Pictured: Victorian Minister for Jobs, Trade, Innovation, Sport, Tourism, Major Events & Racing Hon. Martin Pakula MP opening The MedTech Actuator's 2019 Showcase in Melbourne.
Start-up accelerator The MedTech Actuator has formed a collaboration with venture capital firm Artesian Ventures to create new growth opportunities for medtech start-ups. Funded as part of MTPConnect's Project Fund Program, the MedTech Actuator has achieved great outcomes, creating 55 new jobs and training over 1,000 innovators in less than 18 months.
The initiative, overseen by CEO Dr Buzz Palmer, has grown nationally. MedTech Actuator programs and activities foster rapid commercialisation of early stage ventures and support medical technology innovators. Additionally, The MedTech Actuator fosters industry, government, research and entrepreneurship interaction, taking a collaborative - not competitive - approach to innovation and has defined and strengthened capital pathways for innovative ideas.
COO of The MedTech Actuator Sabeen Shaikh, believes the initiative is building exciting commercialisation pathways for Australian medtech start-ups, and the relationship with Artesian Ventures is taking the program to a new level.
"The results and impact of the initial seed funding from MTPConnect have been outstanding, and we have proved the effectiveness and strategic wisdom of The MedTech Actuator's intensely collaborative, industry-led and ecosystem-inclusive model of innovation stimulation in medtech," Ms Shaikh explains.
"We are proud to support the talented medtech entrepreneurs who are working to change the face of healthcare and strengthen this sector both nationally and globally.
"The success of the initiative in such a short time, especially given the long and complex path to market for medical technologies, is a testament to our MedTech Actuator team and to all of the partners involved."
A Partner at Artesian Ventures, Luke Fay, says he can see first-hand the impact The MedTech Actuator is having on the MTP ecosystem.
"The MedTech Actuator, in collaboration with Artesian, is an outstanding example of what Australian innovation can be when the model is tailored, and the right players, partners and collaborators are brought together through the correct incentives and 'industry pull',” Mr Fay says.
“It has built outstanding momentum and results during its initial period of funding.
“The MedTech Actuator's scaling and expansion are crucial for the leverage of value in the sector and beyond."
The MedTech Actuator operates an industry-led, venture-backed seed to series A accelerator program for medtech companies, as well as education and training programs.
Its landmark medtech entrepreneurship competition – MedTech’s Got Talent – is Australia’s largest and longest-standing annual event on the industry’s calendar.
The MedTech Actuator Accelerator is its flagship program, that brings together the very best of Australia’s medtech and innovation system to catapult ventures onto the global stage. With a dedicated early-stage investment fund by Artesian Ventures, portfolio companies have access to a structured pathway to $3M+ seed to series A investment.
CEO of Somatrack Pty Ltd., Roanne Innes believes that she has gained a lot from being involved in the accelerator.
“The MedTech Actuator certainly provides a life changing and incredibly rewarding experience and provides each founder with an amazing community of professionals that want success as much as you do,” Ms Innes says.
“As a member of the third cohort I will be forever grateful for being part of this program and community.”