FAQs

Bendigo Health Accelerator FAQs

Frequently Asked Questions

What am I required to do as a participant startup in the program

You must be 100% committed to attending the Bendigo Health Accelerator (BHx) which will be located in Bendigo. A minimum of one founder from each startup will be required to commit to compulsory attendance for two to three days per week during this period.

What are the key BHx dates and program activities?

The 13-week program runs from 4 May - 31 July 2020. In the final weeks of the program you will work to refine your pitch in preparation for DemoDay. Our DemoDay date for 2020 is still to be determined but will follow the end of the incubator period.

The program is designed to help startups move to the next stage of their business cycle. The program provides knowledge and expertise in areas such as, finance, legal, R&D tax incentives, B2B Sales & marketing, intellectual property, licensing, investors/venture capital, product design, and branding.  In addition, you will receive advice and mentoring from Bendigo Health clinicians and successful entrepreneurs.

Who else will be participating in the program?

12 Health Startups, their founders (and their teams) will be accepted in the program. The cohort will be made up of passionate health entrepreneurs who are looking to develop their concept, product or idea.

Do I need to have a team?

No, the BHx is open to sole founders and startup teams who have an innovative concept, product or idea.

Does BHx take equity or ownership in the startup business?

No.  We do not take equity or any ownership.

Who owns my Intellectual Property at the end of the program?

The program does not change the ownership of any Intellectual Property (IP). The ownership of IP in the concept, product or idea remains 100% with the startup at the end of the program. The purpose of Bendigo Health participation in the accelerator is to facilitate the provision of training and advice, not to build new IP.  If potential future collaborative work is identified during the program, it will be subject to a negotiated collaborative agreement after the accelerator has been completed.

How is the BHx funded?

The BHx is funded by LaunchVic, a Victorian Government initiative started in 2016 designed to support the startup ecosystem in Victoria.  We also receive generous in-kind support from collaborators and mentors who provide their knowledge and expertise for the program.

Who will be running the program?

The program is run by Bendigo Health in collaboration with the Melbourne Health Accelerator (MHx) under the Victorian Health Network Accelerator (VHNx) Project, funded by LaunchVic.

What are the costs involved?

The program is fully funded by LaunchVic and is provided at no cost to the successful applicants. Participants will be responsible for any associated costs in relation to attending the program in Bendigo such as travel and accommodation.

Will participants in the program steal my ideas?

Applications will be kept strictly confidential. The startups selected for the program will need to sign a participation agreement which protects your innovation and ensures confidentiality.

Do I need to have paying customers? I don’t have any financials.

We understand you may not have customers at this stage and therefore don’t have any financials, such as a balance sheet, profit and loss statement. However, if you have income we need to see your most current financial year. You will also need an Australian Business Number (ABN) if you’re accepted into the program.

How do I know if I/we are suitable for the program?

We would love to hear from you and welcome ideas that may benefit a healthcare organisation in the broadest context. The below will help you identify if the program is a good match for your startup.

a.           Do you have an idea or technology in a Startups company with the potential to improve patient outcomes or healthcare efficiencies, particularly in rural and regional communities?

b.           Do you see an opportunity for healthcare improvement but not know how to realise it?

c.           Do you want help in making your solution for health a reality?

Where do I apply and what is the screening criteria for applications?

Applications will only be accepted if they are submitted on the GUST platform.

The following screening criteria will be applied to all 12 Startups to participate in the BHx:

a.           The responses entered by the Applicant in their online application at: https://gust.com/programs/bendigo-health-accelerator-2020

b.           The responses entered by the Applicant to Section C of the Expression of Interest at: https://gust.com/programs/bendigo-health-accelerator-2020.

c.           Originality.  Is the idea original? If not, is there potential for significant improvement over existing technologies?

d.           Alignment with Bendigo Health.  Does the solution align with research, clinical, or administrative activities at Bendigo Health?  Has the Applicant considered this?

e.           BHx Value Add.  Is participating in the BHx likely to add value to the Startup? Are the objectives outlined in the application realistic?

f.            Team.  Consider the experience, diversity, and capabilities of the Applicants team.

g.           Business Model. Does the applicant’s response clearly describe; the startup’s unique value proposition (the business concept), how the startup uses its sustainable competitive advantage to perform better than its rivals over time (strategy), and how the startup can make money now and in the future (revenue model)?

h.           Product. Does the applicant’s response clearly describe what they are selling, or plan to sell, to customers?

i.            Market.  Does the applicant’s response clearly describe who they are targeting and how big the market is?

j.            Team. Does the applicant’s response clearly outline and describe their key team members?

k.           Any other factors deemed relevant by the BHx.

When will I find out if my application has been successful?

Shortlisted startups will be notified by phone or email sometime in March 2020.

Does the BHx provide capital or funding?

The BHx does not provide capital or any form of funding for participants. You may have the chance to raise early stage funding through our networks at the end of the program.