23 May 2023
IDE Group has launched the Building Better Futures for Health (BBFH) Challenge 2023. Applications are now open to any individual, institution or company seeking to develop, manufacture or commercialise a health-related product or service.
The BBFH Challenge offers an unparalleled opportunity to showcase ground-breaking ideas in healthcare and compete for a prize package valued at up to $40,000 in design, development, and commercialisation services from IDE Group. This year's winners will also benefit from an exclusive IDE Building Blocks Session, where a tailored commercial strategy will be crafted to propel their ventures forward.
George Sidis, Managing Director of IDE Group highlighted the focus for this year's applications.
"IDE Group’s medical technology investment team is particularly interested in assessing opportunities in wearable and connected medical devices, drug delivery systems, respiratory devices, point of care and self-test diagnostics, and surgical technologies. The BBFH Challenge provides a unique platform to showcase advancements in these key areas of interest," said Mr Sidis.
The winners of the BBFH Challenge, as determined by a select panel of judges, will be awarded $30,000 in IDE Group services, with an additional $10,000 in services reserved for the recipient of the "People's Choice Award."
Embarking on the journey of bringing health and medical innovations to market poses numerous challenges. Founders and startups must navigate and tackle the intricacies of the healthcare system and comprehend a highly regulated environment. This can often be a daunting task for even the most determined individuals.
Recognising these challenges, IDE Group and the judges will also offer finalists and winners invaluable guidance and mentorship. The cross-functional team of entrepreneurs, scientists, designers, engineers, and clinical professionals bring together a wealth of knowledge, experience, and industry connections in the medical technology field.
Previous winners of the BBFH Challenge have seen remarkable success. Misti, a pioneering startup, secured the major prize of $25,000 along with the prestigious People's Choice Award of $5,000 last year. The company is revolutionising healthcare with its first-in-class, low-cost, scientifically validated lung delivery system, designed to protect children from current and emerging infectious respiratory diseases.
Dr Anushi Rajapaksa, Founder of Misti, expressed gratitude for the opportunity.
"Winning the BBFH Challenge 2022 has supported me at a pivotal point in my career to produce a market-ready product with a unique technology solution that is addressing an unmet global need," said Dr Rajapaksa.
Nuroflux, the winner of the BBFH Challenge 2021, has also experienced significant growth. The startup’s wearable device for real-time monitoring of stroke patients has propelled the company's development and secured crucial funding for product advancement through IDE Group. Sam van Bohemen, Co-Founder of Nuroflux, praised the BBFH Challenge for providing a platform to develop custom hardware and attract future investments.
“The prize and mentorship we received helped us to accelerate the development of our technology to bring it to market. The competition provided us with the opportunity to showcase our technology to a panel of experts, and we received valuable feedback. We are grateful for the support and we would encourage other healthcare innovators to apply for the competition," said Mr van Bohemen.
Mr Sidis emphasised the collaborative and transformative nature of the BBFH Challenge.
"The BBFH Challenge is more than just a competition; it's a collaborative journey that fosters innovation and propels promising medtech products and services ideas towards commercial success."
The BBFH Challenge 2023 is now open for submissions and entries close 27 July 2023. Visit the BBFH Challenge website to learn more and apply.
The BBFH 2023 live event will be held at the Powerhouse Museum Sydney on 13 September 2023.
• Entries open Tuesday 23 May 2023 at 10:00 am
• Entries close 27 July 2023 at 23:59 pm
• Semi-Finalists announced 7 August 2023
• Finalists announced 23 August 2023
• Live Event and winner(s) announced 13 September 2023