Month: September 2022

Thinking about applying to the MedTech Actuator Origin Program? Here are some top tips on how to make your application shine from Shanna Lam – Project Officer at MedTech Actuator.

As a biodesign alumna and an ex-founder I know first-hand how complicated the journey ahead can seem. It does take a village to bring health innovation to market. Luckily, we at MedTech Actuator have done this before and are here to help. Below are a few ideas on how to make your application shine! 

Now that you’ve come up with an innovative health venture and are ready to take the first step to become a startup founder, you might be asking yourself – what’s next?

MedTech Actuator Origin is an early-stage innovation program that turbocharges the development of emerging human health technologies and solutions across Australia and it is the perfect place for emerging founders to start. 

“This is the best first step you can take if you are interested in the MedTech innovation space. The Origin experience will provide you with mentorship, networking and connections. Also, the practical pitching advice you receive will help you in getting further investment or just getting people interested in your idea”, says Wiliam Symington, co-founder of Anura Medical, on his program experience. 

Applications are currently open for the 2022 program and they close on October 7 at 11:59 pm AEST. If you’re excited to join in then you’ll need to nail the application in order to be successfully selected. Below are key areas where you can strengthen your application to put your best foot forward for the program. 

1. Make sure you’re eligible!

First, double-check the eligibility criteria to make sure the program is the right fit for you:

• You have a research project, idea or innovation in human health;
  • And, for this project, the idea or innovation has to be in its early stages of development;
• You are highly motivated to learn about innovation commercialisation, as well as Australia’s health, medical and biotechnology startup ecosystem;
• You are able to attend all program (in-person in Melbourne and online) activities scheduled (Oct 25-27, Dec 1); and,
• You have at least one team member based in Australia.

2. What is the problem you are trying to solve?

The origin experience will help you better define and develop the elements described below, so don’t worry about having it perfect. 

First, tell us what you know about the problem you are solving, who has this problem, and why you’re motivated to solve it. 

Some of the questions you can think about: 

What are the current hospital workarounds, or the daily impacts it has on the patient? 

Who are the people it affects? It may impact not only the patients, doctors, and hospitals, but also family members, insurance companies, and the government.

Customer Validation

In your applications, we want to see a simple description of your idea with key features and benefits (how the person’s experience will improve).

A good first step would be to figure out who are the users and beneficiaries of your innovation – clinicians, patients, and payers. Next, getting a better understanding of their perceptions about the problem, gaps and potential solutions could be the key to understanding the market.

Below are some thoughts from one of our founders on customer validation.

Tim Tyndale, Quitta:

Customer validation can seem like an inconvenient step that slows the building process. After all, we entrepreneurs know exactly what our customers want already…right?!

In truth, validating the problem and solution is more important in MedTech/BioTech than almost any other field. In a highly regulated industry, the further you go down the development journey, the harder it gets to make adjustments. 

In Quitta’s case, we wanted to tailor our solution to the needs of our end-users without having to conduct expensive clinical trials for each iteration. Fortunately, e-cigarettes created a legal precedent in the U.S. for us to test real-world demand and gain all-important user feedback.

Without developing a deep understanding of the needs of our customers, we could have spent lots of time and money building a product that no one wanted at the other end.

We are not expecting you to conduct dozens of formal customer interviews but we want to make sure you understand how this problem is currently being solved and why your solution would be better. 

3. What is your solution?

Once you’ve validated your problem, now is the time to revisit the solution – what proof do you have that this problem needs to be solved and that your solution will be used? Also, does your solution really address the problem? Has your solution solved one problem but created another? Is it too difficult to adjust to?

Can you communicate this in the most simple terms? You can use the Value Proposition Canvas or The Mom Test to match your solution to the pain points your end users face and communicate this in a concise way.

You can even go back to your customers and see how they react to your solution. Check to make sure your potential customers are not cornered into praising your innovation when you talk to them.

Practical tips for the application:

• Be concise, don’t use too much technical jargon and tell us how the solution addresses the problem identified.
• Don’t just tell us how great you think your solution is, tell us who else thinks it’s great, how many people you’ve spoken to and what feedback you’ve received. Back your solution with evidence where possible.

Don’t worry about having it perfect, in the program we will help you better define your problem and solution and learn more about the market. 

