Biointelect is looking for participants in its 'venturer' program that is designed to support companies and organisations looking to commercialise their technologies.
The federal government's Researcher Exchange and Development within Industry (REDI) initiative identified a number of skill gaps across the value chain that threaten to impede the ongoing development of an appropriately trained and industry-ready workforce.
The initiative is supported and driven by MTPConnect with support from the federal government's Medical Research Future Fund.
Biointelect said this includes a lack of understanding amongst those developing therapeutic technology or solutions around how to secure investment or funding to support the further development of their products.
"The Australian investment industry is niche and relatively risk-averse and, with such a small market and a limited depth of experienced entrepreneurs and funding options, obtaining financial capital in Australia is made all the more difficult," it said.
"If Australia is to continue to develop, and subsequently commercialise technology locally, it is vital that those working in this space have a sound understanding of how to secure funding or investment."
The company said it and consortium partners ARCS Australia and Biodesign Australia have developed the Venturer program that aims to provide participants with a real-world and practical understanding of the investment market in Australia and overseas.
The program, which will be delivered in a one day course in each of the six states, is structured around key foundational knowledge, such as various funding options and how to determine their suitability for a particular product or technology.
"The program is also designed to upskill participants in how to effectively value their product in accordance with the needs and expectations of investors, and how to subsequently communicate this effectively," said Biointelect.
According to Professor Kevin Pfleger, director Biomedical Innovation at The University of Western Australia, “Securing the right amount and form of investment at the right time is critical at every stage of company development - this can be very daunting when starting out, particularly if you are used to being funded by government research grants - a different skill set and knowledge base is required.”
ARCS CEO Dr Shanny Dyer said, "Building an understanding of the needs of funders in the Australian biotech, medtech and pharma industry is crucial - but it works both ways - funders need to know what to invest in based on their risk profile and researchers/technologists need to understand that a return on investment is critical."
Dr Dyer added, "Ensuring researchers understand the commercialisation path is critical to building the sector in Australia. This program will provide valuable insights into the needs of investors – with this knowledge, they should be able to present a sound commercial proposition that will give them the best chance of getting product to market."