In 2015, the innovationXchange (iXc) at the Australian Department of Foreign Affairs and Trade was launched as part of the Australian Aid Program to address the growing need for innovative and transformative solutions for intractable problems facing people living in developing countries. The iXc aims to foster a culture of innovation in our aid program by harnessing new technologies, methodologies, and partnerships. It understands collaboration is pivotal, partnering with other government agencies, the private sector, NGOs, and academics to source new ideas for piloting and experimentation.
Each of the iXc’s development portfolios – health and water, economic growth and humanitarian – challenge convention, seeking new ways to multiply the impact of Australian aid in the Indo-Pacific. The iXc has led a variety of open innovation processes to help improve humanitarian responses in the Pacific, aquaculture in the Indian Ocean, and food choices to reduce worsening malnutrition levels in our region. It is also initiating an ambitious social entrepreneurship and financing agenda to equip local innovators and entrepreneurs with the skills, networks, capital, and access to markets required to make their businesses viable, attractive to investment, and scalable.
With global partners the iXc supports an online platform to allow hundreds of organisations across the world to share information on innovations and seek finance for them where necessary. It will seek to invest in a range of debt, equity and grant funding initiatives that enable new technologies, behavioural science approaches, and business models to be explored. The iXc believes it is crucial for all contributors to share lessons learned on development innovations being trialled and will continue to seek opportunities to scale successful pilots.
For more information, you can visit: to https://innovationxchange.dfat.gov.au/
Founded by Jamsetji Tata in 1868, the Tata group is a global enterprise, headquartered in India, comprising over 100 independent operating companies. The group operates in more than 100 countries across six continents, with a mission ‘To improve the quality of life of the communities they serve globally, through long-term stakeholder value creation based on Leadership with Trust’.
There are 29 publicly-listed Tata enterprises with a combined market capitalisation of about $116 billion (as of March 31, 2016). Tata companies with significant scale include Tata Steel, Tata Motors, Tata Consultancy Services, Tata Power, Tata Chemicals, Tata Global Beverages, Tata Teleservices, Titan, Tata Communication and Indian Hotels.
In tandem with the increasing international footprint of Tata companies, the Tata brand is also gaining international recognition. Tata companies bring to their customers worldwide a whole host of reputed brands which touch their lives every day. Brand finance, a UK- based consultancy firm, has valued Tata’s multi-brand portfolio at over $23 billion in 2016.
Tata companies are building multinational businesses that seek to differentiate themselves through customer-centric, innovation, entrepreneurship, trustworthiness and value-driven business operations, while balancing the interests of diverse stakeholders including shareholders, employees and civil society.Ratan Tata, former Group Chairman, Tata group, is a true believer in India’s potential to solve global problems at an exponential scale, with its abundance of intellectual prowess and tech-savvy minds. He has made a string of personal investments in new ventures which embody the creativity and innovation of young India.