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.”
