The Medtech Accelerator, a new proof of concept financial awards scheme to progress medical technology and software innovations developed primarily from within the NHS, has been launched.
With awards on offer between £15K and £125K, this new joint venture brings together the NHS, local authority and local business. The Medtech Accelerator will support and finance development projects at an early stage in order to maximise the potential for success in bringing new life enhancing technologies to patients.
Awards are available to NHS organisations with a total of £1.5 million on offer for innovations that show the greatest promise, with the potential to create future spin-out companies. Awards are aimed at supporting proof of concept work which typically includes market research, product and market validation, prototype development and testing, and IP protection.
Led by Health Enterprise East (HEE), a leading NHS innovation hub, the initiative includes New Anglia Capital Ltd, a subsidiary of New Anglia Local Enterprise Partnership (LEP), Greater Cambridge & Greater Peterborough (GCGP) LEP, and the Eastern AHSN. LEPs and Eastern AHSN have each invested £500K and will have access to HEE’s expertise in proof of concept and technology transfer and to its existing pipeline of NHS technologies through its membership base, including internationally renowned centres of healthcare research and innovation.
Dr Anne Blackwood, Chief Executive at HEE said: “The Medtech Accelerator is the first scheme of its kind that brings together local authority, business and the NHS across a specific geography to invest in Medtech. There is a current lack of funding for early stage proof of principle work and together we have the opportunity to not only help patients but also bring economic growth to the region in the form of jobs, revenues and the scope to leverage additional investment.”
Chris Dashper, Head of Programmes at New Anglia LEP, added: “We’re delighted to be involved in this project which links technology and software innovations from the NHS to the private sector. Making funding available at an early stage through projects like the Medtech Accelerator is very important as it sets up projects well to be able to benefit from additional private sector support in the future.”
For more information on the Medtech Accelerator click here