Australia has long punched above its weight in scientific production. The most recent figures from the OECD ranked Australia 9th globally in 2015. We must continue to build capacity to commercialise this scientific production to support a strong Australian economy – and recovery.
The Menzies Foundation and the MedTech ActuatorTM have partnered to do just this. The MedTech Actuator Menzies Fellowship will create the jobs of the future while also recognising the potential for scientific research to drive Australia’s future growth.
Two MedTech Actuator Menzies Fellowships – each valued at $70,000 – will be awarded to high-potential, career life sciences researchers, giving them training in entrepreneurship and leadership. As part of the 12-month program, recipients will be immersed in the MedTech Actuator’s industry-led model of commercialisation. They’ll receive mentoring, take part in a tailored accelerator program and receive a $20,000 stipend.
“Through our accelerator, the MedTech Actuator provides intensive mentorship, industry collaboration, and capital raising support to MedTech, HealthTech and BioTech startups allowing them to achieve in 15-months what can typically take three years or more,” says MedTech Actuator CEO, Dr Buzz Palmer.
To move a medical technology innovation through commercialisation and onto the market requires a network of experts in many areas including regulatory and reimbursement strategy, intellectual property, clinical trials and product development. And this complexity is often where aspiring entrepreneurs come undone.
“The MedTech Actuator Menzies Fellowship will provide high-potential scientists with a grounding in the elements of commercialisation, but most importantly it will provide access to our dense network of partners – a network that spans hospitals, product development firms, multinational MedTech corporations and investors,” says Dr Buzz Palmer.
The Menzies Foundation believes philanthropy can play a unique role in sparking discovery and innovation in Australia. We are passionate about investing in our country’s future science leaders and giving them the runway to ensure that their research has an impact in the world. We look forward to sharing their entrepreneurial journey,” Menzies Foundation CEO Liz Gillies said.
The aim of the program is to support new leaders, drive strong and lasting entrepreneurship training, ecosystem connections and exchange. “We hope that our MedTech Actuator Menzies Fellows will take what they have learnt and the contacts they have made back to their organisation. It is by developing these connections that we’ll build the technologies, economy and jobs of tomorrow.”
The MedTech Actuator Menzies Fellowship is supported by the Menzies Foundation as part of their Entrepreneurship in Science mission in partnership with the MedTech Actuator.