Deadline: 25-Aug-22
Do you have an idea for a healthcare product or medical technology that can improve and change people’s lives? The Building Better Futures for Health (BBFH) Challenge offers individuals, R&D managers, researchers, universities, startups, and established businesses a unique opportunity to pitch their medical technology idea.
The winners receive up to $30,000 in entrepreneurial, commercialisation and medical technology development support from IDE Group, bringing your idea to life and kick-starting our journey together to commercialisation.
The BBFH Challenge is about working together to find, create, evaluate and invest in the best medical technology innovations. This includes offering specialised guidance, feedback and industry networks to help all BBFH applicants, not just the winners, along their commercialisation journey.
What’s in it for you?
- Feedback: Gather feedback on your idea from their team of medtech design and entrepreneurship experts.
- Guidance: Seek guidance from their commercialisation experts to help fast track your idea
- Support: Gain support by pitching your idea to an influential panel of medtech industry leaders
- Funding: Receive a total of $25,000 in IDE services and the opportunity to win an additional $5,000 in services.
Eligibility Criteria
- Entry is open to residents of Australia who are aged 18 years or over.
- Entry is also open locally and internationally to corporations, research institutes, and universities specialising in medical technology (Eligible Entrants).
- Directors, management, employees and their immediate families, and related entities, of the Promoter, and retailers, suppliers, associated entities and agencies associated with this Competition are ineligible to enter
- Startups and entrepreneurs active in the medtech space.
- R&D Managers or employees of a company looking for accelerated support for a R&D project.
- Medical Professionals working in the field who have uncovered areas of opportunity for new devices
- Researchers with medical technologies they’re craving to commercialise
Criteria
- Desirability
- All about your stakeholders:
- What is the problem or need your idea is trying to address?
- Who are your key stakeholders?
- Why would they desire your idea as a solution to their problem?
- How strong do you think that desire would be?
- Are there any reasons why these stakeholders might resist adopting your idea?
- Are there any competitive alternatives already on the market?
- Please describe what they are. Apart from using competitive alternatives, how else are your stakeholders improvising to address their problem?
- All about your stakeholders:
- Feasibility
- All about making it work:
- Please explain in detail how your idea will work (pictures or diagrams can be attached in a supporting document to help describe any technical details).
- Do you foresee any technical risks?
- Are there any risks or technical issues that might be particularly difficult to resolve?
- What work have you done to reduce these risks? (E.g. design, prototyping, research, testing?)
- Does your idea provide a clinical or diagnostic outcome?
- Is there a standard of care for the problem your idea is trying to address?
- If your idea has a standard of care, does your idea compliment or challenge the standard?
- All about making it work:
- Viability
- All about your business model:
- Who will make your idea?
- Who will buy your idea?
- How will your idea be distributed?
- What exactly will customers buy, and for how much?
- What don’t you know about your business model that you need to find out?
- Your Intellectual Property (Ip)
- What protectable or non-protectable IP is there upon which this business will be based?
- All about your business model:
- Your Team
- Please tell us about you and your supporting team. List the names of each of your team members and share your team’s background and experience relevant to the idea you would like to develop.
- Your Plan
- What are the key activities or steps you need to take to get your idea to market? Share with us what you would like to achieve in the next 12 months.
For more information, visit https://www.bbfhchallenge.com/