There are plenty of pathways into product development, here are some to consider.
#1 Read up on where the TGA sits
If you have a wearable device in mind, this rather dry but important first step offers a sensible way to explore if your concept may be TGA-compliant. This TGA resource provides a useful first step. (Hint: fast-track your search to page 5 if you’re short on time).
#2 Network with like-minded peers
There is a stack of networking opportunities available, which you can dive into by searching key terms like ‘tech start up + networking’. These include the following networks.
- With over 60,000 community members, The Start Up Network host pitch nights, networking events, remote networking, digital workshops and mentoring opportunities across Australia.
- Annual events like the Digital Health Fest are certainly worth considering. Digital Health Fest is Australia’s biggest digital health transformation event, attracting 4000 attendees and featuring the most innovative healthcare and healthtech leaders, pitch events, and a startup village.
- Don’t limit yourself to Australia. Check out global networking events such as StartUp Grind which takes place in the US and is a two-day event with plenty of opportunities for information sharing and networking. Or join online forums and remote communities such as CoFounders Lab (useful if you’re looking for a co-founder to help propel your idea forward).
#3 Explore funding and collaboration opportunities
Investors are ready to invest in your product or idea – provided you know how to pitch it well, your idea makes a difference, and it gives a great potential return on investment.
Here are some avenues to explore in this space.
- Entities like MTP Connect host an online searchable directory that lists funding opportunities alongside services that offer support in product development.
- The Biomedical Translation Bridge can help to fund and nurture early stage health and medical research ventures through to proof-of-concept stage. From there, your product or tech concept has the potential (and all-important exposure) to attract further capital and support.
- The Giant Leap Fund is Australia’s first venture capital fund that is 100% dedicated to investing in impact startups – rapidly scalable businesses that blend financial returns with real and measurable social and environmental benefits.
- Check out MedTech Actuator which supports MedTech innovators to commercialise niche ideas or genuinely new, hard-to-come-up-with, scientific discoveries that can “change the face of healthcare”.
- FLEDGE Innovation Labs is an independent enterprise that provides low-cost access to collaborative working spaces, laboratory facilities, scientific equipment, and business support. This is backed up by “an extensive network of experienced advisors and mentors from some of Australia’s most respected research institutions, service providers and multinational healthcare companies”.
- Universities can provide the structure of a start-up hub or an incubator program to support you on your journey, particularly if it is active in the healthcare space. Chat to your local university or search through directories to point you in the right direction.
Give it some thought
Podiatrists are already making gains in this space, and there’s no reason you can’t be next.
Why? Because you know where the current knowledge gaps exist when assessing or treating patients, and perhaps you have the seed of an idea that could help to bridge this gap. Not only could your concept ultimately benefit patients, but this added visibility can help to enhance the entire podiatry profession.
