ide Group will be awarding $25,000 worth of ide Group product design and development support for the best health innovation product idea pitched at the Building Better Futures for Health: A Product Design Challenge event.
Organised and hosted by ide Group, the event hopes to attract early stage entrepreneurs from across Australia with novel product ideas and technologies that have the potential to make a significant difference to people’s health. In response to alarming rises in health care costs and a rapidly ageing population, ide Group joins Australia’s push to find and invest in fresh, new ideas.
Judged by a panel of medtech industry leaders, the event will take place during the Vivid Ideas Exchange sessions held at the Museum of Contemporary Art Australia on Thursday 2 June, 2016 as part of Vivid Sydney, the world’s largest festival of light, music and ideas. Entries are now open and will close on Friday 29 April, 2016.
Why is ide Group running this event?
Co-founder and Managing Director of ide Group, George Sidis said the event was born out of a desire to support and progress ideas that have the ability address issues affecting Australia’s health in a new and engaging way.
“We’re very excited to present an event during this year’s Vivid Ideas Exchange that provides a platform for new start-ups in the medtech space to publicise their business opportunity in a bid for financial and other support,” Sidis said.
“Exploring new perspectives and enabling more pathways to accelerate ideas into commercially viable realities is the best chance we have to build a better future for Australia’s health”.
ide Group has been at the forefront of medical device design and development in Australia for over ten years. The company knows well the many challenges the industry can present to those new to the industry.
As Sidis explains, “the medtech landscape can be a tricky place to find your footing as a small startup or entrepreneur with a brand new idea”. Characterised as a highly regulated industry teeming with risks, Sidis said many entrepreneurs struggle to navigate the medtech space if they don’t know the right questions to ask.
What’s more, Sidis described how many can find it difficult to develop industry partnerships early on in the product development life cycle, an element considered vital to the long term success and survival of medtech start-ups. Good news for budding medtech entrepreneurs, Building Better Futures for Health: A Product Design Challenge hopes to change that.
What does the competition have to offer?
To alleviate these challenges, ide Group will be awarding the winner of the competition $25,000 worth ide Group services to develop their idea on site at The Connectory, a state of the art workshop and co-working space at ide Group’s Headquarters.
Sidis said “this is a rare opportunity for entrepreneurs to connect with medtech industry leaders including product design and development experts, to commercialise their ideas in a space fully equipped and supported for the successful, compliant design and development of medical devices.”
For those still unsure of the potential of their ideas, Building Better Futures for Health: A Product Design Challenge actively promotes itself to be an inclusive competition where no idea is too big or too small.
“This competition is not just about looking for the single best product idea,” Sidis said. “We want this event to be a celebration of health innovation whilst showcasing a diverse range of medical device product ideas, provide a platform for those ideas to be discovered and enable new industry partnerships to be inspired and developed”.
Entries are now open and will close on Friday 29 April, 2016.
Submit your idea today.
