In 2021, MedTech Actuator has accepted more than 60 active startups from Australia, Singapore and India with a combined market valuation of ~AUD $280 million
The APAC region is poised to surpass Europe to become the second-largest market for medical devices globally and India, one of the top 20 markets for medical devices in the world and the fourth largest in Asia is primed for huge growth on the back of new healthcare initiatives by the Government of India such as Ayushman Bharat.
Supported by Global Victoria, MedTech Actuators dynamic programmes are deployed across the entire innovation spectrum to smoothen and de-risk the traditional innovation pathway. Bringing together an entire commercialisation ecosystem for start-ups to catalyse venture development, increase speed to market, and intensify value realisation. For innovation to succeed and make an impact, a collaboration between the stakeholders in the medical technology ecosystem is a key success factor.
To encourage emerging entrepreneurs, MedTech Actuator’s international pitch competition – Origin – is helping to turbocharge the medical and health innovations of Asia Pacific’s emerging entrepreneurs. Supported by Global Victoria Australia, MedTech Actuator Origin is an industry-led pressure test for ideas to improve and save lives with entrepreneurs receiving 1:1 mentoring from industry experts to uncover and hone their strengths, refine their value proposition and take their idea further, faster. Winners get a share in the $30K prize money and a chance for a fast-tracked entrance to the MedTech Actuator 15-month, venture-backed accelerator.
Dr Buzz Palmer, CEO, MedTech Actuator said, “The MedTech Actuator Ecosystem model helps local entrepreneurs and start-ups take their great ideas from the lab to the marketplace, thus driving investment in this fast-growing sector. The MedTech Origin programme includes two months of innovation and commercialisation training with 1:1 industry mentorship. Many entrepreneurs go on to participate in our 15-month, venture-backed flagship accelerator with an intensive focus on team development, advancing technology and investor readiness. Subsequently, entrepreneurs have a lifetime of access to a network that spans the entire commercialisation pipeline. Indian MedTech start-ups now have the opportunity to not just dream, but make it big and succeed with MedTech Actuator supported by Global Victoria, Australia.”
The MedTech Actuator already made its inroads in India with the success of Australia’s largest MedTech start-up challenge in India: MedTech’s Got Talent (MTGT) India (now MedTech Actuator Origin India) began in 2019 in collaboration with Bangalore Bio-innovation Centre (BBC) – the leading government-affiliated Medtech incubator and accelerator in Bengaluru with the support of the Victorian Government and the Government of Karnataka.
The 2021 edition of MedTech Actuator Origin saw a high-level team deliver a rapid training programme, covering key areas of entrepreneurship, medtech commercialisation, and pitching for 22 start-ups from India in the 2021 edition. The three Indian start-ups selected for the 2021 edition joined Japanese, Victorian/Australian finalists in the MedTech Actuator’s Origin pre-accelerator program at the Gala Finals in April 2021. The innovation community from across Asia-Pacific tuned in to hear 12 pitches from entrepreneurs across the three countries. The pitches were judged by a panel of industry leaders, and the top three winners received a share in the $30k grant with a fast-tracked application to the MedTech Actuator Accelerator.
In 2021, MedTech Actuator has accepted more than 60 active startups from Australia, Singapore and India with a combined market valuation of ~AUD $280 million. Funds to the tune of over AUD $60 million have been released towards early-stage capital.
The success of MedTech Actuator is visible in the many companies actively moving towards advanced manufacturing and 11 products in the market. The programme is helping to build deeper connections between Victoria and Indian start-ups ecosystems, generate opportunities to conduct clinical trials and product testing in Melbourne and expose Victoria’s medtech start-up ecosystem to the world.