MedTech Innovation Fund
The MedTech Innovation Fund (MT-IF) is an exciting new initiative to provide funding to academic staff at the University of Glasgow who have entrepreneurial spirit and ambition to transform health and patient care.
This fund enables staff to accelerate the development of innovative medical device / healthcare ideas that have significant potential for a spin-out venture or worthy of further exploration through other commercialisation routes and have real world impact.
MT-IF funding will assist project leaders to validate and mature their ideas / inventions, identifying gaps that need to be filled in the journey to commercialisation and realising potential of new groundbreaking discoveries.
This fund is part of the Entrepreneurial Campus Program and funded by the Scottish Funding Council University Innovation Fund and the UK government through the UK Shared Prosperity Fund. The first round of funding welcomes applications from June 24, 2024 to August 19, 2024 at 9am.
Q&A sessions
We will be hosting in-person and virtual Q&A sessions where you will have a chance to ask questions:
What funding and support is available?
The funding is open to all academic staff at the University of Glasgow (including post-doctoral researchers and PhD students), who have salary support in place until March 31, 2025 and with proposed projects meeting one or more of the following criteria:
- Demonstrate ambition to commercialise an idea or product offering / create spin out venture that has a positive change in the medical technology / healthcare market
- An unmet healthcare need / customer demand
- Protection of Intellectual Property (unpublished data / filing know how)
- Some evidence of a large market opportunity
- Sustainable competitive advantage
- Some form of early prototype with preliminary proof of concept data
The funds can be used for a range of different purposes, depending on the technologies / innovation readiness and how close the solutions or offerings are to the market and welcome applications of various funding quantities. For more advanced proposals or projects over £50,000 we require applicants to contact the MT-IF team before beginning an application.
Eligibility
Examples that would be eligible for funding include:
- Buy-out of staff time to generate evidence and validate the scale of the market for the innovation proposed via engagements with clinicians, investors, corporates, healthcare providers and other stakeholders
- Funding a consultant to evolve a development and regulatory plan including timescales and costs to take an innovation to its first clinical or user trial or preparation for investment
- Funding for a commercial champion to develop a business plan, financial model and investor pitch deck targeting potential investors and corporates
- Up to six months of salary costs for new temporary staff are eligible for inclusion (direct appointments only) where it can be demonstrated that appropriate staff can be recruited in the timescale and/or that contractual arrangements for current staff on temporary contracts can be reasonably altered
How to apply
For detailed information regarding application process and funding terms please refer to the MedTech Applicant Briefing.
All applicants must submit a completed MedTech Application form, and if applicable a MedTech Costing Template and relevant quotes to innovation@glasgow.ac.uk by 09:00am on August 19, 2024.
We want your application to be as strong and competitive as possible, and our team can advise on applications and help identify potential partners for your project ideas.
We will be hosting in-person and virtual Q&A sessions where you will have a chance to ask questions:
Assessment criteria
All applications will be checked for eligibility and are considered by an expert panel comprising commercialisation expertise from the University and industry experts from across the MedTech sector. The panel will assess and prioritise applications with respect to:
- Evidence of an unmet healthcare need being addressed and the potential impact of the proposed solution on patients
- The intellectual property position of the project
- The stage of prototype development and proof of concept data
- Evidence of any clinical or healthcare provider endorsement for the solution
- The market/impact opportunity
- The potential for scalable spin out venture creation
Post award requirements
Award recipients will be required to submit a brief report detailing expenditure and project outcomes by April 30, 2025.
Furthermore, applicants will be required to attend a project closing event to present main outcomes to the panel. This is planned for Spring 2025 and details will be confirmed with successful applicants.