Accelerator program for medical technology start-ups

Ignition Labs is an accelerator for early stage niche technologies and the second 2013 cohort, which has a health and medical technology focus, has been launched at ATP Innovations.

The program is offering to help five health and medical technology start-ups into the market in the areas of personal health, social health and the delivery of modern healthcare.

Seed funding of $25,000 is available with a 7.5% equity component as an ongoing interest in the companies.

“Successful applicants will receive a $25,000 each investment in return for 7.5% equity,” explained Petra Andren, Director Life Sciences and Technologies with ATP Innovations. “This values each business at $308,000 on entry into the seed accelerator program. This cash is to be used for market validation activities.”

Selected businesses will enter an intensive development program that converts early stage ideas into fundable businesses over 3 to 6 months. This is achieved through leverage of a structured development and validation program, experienced mentors, cash investment and an international investor roadshow.

Companies accepted into the program will be required to pitch to stay after 3 months. There will also be the potential of follow on funding.

A spectrum of health and medical technologies that fall under Class 1 and 2 devices medical devices, instrumentation, diagnostics, connected devices, mobile health or software will be considered.

These products are likely to be low-cost hardware- or software-enabled products and services such as respirators, personal health records, remote monitoring, wearable electronics for health and fitness or the use of smart phones as medical tools.

Infrastructure and capital intensive implantable devices or technologies requiring rigorous in vivo trials like heart pumps and orthopaedic implants will not be considered.

Further information and selection criteria can be found on the Ignition Labs website.

Applications close 28 July 2013.