Victoria’s medical technology entrepreneurs have a new platform to showcase their ideas and skills with the launch of the MedTech’s Got Talent $100,000 challenge by incubator STC.
The challenge aims to develop and refine pitching and business concept skills, developing a technology roadmap and launching commercialisation activities for enabling medical technology innovations.
“The objective is to develop a more entrepreneurial culture and to grow Victoria’s medical technology cluster,” STC says in a statement.
According to the Medical Technology Association of Australia’s 2012 facts and figures booklet, the medical technology industry in Australia generated revenues of $10.02 billion in 2010-11. It also says a 2012 survey found 54% of medical technology companies grew from start-ups.
Entrepreneurs can enter MedTech’s Got Talent by submitting an executive summary of their idea by October 22.
The top 30 entrants are selected to take part in a “rapid fire” round where 16 semi-finalists are selected to be mentored intensively through a one-month training program.
They will then go to the final pitching event where five category winners will be announced. The winners will each receive a $20,000 voucher for intensive three-month accelerated technology road-mapping with their mentors, plus service prizes from technology sponsors.
The five teams will then pitch to investors in a closed-door event.