The selection of portfolio businesses for the Ignition Labs accelerator program is merit based. Projects must fall within the scope established for the portfolio and meet the criteria below for their application to be considered.
The Ignition Labs Health & Medtech accelerator program will consider a spectrum of health & medical technologies that fall under the headings of “Class 1 and 2 Devices Medical Devices, Instrumentation, Diagnostics, Connected Devices, Mobile Health or Software”.
These products are likely to be low-cost hardware or software enabled products and services like positive air respirators, personal health records, remote monitoring, wearable electronics for health and fitness or the utilisation of smart phones and connected accessories as medical tools. Infrastructure and capital intensive implantable devices or technologies requiring rigorous in-vivo trials like heart pumps and orthopedic implants will not be considered.
Applicants to the Ignition Labs accelerator will have the following characteristics to be eligible for consideration:
1. A novel health product, service or process based on technology that will give the company a sustainable competitive advantage.
2. A solution that is scalable and address a clear global market opportunity.
3. Ventures own all of the IP for their idea or have exclusive rights to it.
4. Ventures have identified and preferably validated a number of customers.
5. Founding team of two or more people. At least one must be dedicated to the project full time.
6. Founders will require a personal runway of at least 6 months.
7. The majority of the equity must be owned by the people undertaking the program.
A useful snapshot of eligible businesses are those previously selected by ZeroTo510, a Memphis, Tennessee based medical device accelerator and Rock Health, a digital health program in San Francisco:
Handminder – a novel Device and method for more effective rehabilitation of hand function in stroke victims;
Urova Medical – a novel way of treating feminine stress urinary incontinence, a condition that affects up to 1 in 3 adult females;
Nanophthalmics – uses patent-pending nanotechnology to more effectively treat corneal abrasions, leading to faster healing and recovery time for this painful condition. Their first commercial device is a disposable, 510(k) exempt, corneal micro-punch that enhances healing of abrasions, recurrent erosions, and other corneal diseases by modifying tissue attachments at a cellular level;
Bionanovations – a new way of rapid detection and monitoring of bacterial infection using bio-nanotechnology;
RXApps – uses SMS and web applications to help patients track their illnesses, allowing care providers to make better treatment decisions;
Neurotrack – is transforming the diagnosis & treatment of Alzheimer’s Disease;
Nephosity – shares medical images on the iPad, giving doctors collaborative access to medical images anywhere, anytime;
BigEvidence – was co-founded by an MD/PhD and an Internet executive passionate about improving the quality of healthcare. Their mission is to radically improve the way clinicians, providers, and software systems find, evaluate, and apply medical evidence to patients, thereby saving costs and lives. BigEvidence uses algorithms to structure medical evidence and treatment guidelines with a unique, future-facing vision, tagging and ranking them for clinician use while also rendering them efficient and impactful for EMRs, devices and emerging systems .
A new generation of health technologies are emerging between the two extremes of high cost medtech and efficiency driving health IT. These new innovations are appearing at the convergence of points across the healthcare, life sciences, engineering, information technology and telecommunications industries, where clinicians, engineers and scientists are leveraging technological advancements like microelectronics, low-power sensors, wireless networks, cloud computing, new materials and advanced manufacturing to transform the way in which healthcare is delivered and improve patients outcomes.
Ignition Labs has identified the health and medical technology sector as an exciting space with rapidly growing interest from entrepreneurs, investors and governments. Healthcare in particular is a market segment that has lagged behind other industries in implementing efficient work practices and is ripe for disruption. This cohort focus positions the accelerator in a highly attractive technology space and offers Ignition Labs a unique point of differentiation for early stage technology companies and their investors.
Nine health focused accelerators have launched in the US and Europe over the past 18-months, achieving significant traction with investors and industry. Rock Health in San Francisco, a digital health program that has already raised >$38m across it’s portfolio of 49 companies and ZeroTo510 in Memphis, Tennessee, a medical device program that secured follow-on investment for 5 of its 6 companies, have demonstrated the efficacy of seed accelerators in the health and medical technology space, further proving the opportunity to exists in Australia.