Round 8 Guidelines
Overview & Objective
LaunchVic’s eighth funding grant round focuses on leveraging Victoria’s key strengths in the health startup sector - including in MedTech, BioTech, Pharma, Health & Ageing Services and Disability services (together, the ‘Health Startup Sector’). Through this round, LaunchVic will fund organisations to deliver accelerator and education programs that will further drive Victoria’s strengths and help position the State as a leading health startup hub in the Asia-Pacific region.
The State of Victoria and its capital city Melbourne have demonstrated a strong track record in health startups. 1 in 5 startups in Victoria are focused in the Health Startup Sector. Melbourne is home to one of the world’s leading biotechnology hubs and the centre of Australia’s BioTech investment with more than 650 companies, 12 major medical research institutes, 10 major teaching hospitals and 9 universities. A recent report commissioned by LaunchVic on the local venture capital (VC) industry Victorian Startup Investment Snapshot highlighted that health startups receive the largest amount of funding from VCs compared to startups in other sectors. Victoria has a global reputation for cutting edge innovation in medical technology including customised 3D-printed surgical implants and the mind-controlled robotic prosthetic arm. The State’s medical technology and pharmaceuticals industry employs around 23,000 people and generates over $12.5 billion in revenue, and is also home to the National Disability Scheme and major insurers including Medibank Private and others.
A new report commissioned by LaunchVic that looks at the type of interventions needed to maximise this dynamic and exciting sector. The report ‘State of HealthTech – Victoria’ found 57% of health startups do not know where to go to access the support they need to grow and another 42% do not know how to identify and locate investors. LaunchVic’s Round 8 grant funding program aims to increase support services of Victorian health startups by funding proven providers of accelerators, and quality founder and investor education programs. The successful programs will help our burgeoning Health Startup Sector succeed on a global scale.
LaunchVic is seeking to invest:
• up to $1 million per application for Accelerator programs that run up to three years and are focused specifically on the Health Startup Sector (MedTech, BioTech, Pharma, Health & Ageing Services and Disability Services). LaunchVic will accept applications for up to $3 million only if they are exceptional. LaunchVic would particularly welcome accelerators that are led by or partner with Victorian Hospitals as these provide more opportunities for innovation “pull” and validation of health startup problems. All applications must demonstrate strong startup, and preferably accelerator, experience; and
• up to $250,000 per application for founder and investor education services dedicated to the health startup community including: founder education programs on: commercial strategy; reimbursements; domestic and international regulatory environments; and other programs; and investor education for angels focused on the Health Startup Sector.
Health Startup Sector includes MedTech, BioTech, Pharma, Health & Ageing Services and Disability Services.
How to apply
There are 3 online applications forms :
Applications must be submitted through the LaunchVic online application system (SmartyGrants) and must address eligibility and key assessment criteria, and completed declaration. A preview of each online form can be downloaded via the application system before starting a submission. Click here to get started.
Applicants must outline the project details in the online form including:
- Project title
- Project summary (for marketing purposes - 100 words max)
- Project start and end dates
- Funding amount requested
- Applicant and/or Partner Contributions (not mandatory)
- New or Existing program
Applicants must select the type of program from the list below in the respective online application form.
a) Accelerator Program
b) Founder Educational Program
- Commercial strategy
- Domestic and international regulatory environments
- Other (applicant to provide category)
c) Investor Education Program
Applications must be submitted via LaunchVic online application system by the due date and time, 10am AEST 5 July 2018. Applications will not be accepted after this time and will not be accepted outside of the LaunchVic online application system. Any unsuccessful application previously submitted to LaunchVic may be resubmitted in Round 8 however applicants must use the LaunchVic online application system and update the application to address the eligibility and key assessment criteria.
Applicants will need to address the following eligibility criteria via the LaunchVic online application system:
1. Type of Program
The type of programs that are eligible include:
a) Accelerator program: an accelerator program that supports early-stage Health Startup Sector startups to successfully scale their businesses;
b) Founder education: education services dedicated to the Health Startup Sector community including:
- Commercial strategy
- Domestic and international regulatory environments
c) Investor education: education services for angels focused on the Health Startup Sector
2. Type of Organisation
The types of organisations that are eligible to apply include a:
a) registered company/organisation headquartered in the State of Victoria, Australia; or
b) registered company/organisation with an office in the State of Victoria, Australia; or
c) registered company/organisation located outside the State of Victoria, Australia proposing a project to be delivered in the State of Victoria, Australia; or
d) unregistered company/organisation located in the State of Victoria, Australia that agrees to setup a registered company in the State of Victoria, Australia; or
e) international company/organisation that agrees to setup a registered company in the State of Victoria, Australia
Please note an organisation with an Australian Business Number (ABN) is defined as ‘registered’. Not- for-profit organisations can apply. If you are unsure about your eligibility please contact the LaunchVic Grants Team
3. Experience of applicant
The applicants that are eligible include:
a) An established startup accelerator entity with Health Startup Sector expertise;
b) A new startup accelerator entity that is led by key personnel who have previously held an executive role at an established accelerator program with Health Startup Sector expertise;
c) Experienced service providers of founder education services with Health Startup Sector expertise; and
d) Experienced service providers of investor education services with Health Startup Sector expertise
Applicants must provide details on the company including: Company Name; ABN (if registered in Australia); Company Address; Countries of Operation (if applicable); Website and Social Media details; and Primary and Secondary Contact Details via the online application form.