4. Passion

Being a startup founder is hard, and can be overwhelming at times. Health ventures could sometimes take years to enter the market and secure a revenue stream, so motivation, focus and a strong support system can’t be underestimated. 

We want to know what drives you to pursue this project, and what does it mean to you? How can we know that you will be committed in the long run? Why are you or your team the right people to take this product to market?

“Challenging the existing market and making the device available to patients is what drives me forward,” says Lorace Zhang, CEO of Vysum. 

Read more about last year’s Origin pitch competition winner, Vysum, and their origin story here. 

In your application, be sure to tell us:

• What makes you passionate and committed to this project, innovation or idea?
• Why you and why your team?

Here to help with your next steps

Applications to MedTech Actuator Origin close on October 7 at 11:59 pm AEST.

If you have any questions, please don’t hesitate to book a call with the team or me.  We’re here to help.

Or, come along to some of our upcoming events:

• Commercialising Health Innovation – Bootcamp for Future Founders (Adelaide) – October 4
• Adelaide Biomed and HealthTech Drinks – October 4
• What The Health Drinks (Melbourne) – October 5

Starting a company can be overwhelming and exhausting. But they don’t need to be – connection, community and relationships of support are what make the difference. If you decide to join us on the journey, you will be welcomed into our community of 250 MedTech founders and befriend companies like Nutromics, Navi, Ventora, Jay-Nik, and others!

MedTech Actuator Origin is supported by LaunchVic and the REDI Initiative, powered by MTPConnect.

Vysum is developing an eye drop delivery device to make administration more convenient, comfortable and accurate for all, starting with glaucoma eye drop users. Vysum’s solution also supports clinicians to make more informed decisions by providing compliance data on eye drop administration.

Vysum’s Origin story

The idea for Vysum originated from the University of Melbourne’s BioDesign Innovation course, where the team came together in 2021. The team comprises members from diverse backgrounds, with Lorace Zhang, CEO, bringing a scientific background (Biomedical engineering) and is joined by business-driven co-founders David Lin and Isaac Ho. Together, the team is united by their passion to improve the lives of patients suffering from glaucoma.

The team was determined to address an unmet clinical need and interviewing multiple clinicians and ophthalmologists highlighted the struggles of treatment compliance of glaucoma patients. Speaking with hundreds of patients unveiled the scale of this clinical problem, with many patients failing to adhere to treatment plans due to difficulty administering eye drops. At this point, the idea for an eye drop administration device was born to improve health outcomes for glaucoma patients. 

Improving clinical outcomes of glaucoma patients and enabling a more positive lifestyle with the use of their device is the team’s mission. For patients with glaucoma, adherence to the treatment regime means preventing blindness. 

“There are devices that can aid in eye drop delivery, listed on 510K database, that date back to 1985. But the problem is still unsolved as these devices are not addressing the core of the problem: the difficulty of administration AND compliance, which is now self-reported by patients. We believe that accurate compliance data will help clinicians make more informed treatment decisions. Challenging the existing market and making the device available to patients is what drives me forward,” says Lorace Zhang, CEO of Vysum.

The journey from BioMedical Student to CEO

Lorace has embraced the transition from student to CEO, jumping out of her comfort zone and into the startup ecosystem, both a challenging and rewarding leap. For the team the biggest learnings came from engaging with the startup ecosystem through programs like MedTech Actuator Origin, industry mentoring, networking events and pitching competitions which allowed the team to establish connections across the ecosystem.

“We are living through a new ‘Age of Innovation’ in health. From new diagnostics and devices to new cancer treatments and HIV interventions; from new insights in genomics and data analytics to new wearables that empower people in respect of their own health and wellbeing. It all starts with passion and a desire to create a real impact on society. Whatever the pursuit, superhero entrepreneurs – like Lorace – are out to change the world and advance healthcare for all of us”. Dr Buzz Palmer, CEO and Co-founder of MedTech Actuator.

The MedTech Actuator Origin experience

Before applying to MedTech Actuator Origin, Vysum had just completed BioDesign Innovation and was driven to maintain momentum, learn more about the MedTech ecosystem, build a strong network and tackle the next milestones in their journey. 

