Supporting Scaling Medtech startups to accelerate their pathways to market.
The LaunchVic MedTech Market Growth Program will provide $50,000 matched funding to up to 20 medtech startups and scaleups working on medical devices and diagnostic products. The funding will help to equip startups with the skills, services and resources they need to push their life-saving products to market.
Medtech companies form part of the broader health tech sector whose value add in Victoria in 2022 was $5.5 billion. The sector exports products and services to global markets valued at over $2.5 billion. Melbourne is ranked by CBRE as a top five Life Sciences Hub in the Asia Pacific. Melbourne is one of the few cities in the world to have two universities (the University of Melbourne and Monash University) in the global top 40 biomedical rankings. Victoria attracts more than 40% of medical research funding in Australia and is a national leader for early-stage clinical trials. This ecosystem has put Victoria in the top 10% rankings of global life sciences startups. One fifth of startups in the state are operating in the health tech sector
LaunchVic is partnering with the Australian Medtech Manufacturing Centre (AMMC) in the Department of Jobs, Skills, Industry and Regions (DJSIR) to increase support for Scaling Medtech Startups from across Victoria by providing grants of $50,000 in 1:1 matched funding to help accelerate their pathway to market.
Round 2 Round launched: Tuesday 9 April 2024
Round Closes: Monday 6 May 2024 5pm (AEST)
Medtech technologies diagnose, treat, or improve a person's health and wellbeing; and
encompass both low and high-risk medical devices and diagnostics.
Overview & Objectives
The $1m program is expected to increase the pipeline of Scaling Medtech Startups originating in Victoria. The Medtech Market Growth Program is customer-centric designed to help companies:
Accelerate or increase customer acquisition
Accelerate pathways to market
Create avenues for increasing revenue
Drive economic growth in the Medtech market
The grant program will provide matched funding to assist Scaling Medtech Startups to accelerate market growth by funding commercial activities and business and advisory services so that the Startups can continue to build their businesses, grow jobs, and support Victoria’s economic growth. Such activities and advisory support may include:
Developing and refining go-to-market value proposition
Analysis of the complex therapeutic pathways to global markets
Pricing, reimbursements, and health economics analysis
Regulatory approval process costs (domestic and international)
Government procurement (domestic and international)
Commercial product manufacturability
LaunchVic will grant $50,000 (ex GST) in 1:1 matched cash contribution to eligible Scaling Medtech Startups of which $48,500 (ex GST) will be a cash grant (equity free and non-dilutive) and $1,500 (ex GST) will support the cost of a LaunchVic Startup Business Mentor that will be a professional Medtech mentor assigned by LaunchVic to the Startup. Eligible applicants will be required to contribute 1:1 matched funding of $50,000 (ex GST). Each grant will support eligible activities for up to six months, and applications will be accepted on a rolling basis until 30 June 2024 or until all funding is expended.
Haines Consulting Group is a management consultancy firm specialising in business strategy, growth, government grants and new venture developments. If you need any assistance with a grant submission please email info@hainesconsultinggroup.com.au for a confidential conversation.