Bringing innovative ideas to life. Today.

We provide funding and expertise that supports the identification, validation and championing of innovative ideas and opportunities that make a difference
for NZ.

The Innovation Fund is jointly governed between Westpac and the Government. We support Government agencies and those servicing them to solve problems and uncover opportunities big and small, with the aim of helping to create services and experiences that make a difference for citizens and businesses.

About the fund

We live in an age when technology is moving faster than most businesses and government agencies. And while the benefits of this brave new world are extraordinary, it’s often hard to seize the opportunities as they happen.

The Innovation fund (also referred to as Innovation as a Service, or IaaS) is a $10 million initiative – set up as a joint program by the New Zealand Government and Westpac to help government agencies do just that.

The aim is to identify and solve real-world issues, and drive solutions that are tangible, valuable and inspiring for all
New Zealanders.

What do we fund?

If it is considered valuable to the Government and has the commercial potential to provide an ROI to the fund, then we will consider it for funding and/or support. As well as funding for a ‘big idea’, we can support you from ideation validation, through to prototyping, proof of concept, refinement, and if successful, to deployment.

Who can apply?

The majority of our applicants fall into 2 broad categories:

  • Government Agencies

    We have seen multi agency applications, joint funding applications with other funding providers, and government agencies with private partners.

  • Private organisations

    Who are servicing, or looking to provide services too government agencies/outcomes.

What’s the criteria?

We assess each application on it’s merits, and are happy to work through the detail of this with you. The key criteria you’ll need to consider include:

A Government sponsor that will own the outcomes/provide a ‘home’ for the proposition once realised.

The value to government (ideally across more than one agency).

A return on investment to the fund.

What we do

Listen

We listen to those that want to make a difference, and to make things better. People who have a problem to solve and might need some support or funding to find and prove out a smart solution.

Fund

There are no set limits to funding amount. However, this framework lends itself to staged investments based on iterative design. Funding can take many forms, but we typically are not looking to take equity stakes in businesses.

Support

We have access to in-house (and external) expertise across a broad array of disciplines. In particular we can help refine your thinking and approach. Coaching and supporting you to help turn your ideas into real world outcomes.

Collaborate

As well as expertise, we can help connect you to potential partners and customers in the government and private sector, bringing together people with shared problems or experiences to learn from and grow with.

Let's Innovate

Talk to us