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This extension builds upon the initial $1.4 million investment in 2022 and recognises the high performance of the program and its significant impact on Victoria's fast growing digital and connected health sector.
The ACTIVATE program, which supports high-growth potential digital and connected health startups, has demonstrated remarkable success since its inception. The compound annual growth rate of digital and connected health startups in Victoria rose from 17% before the program to 30% in the two years since the program launched. Victoria now leads the country as home to 42% of all digital and connected health companies in Australia, rising from 36%.
ACTIVATE has delivered significant benefits to participants, with the 30 companies from the first two cohorts having raised more than $11.4 million in dilutive and non-dilutive capital, created 49 new jobs, generated $8.7 million in revenue, led to 27 clinical trials, pilots and research projects, and impacted 162,500 patients, in just 2 years, showcasing the program's effectiveness in supporting high growth companies to accelerate their technology and company development.
ANDHealth CEO and Managing Director, Bronwyn Le Grice, said the extension will allow Victoria’s thriving digital and connected health sector to continue to lead the nation.
"The continued support from LaunchVic is a testament to the ACTIVATE program's success in accelerating growth for high-potential digital health companies. We've seen participants raise substantial funds, generate new revenues, create jobs, and impact tens of thousands of patients,” Ms Le Grice said.
“This extension will allow us to build on this momentum and further strengthen Victoria's position as a leader in digital and connected health innovation. The ACTIVATE program has proven to be a catalyst for growth in Victoria's digital health sector and we've witnessed a 94% increase in digital health startups in the state since the program launched, compared to national growth of 72%."
LaunchVic Chief Executive Officer Dr Kate Cornick said the announcement will further boost the startup ecosystem in Victoria.
“With more than 3,500 startups in Victoria, the need for tailored support, mentorship and networking opportunities is greater than ever. By backing programs like ANDHealth ACTIVATE with a proven track record of helping founders, LaunchVic is supporting our rapidly growing ecosystem,” Dr Cornick said.
Applications for this year's cohort of ACTIVATE companies are now open. The six-month program offers tailored support and mentorship designed to help companies develop robust business and investment cases, enabling them to engage with professional investors and enterprise customers.
"We encourage all eligible Victorian digital health companies to apply for this year's ACTIVATE cohort. This is the only program in Victoria providing digital and connected health startups the ability to access deep, specialised domain expertise alongside world-class content, hands-on coaching, and a supportive community of peers and experts in the digital health industry," Ms Le Grice said.
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