Victorian medical technology startups will have access to unprecedented financial support with the Andrews Labor Government securing the national headquarters of the MedTech Actuator program.
The program will offer innovative startups up to $2.7 million in funding over 15 months. This, combined with Commonwealth R&D tax incentives, means startups could access nearly $4 million to help them bring their discoveries to market.
Victoria has a global reputation for cutting edge innovation in medical technology and the MedTech Actuator will help more local entrepreneurs and startups take their great ideas from the lab to the marketplace – driving more jobs and investment in this fast-growing sector.
Backed by venture capital firm Artesian, the Medtech Actuator will run intensive 15 month programs to help up to 40 startups each year commercialise their discoveries.
Supporting Victorian innovators will help to secure advanced manufacturing jobs and a bigger share of the global medical technology market that is expected to be worth over $500 billion by 2022.
Basing the national startup headquarters in Victoria will help grow the concentration of medtech companies here, attract international investors and up-skill local talent.
The Labor Government has already identified medtech and pharma as a key growth industry of the future. It is helping the sector grow with a dedicated sector strategy and targeted investment through the Future Industry Fund.
The Labor Government also supports Victoria’s best and brightest entrepreneurs through the $60 million LaunchVic fund as part of its push to position the state as the number one tech destination in the Asia Pacific.
The Medtech Actuator announcement comes on the same day as Melbourne hosts Medtech's Got Talent (MTGT) – Australia’s largest medtech startup competition. The Labor Government has supported MTGT for a number of years and this year’s winners will be announced this evening.
Quotes attributable to Minister for Innovation and the Digital Economy Philip Dalidakis
“Melbourne is the natural home for the Medtech Actuator’s national headquarters – we have one of the world's largest life science clusters, with world leading research and advanced manufacturing capability.”
“Our potential to create innovative healthcare solutions is among the world’s best and our local startups are leading the way.”
Quotes attributable to CEO National Medtech Actuator Dr. Buzz Palmer
“Our mission is to support our home-grown talent and help our startups turn their ideas into reality.”
“This will help us pool resources and expertise, and enable Victoria to benefit from our outstanding, but relatively untapped, medtech potential.”
Reviewed 19 August 2020