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THE INNOVATIONXCHANGE APPROACH

Our Approach

How will innovationXchange engage with new actors and ideas?

We are guided by a high level International Reference Group made up of global thought leaders. They will help identify and connect us to exciting opportunities, track emerging trends in their varied fields, including technology, innovative finance, philanthropy and social enterprise, and expand our networks.

We will seek out new partners, expertise and networks of relevance to our priority work areas.

There will be a number of ways to collaborate with innovationXchange and these will continue to expand over time. At present:

  • New ideas from any organisation or individual, in any partner country can be submitted to the Global Innovation Fund - www.globalinnovation.fund.
  • Ideas which are specifically focussed on the Pacific, and which have social impact and commercial viability potential will be considered through the SEED Pacific Initiative.
  • Innovative ideas for humanitarian preparedness, response or recovery; or which extract sustainable economic value from oceans should be discussed with innovationXchange – new pathways in these areas are coming soon.
  • Ideas which catalyse alternative finance for development impact – contact the Xchange.

We will seek to collaborate with external partners – both organisations and individuals – as well as harnessing the knowledge and creativity within the Department (through the Ideas Challenge) to generate, test and develop new ideas. Stay informed of these opportunities to contribute through registering here.

How will we select innovative investments?

InnovationXchange will develop a diverse portfolio of innovation investments that, if successful, can be adapted, replicated and scaled up. These investments will help drive the changes required to infuse innovation across the Australian aid program.

We will select proposals that offer the opportunity to learn, the potential to deliver greater cost-efficiencies or greater impact than current approaches and the potential to be sustainable and scalable.

InnovationXchange is pursuing the following objectives, which aim to change the way that we design and deliver the aid program:

  1. New ways to call for ideas: those with potential to transform development
  2. New partnerships and collaboration: challenging our standard approach of contracting for a pre-defined body of work by introducing more flexible ways to partner and ‘co-create’
  3. New ways of financing development: testing different financing instruments and accelerating a shift to paying for results
  4. New ways of expanding reach: searching for solutions that exploit low cost technologies or generate financial returns to deliver better development outcomes for more poor people
  5. A special focus on the Pacific: the Pacific region is not currently benefiting from the global focus on development innovation