Original article by Ariana Margetts can be found here
The Queensland Government’s coworking and innovation space, Cohort, has launched a brand new healthtech accelerator that is being backed by over 25 industry partners.
The accelerator, LuminaX, will open the door for ten startups to undergo a 14-week intensive program that provides them with the networks, expertise, space, and resources required to build, grow and launch a successful healthtech business.
Designed by Cohort Innovation Space and delivered in partnership with the Queensland AI Hub and IntelliHQ, LuminaX is the first specialised accelerator to be delivered in Australia’s Gold Coast.
The program is supported by by the Australian Government’s Department of Industry, Innovation and Science as part of the Entrepreneurs’ Programme, and the Queensland State Government’s department of State Development, Tourism and Innovation.
The 14-week accelerator is designed to validate and commercialise early-stage, high-growth startups that are using technology or AI to solve problems in the health care space.
The program will provide comprehensive support to ten startups by taking them through a rapid and immersive educational program aimed at accelerating growth and fast-tracking connections and customers. From customer discovery and validation, to product development, internationalisation and pitch preparation, startups will work on every aspect of their business in the accelerator journey.
Successful applicants will receive more than $50,000 in-kind value, including coworking desks at Cohort Innovation Space, personalised connections from over 25 industry partners, 80 hours of individual mentoring and coaching, and 10 facilitated workshops.
While many accelerators are designed to take equity from participating startups, LuminaX is instead designed to solely support startups on a zero-equity model, providing unrivalled access to world-class mentors within the Gold Coast Health & Knowledge Precinct without taking a percentage of the new business or new IP created.
To be eligible, startups must have a minimal viable product in the form of proven traction, existing customers, an early product, prototype, platform or digital application.
Cohort’s Chief Executive Officer, Ben Howe said the announcement of LuminaX brings to life his long-term goal of establishing an accelerator that supports the health and technology growth on the Gold Coast.
“Our goal at Cohort has always been to support founders by connecting them with the resources required to break the barriers to be able to scale within Australia and internationally.”
“LuminaX ties into the suite of existing innovation programs we have already designed, and provides tech founders with the opportunity to join a cohort of startups and fast track the development and refinement of their products.“
“LuminaX will turn ideas into success stories, fuelling the growth of early-stage startups with the economic aim of creating more knowledge-based jobs in our city. We are excited to bring this opportunity to the Gold Coast and believe this will be a cornerstone program that promotes and supports local innovators and entrepreneurs” said Mr Howe.
In addition to the federal and state government support, the program is supported by over 25 industry partnerships including the Queensland AI Hub, Gold Coast Health, Trade and Investment Queensland, 77 Partners, Verge HealthTech Fund, Bond University and Life Sciences Queensland.
Mr Howe said the significant partner engagement has been key to getting the program off the ground and this collaborative approach shines a spotlight on the Gold Coast as an increasingly innovative city.
“LuminaX is an example of what can be achieved when government, industry and the startup ecosystem come together to collaborate on a common goal. Together, we’re building a stronger entrepreneurial community on the Gold Coast” he said.The program will take place in-person at Cohort Innovation Space from April 2021.