In the first instance we recommend you discuss your idea with colleagues from Health Enterprise East who can offer support and advice around your idea and the application process. Call 01223 928040 or email email@example.com
Friday 5th October 2018 is the next application deadline for the Medtech Accelerator Awards Committee who meet on a quarterly basis to review all applications.
- Click here for the application form. Accompanying application guidance (FAQs) are shown below.
- Click here to view the template Advanced Subscription Agreement that outlines the full terms and conditions of a Medtech Accelerator Award.
Schedule of Key Dates
* Applicants to hold dates free should they be shortlisted and invited for interview.
- What kind of innovations is the Medtech Accelerator looking for?
The Medtech Accelerator is looking for applications from individuals or teams primarily from eligible NHS organisations with innovations in the broad area of medical technology (devices, diagnostics, software and eHealth) that meet unmet clinical needs. Such innovations will be primarily based upon NHS intellectual property (IP) that show the potential to create new company opportunities within the East of England.
- What is an eligible NHS organisation?
An eligible NHS organisation is one which is a member of Health Enterprise East’s (HEE) services. HEE is a not-for-profit organisation hosted by Royal Papworth Hospital that provides IP and innovation management services to 28 NHS member organisations in the East of England helping to support innovation and bring new medical technologies to market. If you are unsure whether your organisation is a HEE member or would like to join HEE’s membership, please contact a member of the team at HEE on 01223 928040 or firstname.lastname@example.org.
- How do I submit my application to the Medtech Accelerator?
- What stage of development does my idea need to be to apply for the Medtech Accelerator?
The awards are intended to support and finance early stage proof of concept work which typically might include: IP protection, market analysis, prototype development and testing, clinical evaluation, regulatory support and pilot product production; such that the technology or innovation can be ready for follow-on funding. The Medtech Accelerator is not intended to support basic research or projects where a commercial route to market has not yet been identified. The Medtech Accelerator aims to seek a financial return from an award within a 3 to 10 year period to become self-sustainable and enable further awards to be made for the next generation of NHS innovations. Therefore, applicant(s) are strongly recommended to consider their future exit strategy and how this fits with the objectives of the Medtech Accelerator.
- What are eligible costs that can be included in my application?
Awards may be used to cover labour, materials, equipment, overheads, IP & legal fees, sub-contracting and travel & meeting costs. Given the nature of the awards, costs associated with labour and overheads are expected to be kept to a minimum. Applicant(s) are advised that the Medtech Accelerator Awards Committee will consider financial costs in terms of value for money and projects showing costs that are considered unreasonable will be rejected on these grounds. It is a requirement that the applicant(s) gains approval for all costs associated with their application from their R&D or Finance Team prior to submitting the application form.
- Should project costs include VAT?
Yes. The awards provided by the Medtech Accelerator are subject to VAT. Therefore, all applications should list total costs inclusive of VAT. Should you consider certain costs are VAT exempt then you may quote such costs without VAT but you will not at a later date be able to increase invoice values to cover VAT. It is the responsibility of the applicant to ensure that VAT has been accounted for and it is advised that the applicant(s) seek the appropriate VAT advice before submitting their application.
- Can my application be in collaboration with other companies or NHS organisations?
Yes. Typically, awards will be transferred directly to the lead applicant’s NHS organisation who will then be responsible for the management and allocation of funds to collaborators or subcontractors on the project.
- Do I need to have Intellectual Property (IP) to apply?
No. The Medtech Accelerator will support projects that are yet to generate IP or do not at the time of application hold IP rights. However, if this is the case there must be a clear strategy within the application to outline how IP will be captured and protected during the award. The IP, both current and future, must reside primarily with the host NHS organisation.
- Who makes the decision for the awards?
The Medtech Accelerator Awards Committee will have the full authority to grant an award. The Awards Committee is a panel of experienced MedTech specialists encompassing technology transfer, investment and clinical expertise. Application forms submitted by the applicant(s) will be reviewed and shortlisted applicants invited to present in person directly to the Awards Committee followed by a decision. The decision of the Awards Committee is final.
- What are the awards criteria?
The key criteria that the Awards Committee will assess applications against is outlined:
(i) Novelty – Is the technology new and inventive compared to what is already available on the market?
(ii) IP Position – Has IP been secured? Does the IP offer a competitive advantage?
(iii) Market Need – What is the size of the market? What area of the market will be targeted?
