Sydney-based startup incubator ATP Innovations and the NSW Office for Health and Medical Research have announced the opening for applications into their Medical Device Commercialisation Training Program (MDCTP).
The three-month program, now in its second year, aims to help participants develop the skills needed to commercialise medical devices. Participants will learn about entrepreneurship, medical device design, development, and commercialisation.
Jillian Skinner, NSW Minister for Health, said of the program, “It is vital we bring to market medical devices which can enhance the quality of life for people living with a range of medical conditions.”
While Australia has always been a medical innovator – after all, this country developed penicillin and the disposable plastic syringe – due to a lack of sufficient early stage investment capital and hands-on expertise to guide the development of new medical technologies, commercialisation has long been an issue.
The MCDTP, a Lean LaunchPad Plus program, aims to change this. It has a focus on learning through experience and immediate feedback, also pushing students to search for the right business model by talking to customers, partners, and competitors.
Up to 20 participants will be selected to take part in the program, with post-doctoral researchers and clinicians, doctoral, PhD, and Masters candidates eligible to apply.
Applicants must demonstrate interest in medical device innovation and commercialisation, and ideally, access to their own intellectual property or that of their educational institution or organisation.
The program has defined ‘medical devices’ as any medical or health technology that isn’t considered a drug, which could include non-invasive devices, instrumentation, diagnostics and therapeutics, and mobile health and software products.
The program will end with participants showcasing their technology to an audience of industry stakeholders, investors, and peers.
A number may also be given educational scholarships, seed capital to launch their own startup, or sponsored opportunities to explore global markets.
Graduates of last year’s program have started companies, raised capital, received $1.2 million in development grants, and engaged industry partners.
Two graduates were also selected to take part in a program at San Francisco’s Rosenman Institute.
Applications for this year’s program close on June 25.