Thinking about applying to the MedTech Actuator Accelerator? Here are top tips from Maria Pelipas, our Head of Programs, on how to prepare a stellar application.

1. Let's start with your idea

Are you ready to disrupt healthcare?

Chances are you have come up with something that could disrupt the current workflow at a hospital or for clinicians. To begin with, think about this: what is the current approach, and how familiar are you with it?

Our application process dedicates large segments to market and customer validation: pain points, competitors, market estimates, etc. We do this because we need to understand the potential of your idea and why the current market is ripe for disruption.

If your product is a medical device, here are some of the questions that you could think about before applying: who currently manufactures similar products? What makes you think there is a need for your idea? And really, when you say that your product will be better, what features will make it better? Have you thought about the changes that it will entail for users and the added value?

Talk to your end users

A good first step would be to talk to clinicians or other potential users to get their perceptions about the gaps and solutions.

Tim Tyndale, Quitta: "Customer validation can seem like an inconvenient step that slows the building process. 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. 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."

Start with 'the need'

Let's imagine you are creating smart glasses for surgeons to use in the operating theatre. One piece of advice would be to not talk to them about glasses just yet. Instead, start with the current workflow, the problems they face with current solutions -- the need.

After you validate the need, you can begin the solution validation interviews. When completing your application, make it clear that you understand the problem inside and out. Be concise and back yourself up with evidence to really capture our attention.

2. Your team

Every Spock needs a Kirk

The MedTech Actuator Accelerator is intensive. We wholeheartedly believe that you need a solid team to succeed and you need to be in it for a long game.

If you have a team already, then think about the balance of skills -- are you the visionary and your co-founder is the down-to-earth pragmatic with commercial experience? That could work. Health ventures take years before they enter the market and secure a revenue stream, so motivation and focus can't be underestimated.

Nick Murphy, GenEmbryomics: "The MedTech Actuator Accelerator has been the perfect springboard for GenEmbryomics. Startup teams will have a range of personalities, expertise, and passion, and require the virtues of a functional group like communication, compassion, honesty, trust, and respect. A startup team that can fall back on each other will always have a better chance of success at achieving their goals."

The finer details of your team

As a part of the application process and due diligence, we will ask you to explain the relationships between co-founders and your projected shares distribution. Not only do we want to understand the team dynamic, but also the finer details of how your team is structured, legally. Know that splitting shares 50/50 could create unnecessary difficulties down the road, like a decisional gridlock.

3. Time commitment

Get ready to sprint

Within the program, startups will be undertaking one-week focused sprints each month. These sprints are delivered in the form of interactive workshops, panel sessions, and fireside chats with vetted industry experts. The sprints are designed to tackle, guide, and refine strategic thinking around critical elements associated with MedTech commercialisation including regulations, reimbursement, clinical trials, product development and IP.

The downtime between sprints isn't a break. You will dedicate this time to implementing your plan and working towards milestones, alongside rigorous mentoring, coaching, and leadership support.

Giving it your all

We recommend that at least one team member attend the program full-time. So in the application and during the interviews we want to see that you have thought out the program's time commitment and that you, and your team, can handle the workload and give it your all.

Here to help with your next steps

Accelerator programs can be overwhelming and exhausting. But they don't need to be -- connection, community and relationships of support are what makes the difference. If you decide to join us on the journey, you will be welcomed into our community of 250 MedTech founders. Come, join and level up!