Media release – Grow Wellington
The future of the Wellington region’s biomedical sector is looking bright judging by Grow Wellington’s Innovating for Health Challenge, which closed with 40 submissions last week.
Submissions were made by researchers and clinicians across universities, research institutes and District Health Boards as well as independent innovators.
The aim of the Challenge is to connect innovations emerging from research and clinical practice across the biomedical sector with entrepreneurial capability and growth capital.
“In an industry where commercialisation isn’t often the ultimate goal, the number and calibre of submissions is extremely encouraging for the growth of the biomedical sector in the Wellington region,” says Grow Wellington’s Biomedical Centre of Excellence Manager, Adrian Gregory.
“The Challenge itself has received a lot of positive feedback from the sector, from surgeons to scientists; the consensus is that the Challenge is a really worthwhile exercise and a fantastic concept.”
The Innovating for Health Challenge is now in stage two where entrants will be provided with support and the necessary expertise required for business planning. The support available to entrants includes market validation, capital raising, product development and intellectual property advice, with Grow Wellington facilitating connections with subject matter experts, mentors, entrepreneurs and investors.
In New Zealand, and overseas, the biomedical sector is playing an ever increasing role. Healthcare systems need to deliver high tech patient care and an ageing population is demanding more patient focused healthcare. This challenging environment provides growing opportunities for the development of innovative healthcare products.
Stage two of the Challenge will close in early July when the submitted business plans will be assessed and offered further support as they move closer towards commercialisation.