The founders and CEOs of the two crowdfunding platforms that won the 2021 IsDB Prize for Impactful Achievement in Islamic Economics delivered lectures at the Islamic Development Bank Headquarters in Jeddah on 12 September 2022.

Mr. Chris AR Blauvelt, the founder and CEO of LaunchGood, and Mr. Zain Ashraf, the founder and CEO of Seed Out, in separate presentations on their prize-winning projects, explained how their crowdfunding platforms create social and economic impact.

The two crowdfunding platforms won the ‘Development Achievement’ category of the Prize for their innovative and impactful roles in funding projects that advance the principles of Islamic Economics. LaunchGood won the first prize of US$100,000, while Seed Out won the second prize of US$70,000.

During the lectures, Mr. Chris AR Blauvelt and Mr. Zain Ashraf shared their experiences and the motivations that led to the creation of their two platforms. They showed how crowdfunding can lead to a significant and wider impact for better socio-economic development and help realize the potential of people.

The two founders/CEOs believe that crowdfunding support works more from appeal to hearts than the mind.

LaunchGood is a crowdfunding platform that harnesses technology to bring the Islamic value of charity into the contemporary and digital space. Seed Out is a micro-entrepreneurs crowdfunding platform that addresses economic problems with a focus on solving individual financial challenges.

A video recording of the lectures is available on IsDBI YouTube channel here (https://bit.ly/3UqvuQs).

The IsDB Prize for Impactful Achievement in Islamic Economics, coordinated by the IsDB Institute, rewards outstanding achievements in two categories, offered in alternate years, namely (i) Development Achievement and (ii) Knowledge Contribution, with each category having 1st, 2nd and 3rd place awards.

The Development Achievement category comes with a cash award of US$ 100,000 for the first prize winner, US$ 70,000 for the second prize, and US$ 50,000 for the third prize. For the Knowledge Contribution category, the cash awards are US$ 50,000 (first prize), US$ 30,000 (second prize), and US$ 20,000 (third prize).

Nominations are now open for the 2023 cycle of the prize, which is for the Development Achievement category.  More information is available on the IsDB Prize Portal (https://IsDBInstitute.org/awards/).