The government says the investment is also aimed at bolstering Melbourne’s reputation as “Australia’s HealthTech capital”.
Announcement of the funding initiative follows LaunchVic’s State of HealthTech – a report highlighting that health start-ups receive the largest amount of funding from VCs compared to start-ups in other sectors.
Delivered by the state’s start-up agency, LaunchVic, seven successful recipients will receive funding to deliver accelerator and education programs across Victoria.
- The Victorian Medical Device Partnering program by Flinders University.
- The Victorian Health Network Accelerator (VHNx) by The Royal Melbourne Hospital.
- Scaling Medtech Innovation from Victorian Hospitals program by The Actuator.
- The Victorian Angel Investor Education project by Artesian Venture Partners.
- The HealthTech Export Strategies for Asia Markets program by Australia China Health Accelerator.
- The HealthTech Reimbursement: Getting Paid in the US program by BioMelbourne Network.
- The B.R.I.G.H.T Future for Digital Health Innovators by ANDHealth.
A number of the programs will leverage the state’s largest hospital networks to ensure innovation and validation of health start-up problems.
The selected programs are designed to build capability in health start-ups that will enable them to thrive in the global market to drive further growth into what LaunchVic says is Victoria’s booming health sector, which contributes $30 billion a year to the state. Two programs will also support growth of the HealthTech angel investor community.
According to LaunchVic, one in five Victorian start-ups are in health, wellbeing or sports and attract more investment than any other sector, while also providing over a quarter (26%) of jobs within the Victorian start-up ecosystem.
Victoria’s Minister for Innovation and the Digital Economy Philip Dalidakis said, “Accelerating the growth of Victoria’s health and life sciences start-ups will generate a range of economic and health benefits including employment growth, more efficient health services and better patient outcomes for all of Australia and the Asia-Pacific region.”
LaunchVic chief executive Dr Kate Cornick claims Melbourne is fast becoming the leading HealthTech start-up hub in the Asia Pacific region”.
“By funding proven providers of accelerators and education programs, LaunchVic aims to build the support services that Victorian health start-ups need to succeed on a global scale,” Cornick said.