Through MedTech Actuator Origin, participants had a chance to pitch their innovation to the industry over multiple rounds and be selected for the MedTech Actuator Showcase – the Origin Final. With a strong pitch led by Lorace, Vysum took home the top prize as the winner of the Johnson & Johnson MedTech Actuator Origin Award 2021. 

With a cash prize, mentoring and support from the MedTech Actuator, Vysum received an opportunity to collaborate with product development companies. This led them to meet their mentor, Paul Carboon from Outerspace, and to continue to refine their product development goals and design and usability of the device.

Through networking opportunities, Vysum also engaged with MedTech Actuator’s foundational partner FB Rice to file a provisional patent and secure the intellectual property behind their innovation. 

MedTech Actuator Origin is a pre-accelerator for MedTech Actuator’s Accelerator program. Participants can gain fast-tracked entry into the program and the Winner of Origin receives further mentoring to help address key milestones required for the application. After completing MedTech Actuator Origin, Vysum received this valuable support and successfully applied and was accepted into the MedTech Actuator Accelerator’s  Cohort 7.

“After completing Origin, Accelerator did almost feel like the natural step. While Origin gave us the first, official public acknowledgement of our work and vision, joining the Accelerator would give us the exposure and guidance we needed next,” says Lorace Zhang, CEO of Vysum.

“The most beneficial aspects of MedTech Actuator are the exposure to the public, to the industry, and partners in the ecosystem. This helped us to validate our idea, receive public acknowledgement of what we were building and take home the cash prize, which is all very encouraging”, says Lorace Zhang, CEO of Vysum.

MedTech Actuator provides mentoring and networking opportunities to participants across all programs. Vysum is grateful to have the following mentors support their startup journey:

• Jonathan Crowston, a renowned ophthalmologist and a glaucoma specialist, helped Vysum better understand the industry workflow and clinical requirements. 
• An external clinical advisor, well connected to clinicians, patients and the industry, has provided clinical advice and helped to strengthen the business model.
• Stephen Ho has been generously providing guidance on corporate governance, business case and company structure and helping the team grow.
• Clinical advisors and lecturers of the BioDesign course, Kwanghui Lim, Simon Wilkins, and David Grayden, played pivotal roles in the team’s journey. 

Apply for MedTech Actuator Origin 2022

Are you on a similar journey to Vysum? Have an idea in its early stages that you’re interested in commercialising? Applications are open for MedTech Actuator Origin 2022 until October 7 at 11:59 pm.

“You can’t lose anything by joining Origin – but you gain a chance to win everything from cash prizes to connections, and it is a great learning opportunity! I was not a forward-facing person initially and would never have become the face of Vysum, but Origin forced me into the spotlight and encouraged me to start exploring what the founder’s life could be like”, says Lorace Zhang, CEO of Vysum.

Whether you’re a researcher, scientist, clinician or student, MedTech Actuator Origin is looking for passionate entrepreneurs to transform healthcare. The winner of MedTech Actuator Origin will receive a $10k cash prize, over $5k worth of in-kind support and gain access to fast-tracked entry into MedTech Actuator Accelerator 2023.

Have questions about the application or program?

Check out the FAQs or reach out to Makenzie, Program and Community Coordinator via email – makenzie@medtechactuator.com – or book a meeting with the team via calendly. 

MedTech Actuator Origin is supported by LaunchVic and the REDI Initiative, powered by MTPConnect.

Anura Medical is developing a wearable patch that continuously monitors lung function to detect lung decline, promote early treatment and improve overall health for people with respiratory disease.

The Origin Story

Anura Medical came together in 2021 through the University of Melbourne’s BioDesign Innovation course as a team of Melbourne Business School and Biomedical engineering students. The team has diverse experience in clinical medical practice, supply chain consulting, biomedical and mechanical engineering. The three team members aligned across backgrounds and outlooks on the problems to be solved in the healthcare ecosystem and started working on Cahm, a respiratory monitoring device.

The idea for the device originated when Dr Rebecca McCormick and Co-Founders, Phoebe Lewis and Wiliam Symington, identified the issue that monitoring lung health for people with flare-ups of chronic lung disease requires invasive blood tests, which can lead to delayed treatment. After speaking with clinicians across various fields for 3 months, this unmet clinical need stood out to the group.  Through this process, multiple clinicians cited the healthcare ecosystem was desperate for a better way to monitor ventilation and response to treatment, rather than the intermittent current standard.

