The hunt for the next Mesoblast or PolyNovo is officially on, as LaunchVic reveals a $1 million program providing matched funding and crucial advice to burgeoning Victorian medical startups.
The MedTech Market Growth Program, launched Monday, will offer matched funding of up to $50,000 to successful ventures.
Delivered in collaboration with the the Australian Medtech Manufacturing Centre, it intends to bolster the state’s medtech sector, which already contributed a massive $5.5 billion to the state economy.
One in five Melbourne startups operate in the medtech space, and the city is already home to world-class biomedical facilities.
“However, despite our success, Victorian Medtech startups and scaleups often lack the skills, knowledge, and resources to fast-track market growth locally and globally,” LaunchVic says.
MedTech Market Growth Program will leave the medical and technical aspects up to the startup, while providing business and advisory services to eligible candidates.
Each successful applicant will gain access to a business mentor, who will help the startup navigate go-to-market propositions, global market and regulatory analysis, government procurement opportunities, and manufacturability issues.
Eligible startups must have raised between $500,000 and $10 million in seed or Series A funding, and must be planning, conducting, or assessing Stage 1 clinical trials.
Critically, the business, and its founder or CEO, must also be based in Victoria.
At least half of their assets and employees must also be located in the state, and where ventures are developing a new physical product, it must be at least partially manufactured within state lines.
The first round technically opened on Wednesday, February 1, but an information session on Thursday, March 7 will provide potential applicants with the intel they need before applications close on April 8.
A second round is slated to open the next day, Tuesday, April 9, before the MedTech Market Growth Program closes on May 6.
Interested ventures can apply here.
The MedTech Market Growth Program arrives after LaunchVic’s $1 million agtech startup funding initiative and $300,000 in funding for the Startmate accelerator.
Senior Business Journalist
Focused on the small business sector, David’s work covers the political, regulatory, and economic issues facing Australian entrepreneurs. Prior to joining SmartCompany, he was a reporter for Business Insider Australia. You can follow him on LinkedIn.
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