Round 8 Frequently Asked Questions

Transcription

1 Round 8 Frequently Asked Questions GENERAL ROUND QUESTIONS 1. Why are you focusing on HealthTech? LaunchVic s eighth funding grant round focuses on leveraging Victoria s key strengths in the health startup sector - including in MedTech, BioTech, Pharma, Health & Ageing Services and Disability Services (together, the Health Startup Sector ). The State of Victoria and its capital city Melbourne have demonstrated a strong track record in health startups. 1 in 5 startups in Victoria are focused in the Health Startup Sector. The LaunchVic report State of HealthTech Victoria found 57% of health startups do not know where to go to access the support they need to grow and another 42% do not kno how to identify and locate investors. LaunchVic s Round 8 grant funding program aims t increase support services of Victorian health startups by funding proven providers of accelerators, and quality founder and investor education programs. 2. What is the timeline for start and delivery of the successful program? LaunchVic is looking to announce successful recipients in late October LaunchVic would expect that the accelerator program to open applications in Q2 of 2019 or earlier however the exact start of the program can be negotiated with LaunchVic. Education Programs would be expected to start by Q1 of How many applications will be funded? The number of applications that will be funded is dependent on the quality of application received. Applicants will need to demonstrate their experience in delivering either an accelerator program, founder education program or investor education program that will help Victoria s burgeoning Health Startup Sector succeed on a global scale. 3 Can you please share with us what success will look like for this program?

2 In the long term, success is based on a program producing highly successful startups/founders/investors and in the short term success is the number of startups/founders/investors going through the program, and the quality of the program they are receiving. 4. Can I have a phone conversation or meet with a LaunchVic team member to ask a few questions about the program and discuss my proposal? LaunchVic is not offering calls or meetings for applicants under our open program based on our probity policy operating under a fair and transparent process for all applicants. However, if anything is unclear in the program guidelines please contact us via this ema address grants@launchvic.org and we can clarify any issues. 5. On the matching funding: can it be matched by in-kind? Yes however cash investments will be viewed more favourably than in-kind investments 6. What is the desired ratio for the cash and in-kind contribution versus the grant amount? Applicant contributions are mandatory. Details on the applicant s contributions need to b entered under Part B Section 4 in the Key Assessment Criteria. For accelerator applications, LaunchVic would view proposals that had applicant and/or partner cash and/or in-kind contributions that had a 3:1 ratio to LaunchVic funding favourably 7. Can two organisations lead an application, or can we nominate only one? There can only be one lead applicant, you can enter details on the partners under Part B in the application form. 8. Can not-for-profit organisations apply? Yes. 9. What information will be required of the team members and their credentials an backgrounds?

3 Applicants are required to provide details on the key personnel (program management and delivery team members etc.) who will be involved in the program and outline their roles, relevant experience including experience establishing new programs. The exact requirements can be found in the Guidelines and online application form. 10. Is there a limit to the number of slides accepted in the pitch deck and what typ of format is required and how big? Up to 15 pages will be accepted. LaunchVic suggests a pitch similar to an investor pitch. A PDF file is required. Files up to 25MB can be uploaded however we ask that yo please keep files to a maximum of 10MB the larger the file, the longer the upload time 11. How big is your shortlist likely to be? We cannot comment on how big the shortlist is likely to be however we expect this to be highly competitive round under all 3 categories. 12. I applied in a previous round - do I need to resubmit? Any unsuccessful application submitted in a previous round may be resubmitted in Round 8, however applicants must use the LaunchVic online application system. Applications must be eligible and update the application as per the key assessment criteria to be assessed. 13. I am a current LaunchVic funding recipient, am I eligible to apply? Current recipients of LaunchVic funding can apply in this round. 14. My proposed program doesn t fit the eligibility category, can I still apply? Programs that do not fit this category are ineligible to apply under this funding round. ACCELERATOR PROGRAM QUESTIONS 1. Do you have a minimum number of startups in mind that need to go through th accelerator program?

4 No. However the assessment panel will review how many startups are proposed to be accelerated against the funding requested and the quality of the program. 2. Over what time period will the grant support the Accelerator program? LaunchVic is seeking applications for programs that run up to three years. Applicants ar required to propose a start and end date for the funded program in-line with the request of funds as part of the application. Funding is due to be announced at the end of Octobe LaunchVic would expect that the accelerator program to open applications in Q2 o 2019 or earlier however the exact start of the program can be negotiated with LaunchVi 3. Is it possible to have more than one submission? It is possible to submit more than one application, however it is strongly recommended that you focus on one outstanding application that shows how you and your team can support the Health Startup Sector rather than multiple applications. 4. What is the definition of a new accelerator entity? A new company that is completely new. The first deliverable will include the setup the company, board etc. The application will need to be led by key personnel significant experience working in an accelerator to meet the eligibility requirement. 5. Can LaunchVic funding go towards investment into the companies we select? When LaunchVic supports accelerators, who invest in companies for equity, those accelerators have used their own capital or raised separate funds. Our strong preferenc is that the LaunchVic funding supports operational expenses. 6. Is the expectation that LaunchVic receive equity from each startup that gets admitted to an accelerator program? LaunchVic does not take equity from startups going through LaunchVic funded accelerators. 7. Is LaunchVic looking for an international provider or at the very least a local provider partnering with an international provider for the accelerator program? The program is open to local (Australian) accelerators, international accelerators and

