MedTech Market Growth Program

The below definitions apply to this Grant Round:

• MedTech stands for “medical technology” – it is a combination of technology and medical interventions. Medtech includes technologies, devices, services, products, and solutions that use medical technology for patient care and treatment, diagnosis, monitoring, and improvement of people’s health.
• Startups are new technology-based businesses with high impact potential, that use innovation to address global scalable markets. Examples of technology used in Medtech startups include software, artificial intelligence (AI), blockchain, advanced manufacturing & robotics, Internet of Things (IoT), big data analytics, augmented /virtual reality, 3D printing, and advanced materials.
• A Scaling Startup must have:
  • Raised seed or Series A funding from private or professional investors of between $500,000 to $10million (cumulative excluding grants) (companies that have not raised this amount of funding, or who are bootstrapped are eligible to apply if they can show a clear financial runway, or pathway to investments and/or grants)
  • Commenced planning, are conducting, or have completed Stage 1 clinical trials.

• LaunchVic Startup Business Mentor is a LaunchVic-appointed business mentor assigned to provide mandatory medtech business advisory sessions.

• Scaling Medtech Startup has the meaning in Eligibility criterium 1 below.

To apply, applicants must satisfy the following eligibility criteria:

1. Scaling Medtech Startup The applicant entity Startup must meet the definition for “Scaling Startup” and have its principal business activity fall within the definition of “Medtech” industry, each as defined above.
2. Be a registered Business A registered business is defined as:
   • holding an existing Australian Business Number (ABN) at the time of application and continuing during the program
   • if required, being registered for the Goods and Services Tax (GST)
   • being one of the following entities:
     • a Company registered under the Corporations Act 2001 (Cth)
     • an incorporated trustee on behalf of a trust
     • an Aboriginal and Torres Strait Islander Corporation registered under the Corporations (Aboriginal and Torres Strait Islander) Act 2006 (Cth)
     • a partnership
     • a sole trader
3. Be based in Victoria
   • Applicant’s ABN registration must record its place of business as being an address in Victoria at the time of application.
   • At least 50% of its assets and employees must be located in Victoria.
   • The founder/CEO must be a person that has a primary residence in Victoria.
   • The activities proposed for grant funding must be to develop a manufactured Medtech product, where the intention is for the Medtech product to be wholly or partially manufactured in Victoria.
4. Adhere to Victorian Government Policy on ESG Prohibited Activities The Applicant Startup must not be funded by, or otherwise associated or connected with any activities in:  
   • Tobacco or tobacco-related products; 
   • Cluster munitions and other controversial weapons; 
   • Thermal coal; 
   • Gambling; 
   • Logging of old growth forests; 
   • Uranium; 
   • Unregulated animal testing; 
   • Live cattle and/or sheep exports; or
   • Fracking 
5. Grant Amount Applications for $50,000 (ex GST) only are eligible.
6. Matched Funding Application must include at least $50,000 (ex GST) in cash contributions by the startup. 
7. Use of Funds The grant must only be used on proposed activities within the scope of the Use of Grant Funding outlined in the Guidelines.