Key Assessment Criteria
Applicants are required to address the following Key Assessment Criteria via the LaunchVic online application system. A preview of the online form can be downloaded via the application system before starting a submission.
Part A: Experience (40%)
Accelerator Program: Describe the applicants experience in running an accelerator and Health Startup Sector experience. Outline the number of startups accelerated, number of startups that remain in operation and capital raised. In the case that the lead applicant is a Victorian hospital without experience running an accelerator, describe how the relevant experience will be acquired (e.g. through partnerships).
Education Services: Outline your Organisation’s experience with providing founder education or investor education services to the Health Startup Sector.
Up to 500 words
2. Competitive Landscape
Explain how this program enhances, rather than competes with, existing programs in the Health Startup Sector in Victoria.
Up to 300 words
3. Key Personnel
Provide details on the key personnel who will manage and deliver the program and outline their roles, relevant experience including experience establishing new programs. Please include LinkedIn profile links and/or website links.
Part B: Proposed Program (60%)
1. Program Overview
Describe the proposed acceleration or education program, including delivery mechanisms, number and length of cohorts (accelerator program only), length of course (education program) and how the program will deliver impact and benefits to Victorian startups, and promote Victoria as a leading hub in the Asia-Pacific for health startups.
Please upload a basic Timeline of project delivery.
Up to 500 words
File Upload (Timeline)
2. Measures of Success
For accelerator programs, outline short and long term measures of success including but not limited to the number of startups that will be supported (and complete) the Accelerator program.
For founder education and investor education programs, outline short and long term measures of success including but not limited to the number of participants that will be supported (and complete) the education program.
Up to 300 words
List the partner organisations committed to the proposed program. Include the key contact, website and describe the organisation’s relevant experience and role in the program. Partners for an accelerator program will be viewed favourably.
Provide details on the following:
a) Funding amount requested from LaunchVic and the value for money for the program.
b) Cash and/or in-kind contributions by the lead organisation (mandatory).
c) Cash and/or in-kind contributions by partner organisations (not mandatory). If partner contributions are included, letters of support that commit funding must be provided to be considered.
Up to 200 words
Outline the income and expenditure for the Project (exclusive of GST).
Applicants need to identify income amounts as either cash or in-kind.
Note: For Accelerator Program Applications, if your application is successful, the approved budget will require financial reporting and a grant acquittal (evidence of expenditure of the LaunchVic grant) at the end of the project. Further details on grant acquittal and financial reporting can be found in the grant agreement.
6. Diversity & Inclusion
Outline how the program will support diversity & inclusion in Victoria’s health startup ecosystem.
Up to 200 words
Explain how the program will be sustained beyond the term of LaunchVic funding.
Up to 200 words
8. Pitch Deck
A pitch deck (up to 15 pages) will need to be uploaded with your application. This is an opportunity to succinctly tell the story of the program. A PDF is required.
Upload two references from startups you have helped. Please include a description of the current market size of the startup.
Assessment and Selection
Applications must be submitted via the LaunchVic online application system by the specified deadline.
All applications will be assessed for eligibility by LaunchVic. Applications that do not meet the eligibility criteria will not be assessed.
Eligible applications will be evaluated against the Key Assessment Criteria by an “Assessment Panel” (comprising at least two LaunchVic staff and one representative from the Victorian Department of Economic Development, Jobs, Transport and Resources) and a sub-committee of the LaunchVic Board, the “Grants and Funding Committee” (comprising at least two Board Members). LaunchVic may appoint external members with deep experience in the health startup sector to assess applications.
Shortlisted applicants will be invited to deliver a pitch session (including Q&A) on the 3 August 2018 to the Assessment Panel and Grants and Funding Committee.
Following the pitch session, a final shortlist is generated and these applicants undergo further due diligence by LaunchVic and the Victorian Department of Economic Development, who conduct a Financial Risk Assessment. Applicants will be required to provide additional information, including but not limited to financial statements. Information provided will be kept strictly confidential.
Following the final due diligence process, the Grants and Funding Committee makes a recommendation for funding to the LaunchVic Board. This may include a recommendation to negotiate program outcomes with applicants. LaunchVic may enter negotiations with shortlisted applicants to refine project proposals.
Funding outcomes are ultimately determined by the LaunchVic Board and their decision is final.
All applications are made at the applicants’ own cost and will not be reimbursed, whether the application is successful or unsuccessful.
Successful applicants will be required to enter a legal contract with LaunchVic and provide project reporting and/or evidence of project progress to receive payments under agreed milestones. Approximately 15 percent of the total grant is allocated to milestone 1 and contracts include approximately five to seven milestones. The number of milestones, and amounts, are dependent on factors such as the grant amount, scope and length of project.
Please review sample legal contracts dependant on your proposed program:
Indicative timings for the Round 8 Grants Program is as follows:
· Opened: 10 May 2018
· Information Session 1 (face-to-face): 10am – 11am AEST Tuesday 12 June 2018 Completed
· Information Session 2 (online): 10am – 11am AEST Wednesday 13 June 2018 Completed
· Closes: 10am AEST 5 July 2018
· Shortlisted applicants pitch session: Friday 3 August 2018 (changed from Tuesday 7 August 2018 on the 31.05.18)
· Successful recipients announced: October 2018