How It Works
Applications have closed for the 'Improving Supply Chain Transparency' intake, keep an eye out for the new intake theme later this year.
Focus area for intake * currently closedImproving Supply Chain Transparency
Transparency in the supply chain is a broad and complex topic. It affects all of us: as consumers, as businesses, as government agencies, and as citizens.
We are more sensitive now, than perhaps at any time previously, about where our ‘stuff’ comes from: who made it; how ethical or sustainable the process was, and how people and the environment were affected by the manufacture or transport of it.
As COVID has also emphasised, businesses are increasingly concerned about logistical vulnerabilities in their supply chain.
Transparency in the supply chain is important to help us make better decisions and drive better outcomes, but this can also increase complexity and expense for those providing the information to enable transparency.
How can we do better?
We are looking for applicants who have ideas that will support, or directly address, one or more of the many enablers and barriers that will ultimately improve the transparency in the supply chains that affect our everyday lives.
This could take many forms:
- You might be someone who is championing systemic improvements to the legislation or regulations which underpin procurement and other supply chain related activities.
- You might be able to solve a challenge/problem which can then be replicated elsewhere – no matter where that change is needed or how small it might be.
- You might have a ‘quick win’ idea that is simple and implementable – not reliant on new laws or complicated technology.
- You might have an already proven solution that could be adopted, shared, or scaled-up to address a broader problem for others.
We have up to $350k funding available for the best propositions and we are ideally looking to fund multiple recipients within this amount (for guidance, n x $10-$100k) - but this shouldn’t stop you from applying if you think you have the ‘one idea to rule them all’.
We have commissioned a piece of research from the team at ThinkPlace to provide some context, suggested focus areas, and key questions relating to supply chain transparency. This is included in the application pack and is also available on our website here.
Applications have closed
Who We Fund
We provide funding and expertise that support the identification, validation and championing of innovative ideas and opportunities that make a difference for all New Zealanders.
- A great idea that could provide value to the New Zealand government, Westpac, and New Zealanders
- A unique proposition
- Commercial potential
- Some or all of the above
Those who are:
- Government agencies
- Private organisations who work with government
- New Zealand citizens and residents
Each application is assessed on its merits, however there area some key criteria you need to meet to be considered:
- Clear articulation of your proposition's value to the Government
- Clear articulation of your proposition's value to Westpac
- An identified Government Agency Sponsor who will own your idea's outcomes and/or provide a home for the proposition once it is delivered
Additional points we factor into consideration:
'Does the proposition'...
- Develop and deploy solutions which are extensible and flexible?
- Consider the needs of multiple government agencies as part of the design to ensure broader application and validation?
- Leverage existing platforms, capabilities, and assets to ensure that investment and capability are shared?
- Help with better decision making?
- Take an investment approach?
- Consider the total lifetime cost and value/impact of innovation?
- Address the root cause?
- Take an innovative approach to problem solving?
- Consider the customer experience?
- Include standard technologies? (rather than highly proprietary)
- Build working examples: learn, design, develop, and validate durable innovation through practical experience of trial and error?
- Accept the possibility of failure?
- Move as quickly as possible to working examples in order to test theories and concepts with real people, in the real world?
The projects we fund aim to create value in the following areas:
For the New Zealand Government
- Creating economic, social, environmental and/or political impact
- Take an all-of-government approach
- Delivers services digitally by default
- Introduces new services and design that make it surprisingly good to interact with the New Zealand government
- Value to our customers
- Value to our brand and reputation
- Value generated via new opportunities or intellectual property
What's Up For Grabs?
The funding pool is published for each intake but is usually between $100k and $300k + GST. The full amount may be granted to one grand idea, or split between multiple ideas from multiple candidates based on their relative value and merits. Funding may be granted to ideas at all different stages of the innovation lifecycle.
For ideas that pass through the initial assessment gate, we’ll work closely with you to help you further develop your thinking to bring your idea to life.
If you’re not quite sure how your idea might fit into a funding round, please get in touch!
