Victorian medical technology startups will have access to increased financial support with the Victorian Government securing the national headquarters of the MedTech Actuator program.
The program will offer innovative startups up to $2.7 million in funding over 15 months. This, combined with Commonwealth research and development tax incentives, means startups could access nearly $4 million to help them bring their discoveries to market.
Victoria has a global reputation for cutting edge innovation in medical technology and the MedTech Actuator will help more local entrepreneurs and startups take their great ideas from the lab to the marketplace – driving more jobs and investment in this fast-growing sector.
Backed by venture capital firm Artesian, the Medtech Actuator will run intensive 15 month programs to help up to 40 startups each year commercialise their discoveries.
The global medical technology market is expected to be worth over $500 billion by 2022.
Basing the national startup headquarters in Victoria will help grow the concentration of medtech companies in the state, attract international investors and up-skill local talent.