About this Program
MedLab is here to fire up your business. We invest $50k in your business, surround you with the best medtech mentors in the country and intently focus on bringing out the best in founders as business builders.
Cicada MedLab is an intensive 12 week accelerator program designed to accelerate early-stage medtech business which are at the proof-of-concept stage. We run once a year and seek out not just the most breakthrough technologies or research but also teams who demonstrate the determination and chutzpah to build a great business.
We invest a lot more than just cash in your business, so to make sure you get the most of the program, we require teams to commit full-time during the first 12 weeks of the program between August and November 2019. We think it’s painfully hard to built anything great when you don’t give it your 100% focus.
MEDLAB HAS TWO STAGES:
PART ONE - A first 12 weeks of intensive acceleration focusing on building your product, honing your path to market, refining your story, getting investor ready.
PART TWO - A second 12 weeks of less structured support for you to build your business, implement your learnings from the program and raise your first round of capital.
HOW IT WORKS:
0-3 MONTHS - Work out of our space for 12 weeks of intensive learning with the aim of being ready to raise by Demo Day
DEMO DAY - Step up on stage and pitch your company to the cream of Australia’s deep tech community and investors
3-6 MONTHS - Remain at our offices for three further months, implementing your learnings and raising with investors
BEYOND... - Get the opportunity to be invited into the Cicada Incubator for longer term support and subsidised office space
WHAT YOU GET:
INVESTMENT - $50k convertible note plus 3% equity for program participation. If you’ve raised a bone fide round before, our $50k will match those terms
TAILORED PROGRAM - A 12-week intensive focused heavily on path to market, investor readiness and cover technical areas like health economics, clinical trial protocols, regulations, quality management systems and more
GUIDANCE - Access to the best business builders, experts and investors in the business for support, advice and guidance
INVESTOR READINESS & DEMO DAY - By end of program you will have all the tools you need to start raising your first round with investors. The starting point: Demo Day.
INTERNATIONAL IMMERSION - To expand your global networks, meet investors, and learn how to enter new markets
KEY PROGRAM DETAILS FOR 2019:
Information Session - Wednesday May 22 at Cicada Innovations in Sydney.
Applications Close - Sunday June 16 9pm AEST
Invitations to Interviews - Monday June 24
First Round Interviews - Monday July 1
Second Round Interviews - Tuesday July 2
Offers Made - Friday July 13
Off-site Residential - 2.5 days during week of August 19
Program Start - Monday August 26
Investor Demo Day & Program Finish - Late November
HOW WE INVEST:
MedLab invests $50k into your company via a convertible note; you can see the terms of this investment and a plain english explanation of what these mean in this document we wrote.
In addition, for participation in the program we ask for companies for 3% of the business in founders stock.
We expect our ownership to be around 4-5% of your business after you raise capital. Taking a stake in your business aligns our interest with yours and we know that we can add a lot more value to your business than 5%. To find out more about our thinking, check out this blog we wrote earlier.
SOME AREAS THAT INTEREST US:
BIONICS - Biomechatronics that work to integrate mechanical elements and devices with biological organisms such as muscles, bones, and the nervous systems.
DEVICES - Medical devices used on humans, have therapeutic benefits, and have a mechanical effect on the body or are used to measure or monitor functions of the body.
COATINGS - Innovative coatings for medical devices to enhance biocompatibility, hemocompatibility and to minimise foreign body responses.
DIAGNOSTICS - Tests screening for disease to allow early intervention, through to the management of chronic disease and the monitoring of health and wellbeing.
DIGITAL HEALTH - Convergence of digital technologies with health, healthcare, living, and society to enhance healthcare delivery and make medicines more personalised and precise.
BIOMATERIALS - Engineered substances to interact with biological systems for therapeutic or diagnostic medical purposes.
WEARABLES - Wearable devices with applications for personalised treatment or therapy.
- Funds up to $50k per team
- Takes up to 4.0% equity
- Accepts 6 companies
Medical Devices and Equipment