(iv) Clinical Need – Does the technology provide a solution for an unmet clinical need within the NHS?
(v) Value for Money – Are the costs for the project appropriate and affordable?
(vi) Project Plan Feasibility – Is the project plan deliverable within the duration of the award?
(vii) Technical Feasibility & Development Risk – Is the technology development high risk? Have these risks been mitigated?
(viii) Regulatory Pathway – Has a route to gaining regulatory approval for the technology been considered?
(ix) Strength of the Team – Is the right team in place to develop and commercialise the technology?
(x) Commercialisation Strategy – Has a commercialisation strategy of getting the technology to market been carefully planned?
(xi) Impact – What will be the impact on the East of England region as well as the NHS locally and nationally?
- What is the deadline for the submission of applications?
The Medtech Accelerator has an open call and applications can be submitted at any time. The Medtech Accelerator Awards Committee shall meet quarterly to review applications and decide on awards to be made. The deadlines for applications to be submitted prior to the quarterly meetings of the Awards Committee meeting is Friday 5th October 2018.
- When will I find out if my application has been successful?
All applicants who have been shortlisted to present to the Awards Committee will be notified shortly after the appropriate quarterly deadline. Shortlisted applicants, following presentation to the Awards Committee, will be notified within a week of the outcome. A list of the successful projects will also then feature on the Medtech Accelerator website.
- What happens if my application is successful?
You will be sent a conditional offer letter, followed by a contract covering the full terms and conditions of the award that must be signed and returned to the Medtech Accelerator. In addition, the Medtech Accelerator will carry out due diligence to ensure the application meets all the eligibility criteria to make the award. This must be completed before the project can commence and the award funds transferred. Therefore, applicant(s) are advised not to incur costs before the contract has been signed and the award funds transferred.
- What are the key terms and conditions of the contract I must enter with the Medtech Accelerator to receive an award?
The full terms and conditions that a successful applicant(s) enters with the Medtech Accelerator can be found in the Template Advance Subscription Agreement. These terms are non-negotiable. Important points to note are that the awards are not a grant. Awards are made in return for a future equity stake in the spin-out vehicle that commercialises the innovation via an advanced equity subscription or a convertible loan note. Should the innovation be commercialised by an alternative means to a spin-out, then the Medtech Accelerator shall be entitled to a share of future royalties/revenues received through alternate commercialisation routes. Awardees must also abide by the Medtech Accelerator’s publication and PR policy as well as acknowledge the Medtech Accelerator in receipt of an award.
- What is a ‘convertible loan agreement’ or ‘advance equity subscription agreement’?
A ‘Convertible Loan Agreement’ or ‘Advanced Equity Subscription Agreement’ are contractual terms by which the award amount made by the Medtech Accelerator is automatically converted to equity (or shares) at a later date. This conversion is made on pre-agreed terms that are outlined in the contract between the applicant(s) and the Medtech Accelerator at the time of the award being granted. The convertible loan agreement will apply for projects where the innovation has already been spun out of the NHS into a company. The advanced equity subscription agreement will apply for earlier stage innovations that still reside within an NHS organisation and are yet to spin-out.
- How will the funds of the award be allocated?
The award will be transferred from the Medtech Accelerator to the successful applicant under the terms of the contract. This will typically be either to the applicant’s NHS organisation or if the innovation has already been spun-out of the NHS, then directly to the spinout itself. Typically, awards will be made via tranche payments determined by the project meeting pre-agreed milestones.
- Will the award be monitored?
Yes. Milestones will be agreed with the applicant(s) within the contract and these milestones will form the basis of the monitoring. Monitoring will be carried out for the full duration of the project to ensure milestones are met and awarded funds are used for their intended purposes. Upon completion of an award, the applicant(s) will be required to provide the Medtech Accelerator with a final project report. Additional interim reports throughout the project at fixed milestones may also be requested dependent on the size and nature of the award.
- Can I re-apply to the Medtech Accelerator if I have previously been unsuccessful?
Applications for the same innovation may only be re-submitted to the Medtech Accelerator at invitation of the Medtech Accelerator Awards Committee. Applications for new innovations from previous applicant(s) are applicable and encouraged.
- Who should I contact if I have further questions?
If you have any questions or require any assistance with the Application Form please email: enquiries@Medtechaccelerator.co.uk or call 01223 928040.