Adventist Development and  Relief Agency (ADRA) Norway and Somalia Response Innovation Lab (SomRIL) with the support of Innovation Norway, are looking for solutions in Somalia to address the financial challenges confronting the impoverished Somali communities by seeking innovative financial solutions from the local ecosystem to bolster the local capacity and stimulate innovative financial Solutions.

The financial challenges faced by the vulnerable communities in Somalia are deeply rooted in the long-standing and intricate Somalia humanitarian crisis. This crisis stands as one of the world's most challenging and protracted emergencies. Factors underpinning the crisis have collectively wrought havoc on the livelihoods of the Somali people and exacerbated the detrimental impacts of recurring natural disasters, such as droughts and floods.

Through the utilization of a community-led and ecosystem-driven design thinking and doing the process of Response Innovation Lab (RIL), with funding support from Innovation Norway, FIRM will map the depth and breadth of problems and derive innovative solutions from the broader ecosystem. Within this framework, the project will draw upon SomRIL's approach to humanitarian innovation, characterized by its pillars of innovation, namely: convening, matchmaking, co-creation, and the generation of evidence from the pilots. 

The challenge was conceptualized through a co-creation workshop in March 2024 bringing  together both the traditional and non- traditional actors (start-ups, private sectors, academia) to unpack the key challenges in the space of innovative financing and define the challenge statements for the solution scouting process.

The application closes on the 25th of October 2024.

Application pitch preparation: 1 day pitching bootcamp to prepare shortlisted applicants for final pitching.

Fund: Selection of high potential innovators who receive grants of up to $50,000 each to test their innovation in the field.

Accelerate: 6 month acceleration program supporting funded innovators to grow their solution by connecting them with potential funders, partners and Country Offices who can support implementation. Working with innovators to capture learnings and impact and sharing knowledge. Building and nurturing a community of innovators, alumni and support networks.

Problem Statement: How might we generate new opportunities for grassroots entrepreneurship in Somalia by engaging the Somali diaspora community and Somali financial institutions in developing new financial products and services?

While all solution providers are invited to apply, priority will be given to:

• Solutions addressing financial education with a focus on female entrepreneurship;

• Solutions seeking to help entrepreneurs understand their investment to prevent the risks in their business and gain more profits with favorable financial products from the private sectors;

• Financial Solutions looking to provide risk mitigation/management products to avert losses in the eventuality of disasters.

All solution providers are encouraged to apply.

*Fadlan ogow in codsiyada lagu soo diri karo iyagoo Somali ku qoran. Haddii aad u bahantahay xog dheeraad ah, fadlan la xidhiidh kooxda u xilraasan mashruuca FIRM

Eligibility 

• Possess a valid registration/certificate of incorporation for operating in Somalia and at least 1 year of operation

• Have proof of a revenue-generating business (total turnover in the case of cooperatives) of at least the equivalent of USD 30,000 for the full year of 2023

• Be a team of at least three full-time members dedicated to the MSME/cooperative, including the founding team

• At least 50% of the founding and/or senior management team must be from Somalia

• Level of Innovation: The solution represents something significantly new for Somalia or that exists in other regions

• Impact: impact people affected by humanitarian crises; they receive help for things they have not received help before, or they will receive better and more efficient help

• Organizational Readiness: Proposal is rooted within the Organisation and with managers from the involved offices/units. The project group has the roles, functions, technical expertise and institutions necessary to undertake the innovation. The Organisation has made clear plans for how to develop and implement the innovation

• Scaling Potential: Clearly aims to scale the solution to reach more people, new geographical areas, or new organization

• Financial Sustainability: Clear business model and is financially sustainable