An Tánaiste and Minister for Business, Enterprise and Innovation Frances Fitzgerald TD, today announced the launch of the BioExel Accelerator at NUI Galway, supported by Enterprise Ireland, to further enhance the medical technology sector start-up ecosystem within Ireland and attract global talent to the Galway region. Other partnership sponsors for this Enterprise Ireland supported Accelerator are the Western Development Commission, the Galway University Foundation and the Bank of Ireland Seed and Early Stage Equity Fund.
The Accelerator programme is open to applications from potential teams or individuals both in Ireland or overseas, working in the medical technology sector. There are up to 14 slots available within the Enterprise Ireland supported Accelerator Programme over two cohorts with the first to commence later this year.
Successful applicants of the BioExel Accelerator will receive membership and a place within NUI Galway for a period of six months, where teams will be able to build and commercially validate their technologies by working with existing entrepreneurial networks and mentors.
The Medtech Accelerator programme is part of Enterprise Ireland’s overall strategy to increase the number and quality of start-ups that have the potential to employ more than ten people and achieve €1 million in export sales within three years.
Announcing the launch of the BioExel Accelerator programme while on an Enterprise Ireland and IDA Multi-Sectoral Trade Mission in Singapore, An Tánaiste and Minister for Business, Enterprise and Innovation, Frances Fitzgerald TD said: “Ireland is recognised as a key hub for medical technology and innovation and the launch of this new accelerator is an opportunity to further build on our strong international reputation for excellence and innovation in healthcare and Medtech. The Accelerator programme located at NUI Galway and supported by my Department DBEI through Enterprise Ireland will further enhance the High Potential Start-up (HPSU) eco-system and develop start-up capability, infrastructure and capital investment within the Galway region. We are delighted to support the initiative, which will go towards sustaining Ireland’s status as a global leader in medical technology innovation.”
Tom Early, Start Department Manager, Enterprise Ireland, said: “Enterprise Ireland is committed to supporting early-stage collaborative innovative opportunities between the enterprise sector and health system with the aim of internationalising Medtech technologies. New and emerging enterprises will benefit from the Accelerator programme through direct collaboration and coordination with technology and healthcare sector stakeholders on opportunities within the marketplace. The BioExel Accelerator aims to improve the efficiency of the commercialisation process of new technologies, products and services, benefiting the health sector and society as a whole”
“The vision here is to create innovative medical technologies which are affordable and transformative for patients with both acute and chronic conditions”, says Professor Lokesh Joshi, Vice-President for Research at NUI Galway. “The BioExel Accelerator will bring us closer to this patient-focused vision, while also stimulating innovation and job creation through high-potential start-ups. NUI Galway is proud to promote and manage this MedTech Accelerator, which will, in turn, benefit from our strengths in biomedical science and engineering teaching and research, as well as the CÚRAM Centre for Medical Device Research and the entrepreneurial BioInnovate-Ireland Fellowship Programme which are both based here.”