Measuring Impact and Collaboration with Westpac NZ Government Innovation Fund

ac NZ Government Innovation Fund. Pictured:

Image provided by Westpac NZ Government Innovation Fund. Pictured: two of the three founders of Daisy Lab, Nikki Freed and Emily McIsaac. Daisy Lab are participants in the Westpac Government Innovation Fund (WGIF), find more information about them here.

The Westpac Government Innovation Fund (WGIF), established eight years ago with a total investment of $10 million, selected Ākina to measure the effectiveness of its funding. With 18 months remaining, the aim was to provide an independent view, share insights with stakeholders, and communicate the value created.

Measuring Impact and Collaboration with Ākina

The fund, occupying a unique niche in innovation funding, collaborated with Ākina to define measurement metrics. Our expertise guided the fund in understanding its distinct position and establishing metrics in line with industry standards and public expectations. The collaboration was described as strong and effective, with the Ākina impact consulting team leading at the right times, providing guidance without overshadowing WGIF’s brief, and maintaining a balanced approach.

The collaboration involved a staged approach to data collection, including workshops and individual interviews with key stakeholders. The process aimed to gather insights from a diverse range of perspectives, ensuring a balanced understanding of the fund’s impact.

The impact report emphasised the qualitative nature of the fund’s impact, focusing on stories, experiences, and systemic impacts rather than solely quantitative metrics. Governance structures, including an independent board and working groups, were highlighted, emphasising the involvement of government and banking representatives in decision- making.

Over eight years, the fund invested in diverse impact areas, including quality housing, decarbonisation, supply chain transparency, the future of work, financial well-being, and Improving the public sector. The fund developed and refined an intake model, conducting themed intakes to gather innovative ideas around specific societal challenges.

While the impact report that Ākina completed for the fund did not prompt an immediate change in funding criteria, it affirmed a shift in the fund’s focus towards societal change. The report influenced the way the fund perceived itself and communicated its value and it contributed to a shift in narrative and stakeholder engagement.

The impact report and insights from Ākina empowered the fund to articulate its journey and contributions effectively. The fund aimed to share its intellectual property with government agencies and other organisations, enhancing storytelling and stakeholder engagement. The report played a role in conveying the fund’s impact beyond financial investments.

Conclusion

Our measurement of the Westpac Government Innovation Fund’s impact, reflects on financial investments, qualitative impacts, societal changes, and the legacy it leaves behind. The collaboration with Ākina stands as a model of effective partnership, guiding the fund in measuring and articulating its impact. The case study prompts reflection on challenges faced, lessons learned, and the potential for the fund’s unique model to inspire future initiatives in government innovation and social impact.

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