Health technology is Victoria’s fastest growing source of employment, grossing $30 billion per annum for the state; yet, up to 57 per cent of Victorian health-tech start-ups do not know how to access accelerator or investor support – according to a recent report by LaunchVic.
The ‘State of HealthTech – Victoria’ report revealed that, despite Melbourne’s global reputation for cutting edge medical technology innovation and strong pipeline of start-ups, the state requires better access to capital and mentorship to help develop, validate and scale the next wave of promising health-tech business ideas.
“Our research shows that Melbourne has all the ingredients necessary to become an internationally-competitive hub”, says LaunchVic CEO, Dr Kate Cornick. “But we need to create the right environment for more start-ups with high-growth potential to grow and scale into larger health and wellbeing companies.”
“To achieve this, many early stage start-ups need access to experienced talent, fit-for purpose infrastructure, with capital; and robust and reliable regulatory and policy environments.”
At present one in five start-ups in Victoria belong to the health, wellbeing or sports sectors but, despite their significant growth potential, the vast majority remain in the early stages of development; without the requisite support they need to conquer local and global markets.
In recognition of this, LaunchVic is providing funding to deliver accelerator and education programs to the Victorian health-tech start-up community, that will further drive the state’s strengths and help position it as the leading health-tech hub in the Asia Pacific region.
“The goal is to provide the building blocks necessary to transform early-stage health and wellbeing start-ups into high growth firms and increase economic output across the broader economy”, says Dr Cornick.
“We want to expand on Victoria’s formidable strengths in health research, and increase the export potential of the strong medtech, biotech and pharmaceutical solutions, that are currently out there in the form of seed-stage start-ups”.