5 FOUNDER EDUCATION PROGRAM QUESTIONS 1. Will LaunchVic be investing up to $250,000 in each of the categories, or is it $250,000 in total? LaunchVic will be investing up to $250,000 per successful application 2. Why is LaunchVic seeking applications on Founder Education programs that focus on: commercial strategy; reimbursements; domestic and international regulatory environments? These areas have been identified as key areas where health startups require assistance See the LaunchVic Health Report for details. 3. Does the application process enable multiple selections of the 3 category areas in the same application, or is it necessary to complete separate application for each category? LaunchVic is seeking applications from experienced/expert Founder Education service providers in each of the 3 categories. Other programs, where applicants have expertise can be proposed outside of these categories. Applicants can submit more than one application however applications will need to be submitted separately based on the category they are submitting under. 4. Over what time period should the Founder Education program run? Applicants are required to propose a start and end date and upload a delivery timeline f the funded program in-line with the request of funds as part of the application. Funding i due to be announced at the end of October Founder Education Programs would b expected to start by Q1 of How many founders should the program benefit? This is dependent on the applicant s methodology and the proposed program. 6. Can non-founders attend Founder Education programs?

6 Yes. In addition to Startup Founders, Startup Executives (CEOs, COOs, CTOs etc) are also welcome to attend the proposed education program. 7. Who will be responsible for recruiting startups to join the program? The successful recipient will be required to undertake recruitment. They will need to market, recruit and manage all operations of the delivery of the program. LaunchVic will support the programs with cross promotion (eg social media). 8. Can I charge a registration fee for the course? There are no restrictions to proposing a program that includes a reasonable fee for participants however high registration fees are not looked upon favourably for LaunchVi funded programs. If you do propose a program with a fee, you will need to state the amount and provide a rationale. INVESTOR EDUCATION PROGRAM QUESTIONS 1. Over what time period should the Investor Education program run? Applicants are required to propose a start and end date and upload a delivery timeline f the funded program in-line with the request of funds as part of the application. Funding i due to be announced at the end of October Investor Education Programs would b expected to start by Q1 of Is it possible to have more than one submission? It is possible to submit more than one application, however it is strongly recommended that you focus on one outstanding application that shows how you and your team can support the Health Startup Sector rather than multiple applications. 3. How do you define an Angel Investor? An angel investor (also known as a business angel, informal investor, angel funder, private investor, or seed investor) is an affluent individual who provides capital

7 and brings knowledge to a startup, usually in exchange for convertible debt or ownership equity. 4. Who will be responsible for recruiting Angel Investors to join the program? The successful recipient will be required to undertake recruitment. They will need to market, recruit and manage all operations of the delivery of the program. LaunchVic will support the programs with cross promotion (eg social media). 5. Can I charge a registration fee for the course? There are no restrictions to proposing a program that includes a reasonable fee for participants however high registration fees are not looked upon favourably for LaunchVi funded programs. If you do propose a program with a fee, you will need to state the amount and provide a rationale. GENERAL QUESTIONS 1. How do you define a Startup? We know startups mean many different things to different people, but it is important to have a shared understanding of who the funded organisation will support through their acceleration program. Our definition of a startup is a business with high impact potentia that uses innovation and/or addresses scalable markets. Startups are not limited to just tech. Accelerator and Education programs can support high growth businesses right across the economy. They aren t small or micro businesses, or businesses with a small number of employees. Successful startups, also known as scaleups, are important in a startup ecosystem because they contribute to the economy and provide valuable role models for budding entrepreneurs. 2. Do you fund Startups? LaunchVic invests in organisations (service providers) that will deliver quality educationa acceleration, incubation, mentoring, and other programs to support Victorian startups. We do not fund startups directly through our grant programs, unless their service primarily supports startups.

8 3. What is a startup ecosystem? The startup ecosystem is made up of founders, investors, startup teams, community organisations, corporates and government. Working together, we can collectively create a pipeline of successfully scaling startups that contribute to jobs and Gross Domestic Product. 4. What other funding programs are you planning on running? As a part of its strategy, LaunchVic will provide frequent funding opportunities, including grant rounds, for stakeholders to access funds to support programs that will grow the local startup community. Funding opportunities will address specific needs in the ecosystem, such as increasing diversity and inclusion, leveraging key strengths and building capability & excellence. My question doesn t appear in the above, how can I seek help? Please contact the LaunchVic Grants Team We are a small team but we will do our be to get back to you within 1-2 business days!