Deadline: 29-Mar-23
Applications are now open for the MedTech Open Challenge Program 4.0 to boost start-ups in the field of medical equipment/electronics & health informatics, and, to contribute to “Make-in-India” & “Digital India” programs of Govt. of India by reducing Health Care Equipment imports and recognize the value of Health Care Equipment & Technology locally.
MedTech is a Center of Entrepreneurship in the field of MediElectronics and Health Informatics. This novel initiative is being set up by consortia comprising of Software Technology Parks of India (STPI), SGPGI Lucknow, Department of IT and Electronics, Government Of UP, Association Of Indian Medical Device Industry (AIMED), Andhra Pradesh MedTech Zone (AMTZ).
Apart from physical infrastructure, the CoE will have the access to Technocrat/Medical practitioners mentorship, mentorship programs and VC funding, Legal and IPR support, Marketing assistance etc.
Focus Areas
Startups having innovative Idea/Product/Solution in following focus area:
- Early Disease Diagnosis.
- Next Generation Technology.
- Networking with Healthcare Professionals.
- Point of Care- Wireless Monitoring System.
- Data management.
The focus area is not limited to above problem statements only. Any other product/solution which caters to one or more of the domains is invited.
Offerings
- Physical infrastructure including state-of-the-art Ready-to-Work Plug & Play space
- Direct mentoring from stalwarts of business/tech domain
- Financial Support through seed funding
- High Speed Internet Access
- Access to VC funding
- Technical Support
- Marketing Support
- IPR Related Support Services
- Access to 19+ CoE Labs PAN India
- End-to-end marketing plan to place your start-up on the global map
- Legal, Accounting, IPR/Patenting Facilitation & other support Service
- Cross border collaboration via international promotional agency partners
- Sponsorship to National/International level events to showcase your products for global exposure.
Incentives
MedTech CoE shall guide start-ups for raising funds towards PoC, MVP and Marketing as well as scaling up through grants, equity and debt by leveraging connections with potential customers and CSR/ Corporate sources as well as angels, High Net worth Individuals (HNIs) and VCs as per appropriate size of start-ups.
Annual Turnover
Start-up should have an annual turnover not exceeding Rs. 100 crore for any of the financial years since its incorporation. Original Entity An entity should not have been formed by splitting up or reconstructing an already existing business.
Innovative & Scalable
Entity working towards innovation, development, or improvement of products, processes, or services or if it is a scalable business model with high potential of employment generation or wealth creation.
Eligibility Criteria
The start-up must be incorporated as a
- Private Limited Company (as defined in the Companies Act, 2013) or
- Registered Partnership Firm (Regd. under section 59 of the Partnership Act, 1932) or
- Limited Liability Partnership (under the Liability Partnership Act 2008)
- The date of registration/incorporation must not be beyond 10 years.
Selection Process
Screening, Evaluation & Selection:
- Designated Committee(s) shall be formed for Screening, Evaluation & Selection.
- All the applications received shall be subject to a rigorous centralized multi-tier screening process with involvement of appropriate experts from respective domain and/or location as deemed fit.
- Decision of the designated Committee(s) shall be final & binding on all.
Terms & Conditions
- Start-ups have to operate from the MedTech CoE Incubation facility at STPI Lucknow CoE at SGPGI.
- Each start-up will be offered incubation space as per their requirement.
- Each start-up has to offer designated equity to STPI as per the present valuation.
- The start-up has to pay designated services charges per seat per month for availing incubation facilities.
- The incubates under product development and R&D shall be offered discount as per the STPI Incubation Policy.
For more information, visit Software Technology Parks of India.