliances with global tech and development entities in the realms of global campaigns and emergency response measures. The productive dialogue marked the initial stride in identifying pivotal intersections and crucial areas for intervention to catalyze innovation and collaboration for sustainable development.
“Technology is a powerful tool, and its scope has reached out to new fields such as sustainable development in the last years. New technologies such as AI and Metaverse can intertwine with development. For example, in Turkey, a project with UNDP will show (through METAVERSE) how cities and places used to look before the earthquake to motivate donors to add funds in the reconstruction efforts.” Ece Başay, META
A deep dive into how to use crowdfunding
The second part of the workshop was dedicated to discovering the potential of crowdfunding as a powerful tool to fund initiatives and bring together communities. The sessions took place as part of UNDP’s Crowdfunding Academy, led together with BERA, and Tadamon, under the NGO Empowerment for Poverty Reduction program seeking to uplift CSOs.
“Capacity building is fundamental for CSOs to be able to mobilize resources. The alliance between ISDB and UNDP has been fruitful to tackle this challenge and provide CSOs with necessary mechanisms to grow.” Eyas Ghreiz, IsDB
Participants in our training program actively immersed themselves in a meticulously crafted curriculum, strategically aimed at empowering them with the knowledge and expertise required not only to kickstart but also to confidently execute impactful crowdfunding campaigns. Our overarching goal was to equip UNDP Country Offices with the essential skills and insights necessary to harness the potential of crowdfunding as a sustainable source of funding for their initiatives.
Moreover, our training program extended its focus beyond the mere execution of campaigns; it delved into the cultivation of thriving ecosystems around these initiatives. Participants delved into strategies for engaging communities, resource mobilization, and sustainable project management. This comprehensive approach sought to ensure that campaigns not only met their immediate funding objectives but also laid the foundation for enduring community support and the long-term success of projects.
The working groups became vibrant hubs of collaboration where participants shared experiences and devised innovative strategies for applying their newfound knowledge in their respective countries. Key learnings from the working groups encompassed a wide spectrum, from crafting comprehensive crowdfunding campaign strategies and mapping out crowdfunding ecosystems to resource mobilization techniques and harnessing the persuasive power of communication and storytelling.
Key learnings and next steps
The three-day workshop was a resounding success, with a profound impact on driving innovation and advancing sustainable development, particularly in the realm of innovative finance. This event acted as a potent catalyst for transformative change in how we approach resource mobilization.
During the workshop, participants were exposed to cutting-edge concepts and real-world case studies, which expanded their horizons and allowed them to approach challenges from fresh perspectives. Through interactive sessions and hands-on exercises, attendees developed a deeper understanding of how innovative financing mechanisms could effectively address intricate societal and environmental issues.
The workshop marked the beginning of a journey toward innovation-driven sustainable development through collaborative initiatives harnessing innovative modes of financing.
