Venture forth! The nation’s newest innovation hub is growing Australian health tech
New therapies, new drugs, new technologies: introducing AusHealth Ventures, Australia’s new $5m health tech powerhouse
AusHealth Ventures is a new ‘translator’ dedicated to supporting medical research and spinning out fledgling health tech companies that are Australian-made and investment-ready.
Based in Adelaide and headed by AusHealth COO Dr Justin Coombs, the division is underwritten by $5 million a year and supported by a specialist team resident at a collaborative hub in Adelaide.
“Australia has long been home to brilliant medical research,” says Justin, “but as a nation, we’ve never been very good at profiting from those ideas. Instead of creating a home-grown cancer therapy or an Aussie Ozempic, our ideas too often go overseas or they’re left simply left in a lab.
“AusHealth Ventures is changing that by supporting research and helping interested parties translate their medical research ‘from the bench to the bedside’ – in other words, turn their findings into a commercial proposition.”
AusHealth Ventures has opened a new innovation hub called The Accelerator – a 300-square-metre, bricks-and-mortar hub located in Underdale.
“While supporting innovation coming out of our core partner, the Central Adelaide Local Health Network, we’re also open to anyone with an idea. Whether you’re an innovator or an explorer, a chancer or a dreamer – if you’re in the medical space, come and have a chat with us!”
The Accelerator is home to a 20-person team, ready to work with fledgling companies and render them more attractive to health tech investors.
The team is skilled in ‘the essentials of translation’, including:
IP strategy – the complex business of nailing down the intellectual property (IP) associated with a novel idea or technology. At AusHealth Ventures, expertise is provided by in-house patent attorney Dr Justin Coombs supported by national IP firm, Phillips Ormonde Fitzpatrick.
Business development and commercialisation – the often-underestimated necessities of commercialising research, devising strategy, validating products and creating proper company structure. This unit comprises Dr Tina Lavranos, Belinda Wade and Jessica Lee.
Financing – the sine qua non of start-ups. AusHealth Ventures draws upon two sources of funding: the $5m annual research fund generated by the AusHealth charity; and funding provided by Ventures’ in-house capital group, The Wellspring Consortium, supported by government and private capital.
AI – for next-generation digital solutions. The Accelerator is home to an in-house AI partner called HeartAI. The eight-strong unit led by Lukah Dykes specialises in the creation of ground-breaking clinical solutions.
Marketing and communications – to help start-ups create a strong brand identity and ensure a professional online presence. The team comprises Max Anderson and Dr Gretta Koch.
More information, visit AusHealth Ventures
Contact: ventures@aushealh.com.au