Recognised as a big, bold idea to improve the productivity, competitiveness and innovative capacity of Australia's medtech, biotech and pharmaceutical sector
Thursday 26th October
MTPConnect – the Medical Technologies and Pharmaceuticals Industry Growth Centre – today announced it will provide a proposed $1,000,000 provisional funding to Accelerating Australia over two years, with proposed matched funding of $1,000,000 coming from the sector. The funding will allow Accelerating Australia to boost entrepreneurship in the biomedical sector and help to translate medical research.
The project is led by the Centre for Entrepreneurial Research and Innovation (CERI), an independent charity with the vision of creating new high-knowledge, high-value enterprises and a vibrant and sustainable economic ecosystem. Consortium Members include The University of Western Australia, Edith Cowan University, Curtin University, Murdoch University, SPARK Co-Lab, Orthocell, Proteomics International, Avita Medical, St John of God Healthcare, Harry Perkins Institute of Medical Research, Telethon Kids Institute, Lions Eye Institute, Ear Science Institute Australia and Perron Institute for Neurological and Translational Science from Western Australia; University of Sydney, Macquarie University and the University of Technology Sydney in New South Wales; Monash University and University of Melbourne in Victoria; and University of Adelaide in South Australia.
Accelerating Australia aims to create a culture of entrepreneurship and collaboration across the medical technologies and pharmaceuticals (MTP) sector by providing access to best practice biomedical entrepreneurship training programs, shared commercialisation resources and a connected early-stage translational ecosystem. Accelerating Australia began operations in March 2017 after receiving initial seed funding from MTPConnect that was matched by consortium partners. Having now supported four rounds of CERI’s Entrepreneurial Mindset course, one round of CERI’s Concept-to-Creation program, the SPARK Co-Lab 2017 Design course, and Monash Institute of Medical Engineering’s MIME SPARK program, as well as providing scholarships to attend the Biomedical-Innovation & Entrepreneurship Training Course held in conjunction with the SPARK Global Meeting in Tokyo, Japan, among many other events and training programs, Accelerating Australia has made enormous progress to date.
Thanks to MTPConnect’s latest funding announcement, Accelerating Australia will continue to build a cohesive and collaborative early stage biomedical translation ecosystem that includes academia, industry and healthcare providers across the country, and empowers all stakeholders to be actively involved in translation and commercialisation of research. In 2018 and 2019 Accelerating Australia plans to roll out design and entrepreneurship courses nationally, provide members with access to patent landscaping tools and commercialisation advice, hold regular medtech and pharma commercialisation seminars and workshops, organise national annual symposia, and conduct surveys and think tanks to keep abreast of changes in our ecosystem.
MTPConnect’s Project Fund Program is a competitive, dollar-for-dollar matched funding program investing in big, bold ideas to improve the productivity, competitiveness and innovative capacity of Australia’s medical technology, biotechnology and pharmaceutical sector. MTPConnect is supported by the Australian Government’s Industry Growth Centres Initiative.
This year, MTPConnect has selected 20 national MTP projects to receive $7.385 million in funding over two years, with proposed matched funding of $15.2 million coming from the sector. Last year, the launch of the program saw 14 projects receive $7.4 million in funding over two years, with matched funding of c.$15.6 million. Following the success of these projects, this year’s program received significant interest from the sector, with 33 applications from industry, research organisations and universities to share in the funding available, with a proposed $25.8 million of matched funding coming from the sector.
Chair of the Accelerating Australia Executive Committee, Kevin Pfleger, explains the structure at the launch event
A cohort of CERI Entrepreneurial Mindset graduates, including CEO Carolyn Williams and Founder Charlie Bass
Monash Institute of Medical Engineering SPARK program participants with Michael Wallach from the University of Technology Sydney
A SPARK Co-Lab Design team works on prototyping their medical technology
Sue MacLeman, CEO of MTPConnect, said, “MTPConnect is focused on harnessing Australia’s world-class research to seize more commercialisation opportunities and accelerate growth. As part of our mission, we are funding big, bold ideas that will deliver results on a national scale, have sector-wide impact, and are aligned with the Sector Growth Priorities we have identified in our 10-year Sector Competitiveness Plan. By supporting projects such as Accelerating Australia, we believe we can develop a more vibrant MTP sector ecosystem with more successful companies, and ultimately improve the health and wellbeing of Australia and the world.”
Chair of the Accelerating Australia Executive Committee, Associate Professor Kevin Pfleger, said, “The research community across the country is incredibly grateful to MTPConnect, CERI, all of the Consortium Members, and all of the many mentors for their commitment to Accelerating Australia. These are very exciting times for the medtech and pharmaceuticals sector, not just for the researchers, doctors and industry colleagues that are engaging through this endeavour and driving early stage innovation, but more importantly for the community that will benefit from the resultant healthcare advances.”
For more information on MTPConnect’s Project Fund Program and the successful applicants, visit: www.mtpconnect.org.au/2017projects