Brand new for 2017 we can announce a new partnership that will benefit the top 30 Converge Challenge Life Science & MedTech participants. A number of the top 30 Converge finalists will take part in a MediCity bespoke 3-day programme of sector specific support between the end of June and business plan submission deadline 3rd of August. This fantastic prize provides our participants with the opportunity to work closely with the MediCity team to support their early stage life science, healthcare and med tech company – all from within Scottish Universities and Research Institutes.
Olga Kozlova, Director Converge Challenge said:
“Commercialising Life Science projects generally takes longer due to the product development timescale and regulatory approval, hence sector specific support is important so we are delighted to be working with MediCity to assist and enable our participants with the best sector specific advice”.
Over a decade of direct experience working with over 200 early stage companies across the whole UK tells us that entering the life sciences or med tech marketplace presents young companies and academics with significant sector specific challenges which require tailored support which is not readily available. Our partnership with MediCity will allow them to offer a tailored version of their industry leading business support programmes at an early stage as applicants start their company journey.
MediCity’s goal is to support the Converge applicants to discover their scalable, repeatable and profitable business model, allowing them to build a solid early foundation for a successful company with substantially less money and in a shorter amount of time than using traditional methods. MediCity will also offer applicants the chance access to an extensive network of senior life sciences leaders via the BioCity Expert Network, which numbers 200+ senior industry figures with global reach, a unique and highly valuable resource not normally available to companies outwith the BioCity Group facilities.
Colin Roberts, Business Accelerator Manger, MediCity, said:
“As investors in early stage life science businesses the partnership with Converge gives us a great opportunity to understand and help shape investment ready life sciences and med tech businesses of the future, continuing to raise the profile of the sector and playing a part in this critical sector to the Scottish economy.”
MediCity is part of the BioCity Group, the UK’s leading, and largest life sciences and med tech incubator, providing the ideal conditions to accelerate, grow and sustain innovative companies. From its inception 13 years ago, The BioCity Group operates across 4 campuses’ in the UK, supports 200 firms (employing > 1000 staff); with a 91% survival rate; >£50M total capital (to date) has been funded by a range of investors into BioCity and MediCity tenant companies. The BioCity Group own investments have made a 6.7x return to date; the BioCity Model is an international leader for entrepreneurial activity in the life sciences and healthcare sectors.
BioCity and MediCity Scotland were formed in 2011 & 2015 respectively, the latter as a direct result of support from the Glasgow City Region City Deal, Scottish Enterprise, North Lanarkshire Council and UKBIS. BioCity and MediCity provide a ideal support environment for early stage companies by focusing on 5 core elements:
- Sector specific business support to biotech, pharmaceutical, med tech and healthcare start-ups, offering industry leading coaching in entrepreneurial excellence,
- Flexible, modular space;
- Pay-As-You-Go-Services;
- Access to Strategic Investment for early stage companies; in addition BioCity Group works in partnership with large global healthcare companies including Walgreen Boots Alliance (WBA);
- A large and well established Expert Network and Innovation Community who share the goal of turning new ideas into commercial success.
This collaborative partnership has been launched to support innovation labs where industry, clinicians, academics, entrepreneurs and investors solve global healthcare challenges.
