How it works

Twice a year, the Innovation fund opens its doors for an intake of applications. Applications have now closed for the first intake of 2019. The next intake will open on 5 August 2019.

Apply now

Applications are now closed

The next intake is scheduled to open in August 2019

  1. Focus areas

    The innovation fund is looking for ideas and solutions to tackle to following area/s:

    Improving Existing Public Services

    Examples of existing public services could include things like: animal registration processes, enrolling at a GP, emergency response communications, simplifying/automating entitlements or tracking livestock movements etc.

  2. Deadline

    Deadline for applications

    Applications for the February intake are now closed. The next intake is scheduled for August 2019.

    days

    hours

  3. 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.

    Those with:

    • A great idea that could provide value to the NZ government, Westpac, and New Zealanders
    • A unique proposition
    • Commercial potential

    Those who are:

    • Established businesses
    • Start-ups
    • Student teams
    • Government agencies
    • Private organisations that service government
    • NZ citizens and residents
  4. Criteria

    Each application is assessed on its merits, however there area some key criteria you need to meet to be considered:

    • Clear articulation of your propositions value to the Government
    • Clear articulation of your propositions value to Westpac
    • An identified Government Agency Sponsor that will own your ideas 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?
  5. Creating value

    The projects we fund aim to create value in the following areas:

    The NZ 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 makes interacting with the NZ Government surprisingly good

    Westpac

    • Value to Westpac customers
    • Brand and reputational based value
    • Value generated via new opportunities
    • IP based value

    The Fund

    • A return on investment to the Fund
  6. What's up for grabs?

    There is a total funding pool for this intake of up to $300,000 + 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 ask, please get in touch!

  7. Why apply?

    What you get

    • Help bringing your idea to life
    • Access to our network of experts
    • A critical review of your idea by industry experts

    What we get

    • To help you bring your idea to life
    • Recognition/realisation of the value created from your proposition
    • A case study on our website
  8. The process

    Each intake takes approximately 10 weeks from the submission deadline to the final decision. Here is how the process works:

    15 January 2019

    Intake opens

    Once an intake opens, you will have until midnight of the deadline to submit your proposal. To participate in an intake, you must complete an application which includes:

    • General information about you and your idea.
    • A Lean Canvas: a one-page template that helps you to get an idea out of your head into an easily digestible format. Unlike a business plan that can take a long time to write, the Lean Canvas is designed to help create a quick snapshot of your idea to share with us for early feedback, and help refine your proposal.

    Applications for the February intake are now closed. The next intake is scheduled for August 2019.

    Application deadline

    Applications must be received by midnight NZT of the deadline date. Applications received after this time will only be accepted if you have acceptance in writing from the Innovation Fund prior to the deadline time and date.

    14-28 Feb 2019

    Applications assessed

    Applications are assessed initially by an assessment panel. Only successful candidates will proceed to the next stage. If you are successful, you will be assigned a liaison to help guide you through the remainder of the process.

    Gate 1

    Week Commencing 4 March 2019

    Successful Candidates Announced

    5-20 March 2019

    Prepare for the Expo

    The expo is a private event that gives you the opportunity to share your idea in person in a semi-relaxed environment. Your liaison will help you to prepare for this event by providing early feedback on your proposal and giving you an idea of what to expect.

    21 March 2019

    Private Expo

    The expo is open to the assessment panel and liaisons only. You, along with a number of others participating in the intake, will be given a couple of 20 minute timeslots to share more about your idea, gather feedback, and ask questions to the assessment panel. Only successful candidates will proceed past this stage.

    Gate 2

    Week Commencing 25 March 2019

    Successful Candidates Announced

    26 March-23 April 2019

    Develop Final Proposal & Presentation

    Based on the feedback from the expo, and guidance from your liaison, you will develop your final proposal in the form of a document called 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.
    • The verbal/visual presentation can take any form you like, but will be time boxed to 10 minutes.

    24 April 2019

    Final Proposal Submission Deadline

    Your final proposal document(s) must be received by midnight NZT of the deadline date. This is to allow the assessment panel enough time for prereading before your final presentation. It's important to ensure that your information is clearly articulated and concise to help with speed of decision making and quality discussion.

    2 May 2019

    Present to the Panel

    Final presentations are held at the main Westpac office in Wellington, but Skype capabilities are available if necessary. You will have a 30 minute slot that will strictly follow this format:

    • 5 mins – setup and intros
    • 10 mins – presentations
    • 15 mins – questions and answers

    Gate 3

    Week Commencing 6 May 2019

    Final decisions announced

    Decisions are made by the assessment panel following all candidates' final presentations. 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 4 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 be kept in the loop with progress and help where required. At the end of it all, a case study will be published on the Innovation Fund website, and you will be added to the alumni!

  9. Governance

    The Innovation Fund has two governing bodies: The Working Group and the Steering Committee. The Working Group members are assigned to candidates as liaisons to help them navigate the process, and the Steering Committee govern the fund and make up the assessment panel.

    Liaisons

    Dave Gillespie, Inland Revenue
    Jo-Anne Taylor, Ministry of Business, Innovation and Employment
    Elena Higgison, Department of Internal Affairs
    Sara Williams, Tertiary Education Commission
    Garreth Morgan, Westpac
    Paul Hodgson, Westpac
    Dan Symons, Westpac
    Navin Bhat, Westpac

    Assessment Panel

    Kim Connolly-Stone, Ministry of Business, Innovation and Employment
    
Bruce Simpson, Ministry of Social Development

    Grant Lyons, Land Information New Zealand

    Joel McIntosh, Westpac
    
Brent Chalmers, Westpac

    Matt Haigh, Westpac

    The Innovation Fund Team

    Simon Rogerson, Director and Chair of the Working Group
    Rosie Lewis-Stone, Delivery Manager

  10. FAQs

    How 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 my idea fits more than one intake focus area, do I submit one application or two?
    You should submit one application and clearly articulate the benefit/s or problems your proposition addresses for each area.
    If I/we are receiving funding from another source, am I/we eligible to enter an intake?
    Yes.
    If I include a video with my submission, will it be considered?
    Yes. But keep it concise!
    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 funds 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: productisation of a solution (i.e. directly generates a revenue stream), intellectual property sharing, licencing, risk reduction, access to new markets, brand enhancement, etc.
  11. Terms & conditions