We provide funding and expertise that supports the identification, validation and championing of innovative ideas
and opportunities that make a difference
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.
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
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.
The majority of our applicants fall into 2 broad categories:
We have seen multi agency applications, joint funding applications with other funding providers, and government agencies with private partners.
Who are servicing, or looking to provide services too government agencies/outcomes.
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.
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.
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.
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.
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.
You identify a problem/opportunity that aligns to the Innovation
You identify and engage an appropriate sponsor in a Government Agency
You engage with the Innovation Fund team and work through the submission of an
You pitch the idea to the
The Working Group evaluates
the idea, and provides
You pitch the idea to the
The Steering Committee
evaluates the idea, and
The Innovation Fund team facilitate the commercial sign-offs and funding handover
Innovation begins! (with monitoring and support happening in parallel)
Depending on the proposition this could be further iterations/review/agree next steps