What you receive
- Help bringing your idea to life
- Access to our network of experts
- A critical review of your idea by industry experts
What we receive in return
- The challenge of helping you bring your idea to life
- Recognition/realisation of the value created from your proposition
- A case study on our website to document and showcase success stories
Each intake takes approximately 10 weeks from the submission deadline to the final decision. Here is how the process works:
Improving Supply Chain Transparency Application Deadline
Applications must be received by 5pm on the deadline date. Applications received after this time will only be accepted if you have agreement in writing from the Innovation Fund prior to the deadline time and date.
Improving Supply Chain Transparency Applications Assessed
Applications are assessed by an assessment panel. Only successful candidates will proceed to the next stage. If you are successful, you will be assigned a liaison person to help guide you through the remainder of the process.Gate 1
Improving Supply Chain Transparency shortlisted candidates who progress to the next round are announced
Improving Supply Chain Transparency shortlisted candidates develop final proposal and presentation
With guidance from your liaison, you will develop your final proposal in the form of a document called an Investment Proposal and a verbal and/or visual presentation:
The Investment Proposal is a more detailed explanation of your idea and covers information such as: what's the crucial problem you're trying to solve, what are you planning to do, how are you planning to do it, what does success look like, and what are the deliverables, timing, and financials.
Improving Supply Chain Transparency final proposal submission deadline
Your final proposal document must be received by midday NZT of the deadline date. This is to allow the assessment panel enough time for pre-reading and watching your pitch video. It's important to ensure your information is clearly articulated and consise to help with speed of decision making and quality discussion.Gate 2
The assessment panel makes their funding decisions
Decisions are made by the assessment panel after viewing the pitches and reading the investment proposals.
Funding decisions for the Improving Supply Chain Transparency shortlisted applicants are announced
The Innovation Fund team will contact you to let you know of the outcome. Good luck!
What to expect next
For successful candidates, the Innovation Fund team will work with you through the paperwork to release the funds. This process takes approximately 8 weeks but may take longer for complex pieces of work. After the funds have been released there will be regular touch points with the Innovation Fund and your liaison will be kept in the loop with progress and help where required. At the end of your project, a case study will be published on the Innovation Fund website, and you will be added to the alumni.
The Innovation Fund has two governing bodies: the Working Group and the Investment Board and these are made up of 50/50 Westpact/Government representation. The Working Group members are assigned to candidates as liaisons to help them navigate the process, and the Investment Board govern the fund and make up the assessment panel.
Alice Bray, Waka Kotahi - NZTA
Ryan Vine, New Zealand Defence Force
Kethakie Wahundeniya, Ara Poutama Aotearoa - Department of Corrections
Nina Ive, TEC
Garreth Morgan, Westpac
Paul Hodgson, Westpac
Dan Symons, Westpac
Navin Bhat, Westpac
Ingrid van Elst, Ministry of Business, Innovation and Employment
Johanna Day, Ministry of Business, Innovation and Employment
Joel McIntosh, Westpac
Brent Chalmers, Westpac (Chairperson)
Chris Durney, Westpac
The Innovation Fund Team
Simon Rogerson, Director and Chair of the Working Group
Claire Fairhead, Delivery Manager
FAQsHow much can I ask for?We will provide guidance of the funding available for each intake. You may request more (or less) than the intake budget, however the amount awarded to successful candidates is at the discretion of the Assessment Panel.Can I submit more than one idea?Yes! There is no limit to the number of entries you can submit.If I/we are receiving funding from another source, am I/we eligible to enter an intake?Yes.Will the Innovation Fund take a percentage stake in my idea?No, not generally. In fact, we will help you look at ways to help you protect your intellectual property.What methodology is used to deliver innovation?We do not enforce a particular method, but we have a preference for agile practices.How does Westpac get a return on investment?The Fund's framework allows for a wide range of approaches to share risk and return between Government, Westpac, and other third parties. Options to provide a return for Westpac could include: value to Westpac's customers, productisation of a solution (i.e. directly generates a revenue stream), intellectual property sharing, licensing, risk reduction, access to new markets, brand enhancement, etc.
Who is eligible to apply to the fund?You must be a New Zealand Citizen or Permanent Resident, or a New Zealand company to be eligible to apply for the fund.
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