Innovation Funding and Finance
What this workstream is about
The Innovation Funding and Finance workstream aims to bolster scalable innovation through fostering collaborative partnerships between Australian and Vietnamese entities. It transcends traditional funding mechanisms by introducing a partnership-based framework to address critical gaps in the innovation system, such as technological challenges, sustained business models, or funding limitations. More importantly, this workstream is deliberately designed to catalyse how innovation can target environmental challenges and inclusive objectives, while pursuing economic purposes.
How it is delivered
The delivery of the Innovation Policy Dialogue aligns with Aus4Innovation’s commitment to enhance the capacity of policy makers, deepening policy dialogues around innovation, and drawing insights for policy recommendations. We therefore invest our effort on:
Hi-tech innovation grants to address sustainable challenges in the Agriculture and Food sector
At the core of this workstream is the innovation partnership grants program, building on the proven success from Phase One. These grants result in novel technological solutions ready to be transferred to local partners for use, scaling, or expansion.
Integrating with other Program activities
The results on the ground from these grant projects are also being used as case studies for specific policy research under Aus4Innovation, such as Responsible AI principles and regulations. Where applicable, they are also disseminated through innovation platforms that Aus4Innovation has developed to promote the accessibility and applicability of these solutions.
Developing a network of innovation actors and fostering Australia – Vietnam partnership
In all grant projects, a consortium of diverse innovation partners from both Australia and Vietnam – be it the academia, industry partners, government agencies, and end-users of the innovation – is established in order to realise the innovation ideas on the ground. By working hands in hands from design to implement, and to deliver the impact of the project, partners better understand the ways of working, culture, value, capacity of others, helping the partnership become more enduring and sustainable. This contributes substantially to the innovation networks within Vietnam, as well as to the Australia – Vietnam innovation partnership.
What success looks like
A successful portfolio of thematic innovation projects
A thematically organized portfolio of innovation grant projects demonstrating tangible outcomes utilizing high-tech solutions that are relevant to sustainability and social inclusion is fruitfully delivered on the ground.
An effective funding mechanism to support innovation to spur
A comprehensive process to manage funding to support innovation projects towards sustainable and inclusive objective is developed, disseminated, and transferred to local partners for reference, to support a more effective funding mobilisation, allocation, and management to boost innovation.
Durable partnerships
Establishment of enduring partnerships between Vietnamese and Australian researchers, with universities, research institutions, government agencies, and the private sector adopting knowledge and technology mobilization approaches developed during grant projects. These stakeholders continue to seek new opportunities beyond Aus4Innovation to apply technology with environmental and social relevance.
Sustainability and scaling
Projects within the Aus4Innovation grants portfolio successfully progress to further funding and support streams, scaling within selected business ecosystems to achieve sustainable growth.