“I have spent 6 years working in hospitals as a medical doctor and have experienced the challenges faced by physicians and patients in respiratory medicine.  The technology currently available means that monitoring practices are reactive, as they rely on patients displaying signs or symptoms first. I believe that there is a better way of preventing complications through non-invasive monitoring of high-risk patients. Technology that supports preventative medicine is the way of the future”, says Dr Rebecca McCormick

The Anura Medical team is driven to improve respiratory monitoring ability for clinicians and patients who are at a higher risk of respiratory diseases and the complications associated.

The MedTech Actuator Origin experience 

After identifying their unmet clinical need and developing their solution, Anura Medical set the goal to get into MedTech Actuator Origin in 2021. MedTech Actuator Origin is an early-stage innovation program for emerging human health technologies and solutions across Australia and would be the first opportunity for the team to test their concept outside of the Biodesign classroom.

“The program is a good way to pressure test your idea, as this was our first time testing our concept outside of the university environment,” says Dr Rebecca McCormick.

MedTech Actuator Origin provides founders with the opportunity to validate their idea with the industry and pitch them to the startup ecosystem, often for the first time. Selected teams join MedTech Actuator in Melbourne for an intensive sprint, where, over three days, they learn to work alongside 20 other teams from Australia and Japan and pitch for their chance to win a $10k cash prize, over $5k worth of in-kind support and gain access to fast-tracked entry into the MedTech Actuator Accelerator 2023. 

“This is the best first step you can take if you are interested in the MedTech innovation space. The Origin experience will provide you with mentorship, networking and connections. Also, the practical pitching advice you receive will help you in getting further investment or just getting people interested in your idea”, says William on his program experience. 

Overcoming challenges with determination

Motivated to make a bigger impact on patients through innovative medical technology, the biggest challenge for the Anura Medial team had been to move from ideation and validation in the clinical setting to the startup world and address key risks involved in the early days of launching a company. It included shifting gears and focusing their efforts on key tasks to maintain their current trajectory to get to the market.

“I think one challenge is just the amount of moving parts and trying to understand all the intricacies of all of those different things that you have to be aware of when you’re trying to start a medical device venture. It’s not just the technology, it’s everything else that comes with that”, says Phoebe.

This is where MedTech Actuator Origin proved to be highly valuable. Through the program, emerging entrepreneurs get an opportunity to validate, pressure test and turbocharge their project turning it into an early-stage startup.

Along with the Origin experience, mentors and advisors have played an important role in Anura Medical’s progress, helping them think holistically about the pathway forward. Among those, Kwanghui Lim, David Grayden and Simon Wilkins from BioDesign Innovation, along with their advisor Stephen Ho, have been instrumental in shaping the team and product capabilities at the early stages. 

One of the team’s biggest tips to emerging founders and entrepreneurs is to choose the right team with diverse skills where members get along and challenge each other. This is what Anura Medical credits for bringing the best out in each other across the journey to date.

Since their time in MedTech Actuator Origin, where the team received its initial validation, Anura Medical has been set up as a company in May 2022 and continues on the pathway to market as part of the MedTech Actuator Accelerator 2022 cohort. The team has secured its first early-stage funding through the Accelerator and is working towards a functional MVP.

“It is a good introduction into the MedTech world, as you get involved with people in the same circle”, says Phoebe on the beneficial aspects of being an Origin participant.

Apply for MedTech Actuator Origin 2022

On a similar path as Anura Medical? Applications are now open for the MedTech Actuator Origin 2022.

Whether you’re a researcher, scientist, clinician or student, MedTech Actuator Origin is looking for passionate entrepreneurs to transform healthcare. The winner of MedTech Actuator Origin will receive a $10k cash prize, over $5k worth of in-kind support and gain access to fast-tracked entry into MedTech Actuator Accelerator 2023.

Have questions about the application or program?

Check out the FAQs or register for the upcoming information session about the MedTech Actuator Origin 2022.

MedTech Actuator Origin is supported by LaunchVic and the REDI Initiative, powered by MTPConnect.