To MonoJO, corporate social responsibility means running a sustainable business that continues to invest in innovation and research. ASRF- Applied Scientific Research Fund was born from the success story of MonoJO.
Established as a non-profit organization, ASRF promotes the development of research and innovation. ASRF was initially funded by Entrepreneur Samih Darwazah, founder of Hikma Pharmaceuticals. ASRF now targets entrepreneurs from the health care sector to work on projects in medical and pharmaceutical sectors.
The organization supports the creation of a sustainable innovation ecosystem in Jordan and the Middle East. ASRF will fund innovations that have market potential and the return on investment will be through intellectual property commercialization.
ASRF, established in 2011, helps innovators bring their ideas into business reality. Penelope Shihab, founder of MonoJO biotech; a unique biotech company in the region, started ASRF to support young entrepreneurs like herself to build their ideas and start their own companies.
From her experience, innovators do not tend to find the initial support they need to continue their projects, especially in the healthcare sector. Young innovators come to ASRF with their ideas and a small research about their potential applications. ASRF then helps them with the following steps: capacity building, mentorship, seed funding, and providing needed connections.
ASRF tends to assist innovators in applying for their patents, build their prototypes, and commercialize their outcomes.
If you are an enthusiastic, dynamic, and motivated inventor who have a new idea that solves an issue in the healthcare sector, please do not hesitate to pay us a visit.
We are committed to creating economic and social development and awareness by becoming a leading innovation support organization in the Arab region.
We aim to support potential Arab innovators in the healthcare sector through capacity building, funding their projects, and providing them with the needed network.
Do you have a new idea and wondering what the next steps are? Follow me for some tips on what you should do NOW!
Does your idea solve a problem? Who will benefit from your invention? Did someone else solve this problem before? How did they solve it? How is yours unique? Do you need to alter your product/service to match current world and market needs?
Before you present your idea to others, you will need to know how your idea helps others. No one can do this for you! You will need to know what problem your idea solves; is it a disease, a weakness in other technologies, a disorganization problem?
More importantly, you will need to know who your potential customers are; Students? Doctors? Patients? Scientists? From a business perspective, you will also need to know where is this issue considered a major problem; is it a local problem, a regional one, or a worldwide one? Where is this problem more common than other places?
Finally, your idea must be innovative. It should solve a problem in the best possible way!
Do you have a clear description of your idea? Did you consult someone with scientific and business expertise? Will you be able to protect your idea?
Before you approach ASRF or any other institution, you will need to have a sketch or a simple, clear description of your product/service. You must be able to explain how your idea is different and how is it applicable. Afterwards, you should contact an expert in a relevant scientific field to consult them regarding the scientific significance of your idea. ASRF will be able to direct you to university professors and other scientists in the healthcare field. Protecting your idea is essential in the regions where you are planning to sell your product/service. A preliminary search is required to assess if your idea is patentable. ASRF can help you find specialized firms that conduct the preliminary search. If your project matches ASRF requirements, ASRF may either provide you with seed funding directly, or nominate your project for future calls.
How much will your prototype cost? How much will you need to pay for patent applications? How much fees will you need for consultations? Will you need to travel, and how much would it cost?
It is understandable that the costs will be estimated, and the estimations might sometimes be very different from reality, however, you will need to build an approximate budget in order to talk to possible investors and donors. Prepare yourself, EVERYONE will ask you about the spending! If you need a prototype, estimate its costs. If you need consultation, put the consultants’ fees into consideration. Will you need to attend any conferences or workshops to further develop your idea?
After you set your technical and business plans, you should start looking for funding opportunities. If you qualify for funding opportunities at ASRF, apply either through our website our visit us at our office, and ASRF might provide you with the seed fund you need. Other funding opportunities are available in the region. You should knock all possible doors to reach your goal. Look for angel investors and entrepreneurs. Be confident and professional when you talk to potential investors.
ASRF can give you necessary skills and training, however the secret is: BELIEVE IN YOURSELF! Eventually, you will succeed.