For the first part of the application process, the MedTech Actuator team will be assessing applications internally. If asked to provide further information for due diligence, MedTech Actuator partners, including MinterEllison and FBRice, will provide services to assist the team.
Startups that get through to the next round will undergo deep due diligence and will be required to pitch – with Q&A – to our Innovation Assessment Board, made up of our global corporate partners, clinical partners, product development partners and legal partners.
All information provided during application and due diligence processes remains confidential and is used for the sole purpose of assessing the application only.
After demo day you will most likely be raising your first capital round with external investors. The size of the round differs from startup to startup and will depend on the potential that investors see in your company. Typically, MedTech Actuator™ startups raise between $350k and $1M post demo day, with the average raise ~$800k.
The MedTech Actuator™ will be actively supporting you on your fundraising journey following the demo day by helping you with fundraising strategy development. We regularly assist all our portfolio startups with investor outreach activities, capital raise preparation, industry connections, investor events and more.
Taking equity aligns MedTech Actuator’s interests with your interests and incentivises us to push harder and go the extra mile for our founders – well beyond the duration of the program. The 5% participation fee, equivalent to $50k at $1M valuation, is what makes our 12-month ‘one of a kind’ program possible. With the program fee, we are able to provide 100+ speakers, 1:1 individual mentoring for the duration of the program, and lifetime access to our resources and communities without taking money from early-stage startups.
Yes, absolutely. Investment is optional for startups participating in the program. There is no obligation to seek investment.
However, the 5% equity fee for participation in the Accelerator is non-negotiable.
The MedTech Actuator takes 5% equity for participation in the program through a SAFE.
Startups accepted into the program will have the opportunity to take an initial investment of up to $50,000 from MedTech Actuator. For every $10,000 that MedTech Actuator invests, we will take 1% equity.
During the program, startups may be offered access to an exclusive funding partner to help launch their first professional capital raise. This is triggered after meeting certain predefined milestones within the program within the first 6-months. Investment is not guaranteed as the partner will conduct its own due diligence to determine which startups are investable under its thesis and mandate. For every $10,000 invested, it will take 1% equity.
The program fee and the seed investment terms are the same for all startups. For companies that have raised before with sophisticated and/or wholesale investors, MedTech Actuator and external funding partner may match the previous valuation.
Yes. Sometimes we say no to companies because they are too early in their journey to extract the most value from MedTech Actuator™.
Often these companies are good candidates for our early-stage competition, MedTech Actuator™ Origin. MedTech Actuator™ Origin will provide you with the opportunity to refine your technology and business model. It is free to enter and provides a small cash prize to the winner to develop their startup further.
If you’ve applied for the Accelerator program in the past and continued to develop your company and technology — either within the MedTech Actuator™ Origin or on your own — you should consider reapplying for the MedTech Actuator™ Accelerator.
We have also set up these resources to help early-stage companies prepare their applications and learn more about the industry – make sure to check it out!
We focus on team, market, technology, traction and impact.
- Team: We look for passionate, well-rounded founder teams with strong complementary skills in key areas such as technology, clinical, business and commercialisation. These teams have a unique insight into their market and are high-integrity, inspiring leaders with a focus on execution.
- Market: We like markets within the MedTech, HealthTech and BioTech sectors that are either large but ripe for disruption, underserved, or so radically new they don’t yet exist.
- Technology: Our specialty is deep tech with a regulated path to market. We look for technologies and products with the potential to create unfair market advantage and a clear path towards strong, protectable IP.
- Traction: Ideas matter but the execution makes the difference. That is why we like to see evidence of early traction or data points validating your core assumptions such as early proof of concept and safety data, a robust need validation, or expressions of interest from lead users or customers.
- Impact: Human flourishing is embedded in our DNA, values and approach. Technologies that prevent avoidable illnesses through prediction, prevention and early intervention; improving well-being and quality of life for people with existing conditions; and saving lives through medical intervention for life-threatening conditions.
Read this blog post about refining your accelerator application.
A summary of the information you’ll need to submit can be found here.
There are two parts to the application process. Firstly, you’ll be required to submit basic information about your startup and the founding team.These applications are assessed on an ongoing basis.
The most promising teams will be invited to an interview with MedTech Actuator and will be requested to provide further information for due diligence.
Based on the information provided, due diligence and interview, you’ll be offered a place in the MedTech Actuator™ Accelerator.
Our program is targeted at MedTech, HealthTech, and BioTech startups at TRL 4 and above. Our specialty is healthcare startups with robust IP and a regulated path to market.
Slick apps and user interfaces are great, but what gets us excited are radical new technologies like bionics, diagnostics, implants, instrumentation, robotics, personal preventative medicine, telemedicine, consumer health, AI and VR that will create a step-change in our healthcare systems and economies.
To be eligible for the program, founders/teams must be:
- Based in Australia, or internationally with an ability to travel to Melbourne to attend intensive sprints and a demo day in person
- Incorporated as a company, however, this is not required at the time of application.
- Aware that setting up a startup and commercialising medical technology is demanding. The MedTech Actuator Accelerator is intensive and requires that teams can commit sufficient resources. We require at least one cofounder to participate in the Accelerator for the duration of the program.
If you are unsure about eligibility or have any other questions about our program, you can speak to Makenzie, Portfolio Manager, before submitting an application.