Medtech Market Growth Program VIC – Australia

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

Grant Amount 

• 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).

Criteria

• Be a registered Business A registered business is defined as:
  • holding an existing Australian Business Number (ABN) at the time of application and continuing during the program
  • if required, being registered for the Goods and Services Tax (GST)
  • being one of the following entities:
    • a Company registered under the Corporations Act 2001 (Cth)
    • an incorporated trustee on behalf of a trust
    • an Aboriginal and Torres Strait Islander Corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth)
    • a partnership
    • a sole trader
• Be based in Victoria
  • Applicant’s ABN registration must record its place of business as being an address in Victoria at the time of application.
  • At least 50% of its assets and employees must be located in Victoria.
  • The founder/CEO must be a person that has a primary residence in Victoria.
  • The activities proposed for grant funding must be to develop a manufactured Medtech product, where the intention is for the Medtech product to be wholly or partially manufactured in Victoria.

For more information, visit Australian Government.