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Victoria pledges new funding to grow health startups through LaunchVic

Victoria pledges new funding to grow health startups through LaunchVic

The Victoria Government in Australia recently
announced
new funding to accelerate the growth of health startups and
capitalise on the strong medical industry in Victoria.

“Victoria is a
leader in innovation and a leader in medtech and pharma – we want to combine
these to create new companies and medical technologies that could enhance or
save lives,” said Minister for
Health Ms Jill Hennessy.

Currently, Victoria’s health sector contributes A$30 billion
each year to the state and is the largest and fastest growing source of
employment. The recently released 2018 Global Startup Genome report
named Melbourne one of the world’s most important global health and life
sciences ecosystems.

“We want to use our
strengths in health and life sciences to create more successful startups and
boost local jobs,” said Minister
for Innovation and the Digital Economy Mr Philip Dalidakis.

Delivered by Victoria’s startup development agency
LaunchVic
, the funding will support accelerator and education programs
focused on the health sector – including medtech, biotech, pharma, health and
aging services and disability services.

LaunchVic is seeking to invest up to A$1 million per
application for Accelerator
programs that run up to three years and are focused specifically on
the Health Startup Sector. LaunchVic will accept applications for up to A$3 million only if they are exceptional. It would
particularly welcome accelerators that are led by or partner with Victorian
Hospitals as these provide more opportunities for innovation pull and
validation of health startup problems.

It will also invest up
to A$250,000 per application for founder and investor education
services dedicated to the Health Startup Sector including but not limited to: founder education programs on
commercial strategy; reimbursements; domestic, international regulatory
environments and other programs; and investor education for angels focused on the Health Startup
Sector.

A preference will be given to accelerators that are led by
or partnered with Victorian hospitals. Applications for funding will close on 5
July 2018.

In Victoria, 11% of startups and scaleups are health and
wellbeing companies. These businesses account for 26% of startup jobs,
disproportionately larger than any other industry in Victoria’s startup sector.

According to LaunchVic
CEO Dr Kate Cornick, leveraging
Victoria’s strengths and supporting startups that are focused on health will
further position Victoria as an internationally leading health startup hub.

Credit: LaunchVic

Earlier this week, LaunchVic also released a new report titled
the
State of HealthTech
that looks at what needs to be done to maximise this
important sector and create economic benefits for Victorians. The report found that
57% of health startups do not know where to go to access the support needed to
grow and another 42% do not know how to identify or locate investors.

The report also provided recommendations to
address these gaps, including more assistance for health startups entering the
startup world and using experienced HealthTech entrepreneurs and experts as
consultants and mentors.

PARTNER

Qlik’s vision is a data-literate world, where everyone can use data and analytics to improve decision-making and solve their most challenging problems. A private company, Qlik offers real-time data integration and analytics solutions, powered by Qlik Cloud, to close the gaps between data, insights and action. By transforming data into Active Intelligence, businesses can drive better decisions, improve revenue and profitability, and optimize customer relationships. Qlik serves more than 38,000 active customers in over 100 countries.

PARTNER

CTC Global Singapore, a premier end-to-end IT solutions provider, is a fully owned subsidiary of ITOCHU Techno-Solutions Corporation (CTC) and ITOCHU Corporation.

Since 1972, CTC has established itself as one of the country’s top IT solutions providers. With 50 years of experience, headed by an experienced management team and staffed by over 200 qualified IT professionals, we support organizations with integrated IT solutions expertise in Autonomous IT, Cyber Security, Digital Transformation, Enterprise Cloud Infrastructure, Workplace Modernization and Professional Services.

Well-known for our strengths in system integration and consultation, CTC Global proves to be the preferred IT outsourcing destination for organizations all over Singapore today.

PARTNER

Planview has one mission: to build the future of connected work. Our solutions enable organizations to connect the business from ideas to impact, empowering companies to accelerate the achievement of what matters most. Planview’s full spectrum of Portfolio Management and Work Management solutions creates an organizational focus on the strategic outcomes that matter and empowers teams to deliver their best work, no matter how they work. The comprehensive Planview platform and enterprise success model enables customers to deliver innovative, competitive products, services, and customer experiences. Headquartered in Austin, Texas, with locations around the world, Planview has more than 1,300 employees supporting 4,500 customers and 2.6 million users worldwide. For more information, visit www.planview.com.

SUPPORTING ORGANISATION

SIRIM is a premier industrial research and technology organisation in Malaysia, wholly-owned by the Minister​ of Finance Incorporated. With over forty years of experience and expertise, SIRIM is mandated as the machinery for research and technology development, and the national champion of quality. SIRIM has always played a major role in the development of the country’s private sector. By tapping into our expertise and knowledge base, we focus on developing new technologies and improvements in the manufacturing, technology and services sectors. We nurture Small Medium Enterprises (SME) growth with solutions for technology penetration and upgrading, making it an ideal technology partner for SMEs.

PARTNER

HashiCorp provides infrastructure automation software for multi-cloud environments, enabling enterprises to unlock a common cloud operating model to provision, secure, connect, and run any application on any infrastructure. HashiCorp tools allow organizations to deliver applications faster by helping enterprises transition from manual processes and ITIL practices to self-service automation and DevOps practices. 

PARTNER

IBM is a leading global hybrid cloud and AI, and business services provider. We help clients in more than 175 countries capitalize on insights from their data, streamline business processes, reduce costs and gain the competitive edge in their industries. Nearly 3,000 government and corporate entities in critical infrastructure areas such as financial services, telecommunications and healthcare rely on IBM’s hybrid cloud platform and Red Hat OpenShift to affect their digital transformations quickly, efficiently and securely. IBM’s breakthrough innovations in AI, quantum computing, industry-specific cloud solutions and business services deliver open and flexible options to our clients. All of this is backed by IBM’s legendary commitment to trust, transparency, responsibility, inclusivity and service.

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