Innovation Hub – to foster private sector partnership projects
UNDP Bangladesh is building collaborative partnerships with private sector organizations, which are housed within the Innovation Hub - a hub which unifies UNDP projects with private sector partners. The Innovation Hub has been established jointly by two UN agencies, UN Volunteers (UNV) and United Nations Development Programme (UNDP) in Bangladesh, to provide a working space for partners to use from the very inception of development projects.
“Innovation is a new currency for development. In order to advance in what we are doing, we need to continuously find new and innovative approaches. UNDP Bangladesh has already cultivated relationships with the private sector and we are committed to continuous improvement. We will help private companies to be recognized as socially and environmentally responsible. With the Innovation Hub we start building a shared vision for 2017 and beyond,” said Sudipto Mukerjee, UNDP Bangladesh Country Director.
Private sector involvement in development initiatives was formalized in September 2015 with the introduction of SDG Agenda 2030, when the world leaders agreed that a big portion of funding for most of the development projects would have to come from the private sector. That will help overcome the SDG funding gap of USD 2.5 trillion.
The UNV-UNDP Innovation Hub supports the creation of a transformative partnership approach by providing a variety of strategic services to the UNDP and UNV programme, individual UNDP-UNV projects, government of Bangladesh and UNDP-UNV partners. The rapid delivery of these services and pilots is enabled by flexible volunteer solutions to provide rapid horizon scanning, testing, capacity building, execution, and scale-up.
The Innovation Hub model is inspired by the Venture Capital Model: the Innovation Hub brings together Private Sector Partners and the UN as investors to develop new projects that meet corporate goals by incorporating SDGs in their core business. The Hub capitalizes on the learning curve of having many private sector stakeholders working simultaneously on a similar challenge: growing business and SDG impact at once.