MedTech Actuator to help medtech startups to bring discoveries to market in Victoria
Victorian medical technology startups will have access to unprecedented financial support with the Andrews Labor Government securing the national headquarters of the MedTech Actuator program.
The program will offer innovative startups up to AU$2.7 million in funding over 15 months. This, combined with Commonwealth R&D tax incentives, means startups could access nearly AU$4 million to help them bring their discoveries to market.
The MedTech Actuator will help more local entrepreneurs and startups take their great ideas from the lab to the marketplace – driving more jobs and investment in this fast-growing sector, according to the media release.
Backed by venture capital firm Artesian, the Medtech Actuator will run intensive 15 month programs to help up to 40 startups each year commercialise their discoveries.
The Actuator aims to: expedite technology transfer and research translation; create a dynamic workspace environment; provide a mentorship program; drive agile product development; de-risk early stage ideas; stimulate the startup ecosystem; and bring together industry and stakeholder groups to pool efforts and increase impact.
Supporting Victorian innovators will help to secure advanced manufacturing jobs and a bigger share of the global medical technology market that is expected to be worth over AU$500 billion by 2022.
Basing the national startup headquarters in Victoria will help grow the concentration of medtech companies here, attract international investors and up-skill local talent.
The Labor Government has already identified medtech and pharma as a key growth industry of the future. It is helping the sector grow with a dedicated sector strategy and targeted investment through the Future Industry Fund.
The Labor Government also supports Victoria’s best and brightest entrepreneurs through the AU$60 million LaunchVic fund as part of its push to position the state as the number one tech destination in the Asia Pacific.
The Medtech Actuator announcement comes on the same day as Melbourne hosts Medtech’s Got Talent (MTGT) – Australia’s largest medtech startup competition. The Labor Government has supported MTGT for a number of years and this year’s winners will be announced this evening.
Minister for Innovation and the Digital Economy Philip Dalidakis said, “Melbourne is the natural home for the Medtech Actuator’s national headquarters – we have one of the world’s largest life science clusters, with world leading research and advanced manufacturing capability.”
“Our potential to create innovative healthcare solutions is among the world’s best and our local startups are leading the way.”