Application Deadline: July 31st 2021
The Inter-American Development Bank (“IDB”), with its innovation laboratory, IDB Lab, seek to support innovative solutions that empower the rapidly growing aging population to become an engine for social inclusion and economic recovery in the Latin American and the Caribbean region (LAC). These proposals must have a focus on poor and vulnerable aging population and aim to be implemented in one or more of IDB’s 26 borrowing member countries.
The proposed business models must:
- Be innovative in nature and present a novel solution that has not been implemented before in the country of the proposal, or that adds an innovation component to an existing model.
- Promote the social and economic inclusion of poor and vulnerable aging population with key indicators to measure results.
- Contemplate a path for scalability or replication, as well as financial sustainability.
Requirements
Applicants from any of the 48 member countries of the IDB Group can participate, including startups with “ready-to-implement” solutions, small and medium-sized enterprises (SMEs), corporations, NGOs, public innovation agencies, accelerators, and others with demonstrated expertise in the target areas.
Applicants legally registered in one of IDB’s 26 borrowing member countries where the project will be implemented can apply to Category A.
Applicants legally registered in one of IDB’s 22 non-borrowing member countries can apply to Category A only in partnership with an organization registered and located in one of the 26 borrowing countries where the project will be implemented, or apply to Category B if Applicant does not have any presence nor partnerships in IDB’s 26 borrowing countries.
TARGET AREAS AND GUIDING QUESTIONS
- Long-term care/healthcare: How can the quality of life of the aging population be improved with adequate and high-quality long-term care and healthcare?
- Financial services and products: What new or adapted financial products and services can improve the life of older adults reducing digital barriers?
- Employment and training: What types of solutions can promote older adults’ employment and entrepreneurship to leverage their valuable knowledge and maintain income sources?
- Housing and transport (mobility): How can new housing solutions incorporate the needs of older adults with limited financial means? How can older adults keep using transportation services to maintain their independent lives?
- Acceleration and ecosystem building: How can start-ups or technology-based business (fintech, edu-tech, etc.) focus on inclusion of older adults in their client base?
AWARDS
There will be two categories for applications:
- Category A: IDB Lab Financing: IDB Lab may consider the Applicants whose proposals are selected to receive financing to implement the proposed business model in one of IDB’s 26 borrowing member countries.The financial instruments include “Grant” (non-reimbursable) and/or “Contingent Recovery Financing” (reimbursable) and/or “Loan” (reimbursable).
- Category B: Honorable Mention : Applicants selected will be provided with opportunities to showcase their solution through various channels.
HOW TO APPLY FOR CATEGORY A
1. Complete online application:
- Submit application through online platform on or before July 31, 2021 (midnight, Eastern Time, USA).
- Applications will be selected if they fully comply with the evaluation criteria and requirements described in the Guidelines.
2. Upload Documents:
- Written evidence of counterpart resources
- Written proof of legal constitution/incorporation
- Copies of Applicant’s annual financial statements for the last two years prepared by an external auditing firm
HOW TO APPLY FOR CATEGORY B
1. Complete online application:
- Submit application through online platform before July 31, 2021 (midnight Eastern time zone).
- Applications will be selected if they fully comply with the evaluation criteria and requirements.
2. Upload Documents:
- Written proof of legal constitution/incorporation
- Organizational presentation describing solution (5 slides max, 10 MB, in PDF format)
- Video describing solution (2 minutes max in URL format)
For questions please email:
Official Website: IDB Silver Economy Innovation for Inclusion Challenge 2021
