After renaming from ATP Innovations to Cicada Innovations, the Sydney tech incubator has opened up applications for medtech startups, researchers, PhD students, academics and clinicians to apply for its NSW Medical Device Commercialisation Training Program [MDCTP].
In partnering with the NSW office for Health and Medical Research, Cicada Innovations is looking to help entrepreneurs develop innovative medical devices that can be taken to market.
Cicada Innovations will select up to 20 entrepreneurs to take part in the commercialisation program, which will provide successful candidates with skills in intellectual property management, customer development, capital raising, medical device design and prototyping. Upon graduating the course, entrepreneurs will partake in a medtech showcase event, presenting their ideas to industry, investors and peers.
The MDCTP course will run over 12 weeks and in looking at the results from previous years, medtech startups may also be awarded educational scholarships, seed capital or sponsored opportunities to explore global markets.
“Alumni from the program have successfully accessed private investment and secured government grants, built critical industry connections, developed alternative career pathways and created viable companies,” said a spokesperson from Cicada Innovations.
Previous graduates of MDCTP have so far raised more than $13 million in grants and private investment. Last year graduate Sean Pollock, founder of Respiratory Innovations went on to receive $1.3 million in funding from NSW’s Medical Device Fund [MDF].
Respiratory Innovations has created a device called Breathe Well that provides breast cancer patients with breath hold instructions to reduce the risk of radiotherapy. The funding Respiratory Innovations has received from MDF will contribute to the team’s expansion, and will also go towards manufacture of a device for certification by the Australian Therapeutic Goods Administration.
Since 2006, the Cicada Innovations team has worked with more than 200 businesses, helping its portfolio companies raise over $260 million in private equity and government grants, file over 500 patents and trademarks, and for eight, sell their business.
Applications for the MDCTP course close on 28 November. For more information click here.
Image: Cicada Innovations. Source: Supplied.