After the recent name change from ATP Innovations to Cicada Innovations, the Sydney-based tech incubator is now inviting applications for medtech startups to apply for its New South Wales (NSW) Medical Device Commercialization Training Program (MDCTP).
The MDCTP is designed for medical device postgraduate researchers and clinicians to explore the realm of commercializing their intellectual property. The partnership will enable entrepreneurs to develop innovative medical devices that can be taken to market. The program offers knowledge, skill and network building opportunities to NSW-based candidates who will be awarded educational scholarships, sponsored opportunities to explore the global markets or seed capital to start their own business towards fostering medical research and commercialization.
Delivered by Cicada Innovations with funding from NSW, the program is provided at no cost to participants or their institution. The program will have a number of training courses, with different eligibility criteria for each.
Cicada Innovations will select up to 20 entrepreneurs to take part in the commercialization program, which will provide successful candidates with skills in intellectual property management, customer development, capital raising, medical device design and prototyping. Upon graduating the course, entrepreneurs will partake in a medtech showcase event, presenting their ideas to industry, investors and peers.
The MDCTP course will run over 12 weeks and in looking at the results from previous years, medtech startups may also be awarded educational scholarships, seed capital or sponsored opportunities to explore global markets. Successful candidates will develop skills in entrepreneurship, medical device design, development and commercialization during the 3-month intensive program. A spokesperson from Cicada Innovations, said,
Alumni from the program have successfully accessed private investment and secured government grants, built critical industry connections, developed alternative career pathways and created viable companies.
Previous graduates of MDCTP have so far raised more than $13 million in grants and private investment. Last year’s graduate Sean Pollock, founder of Respiratory Innovations went on to receive $1.3 million in funding from NSW’s Medical Device Fund.
Post-doctoral researchers and clinicians, Doctoral, PhD and Masters candidates completing their degree this year who are based in NSW are eligible. Applicants must have a demonstrated interest in medical device innovation and commercialization. Ideally, candidates will have access to intellectual property of their own, or belonging to their institution or company and a track record of accomplishment and publication in their field.