Australian businesses have been incited to participate in the newly launched Medtronic APAC Innovation Challenge (MAIC).
The also provides an opportunity to partner with one of the world's leading medical technology companies - Medtronic - for a commercial pilot on their proposed MedTech, digital health or solution, valued at up to US$200,000.
Medtronic said it is seeking solutions that support one of four areas - Life Transforming Technologies, Better Outcomes for All, Experiences that Put People First and Insight-Driven Care. B
The challenge allows short-listed participants to further develop and innovate their solutions with the guidance of Medtronic.
The top five winners of the MAIC will have the opportunity to partner with Medtronic to explore joint commercialisation of products and/or run commercial pilots for their proposed MedTech or digital health product solutions.
The final round of the Challenge is scheduled for the first quarter of 2022 alongside the Medtronic Asia Innovation Conference that will be hosted at the company's regional headquarters in Singapore.
“Building on the entrepreneurial spirit that we share with other companies, including start-ups serves as a launchpad for us to grow new ideas, empower an innovative ecosystem and translate this collaboration into actionable outcomes. Medtronic is one of the best destination for start-ups and innovators due to the large and diverse portfolio across 70 disease areas. This is indeed aligned to our new brand and bold ambition to become the global healthcare technology leader, with the focus on AI, Robotics, Automation, IoT and Digital Health,” said Chris Lee, Medtronic President for Asia Pacific.
Medtronic Australasia Vice President and Managing Director Liz Carnabuci added, “Australia is home to many medical and high-tech healthcare innovations and MAIC is an extension of our commitment to local innovation. MAIC provides a unique opportunity for Australian innovators to tap into Medtronic’s reach in APAC and we look forward to receiving applications from across the MedTech ecosystem.”
The Medtronic APAC Innovation Challenge is accepting submissions now until 26 November.