Finance Qualifying Criteria
The business has an established presence in South East Wales and/or Monmouthshire or is prepared to locate part or all their business to the region.
Overseas companies wishing to bring their products or services to the UK market will qualify for support if they have or are prepared to have a UK entity located in the region
Demonstrate the creation of new employment opportunities and potential benefits to local suppliers
Availability of match funding which can be sourced by client or from MedTech Wales project partners
Product or service directly involved or affiliated to the Med Tech sector.
Technology to allow remote monitoring and diagnostics
BIG DATA using AI as predictive analysis
Devices to aid clinical investigations
Whilst the fund is looking to encourage innovation and ideas ultimately the principal objective is to see viable businesses locating in Monmouthshire and bringing economic benefit to the region alongside delivering improvements in health care and well being.
‘GREAT PRODUCTS AND SERVICES DO NOT ALWAYS RESULT IN A GREAT BUSINESS’
Grants and match funding support may be available for the production of business plans subject to qualifying criteria.
History has seen many great ideas never getting off the ground because an innovator does not understand how to commercialise their product or service and bring it to market. MTW is looking to not only be excited by new med tech products and services but wants to ensure that there is proper consideration in respect of routes to market and the evolution of a viable business.
Applications in the form of Information Memorandums that focus purely on raising money to develop ideas to see if they are viable – pure equity/ start- up angel/venture capital is not where the fund is aimed
FUTURE FUNDING IS EQUALLY AS IMPORTANT AND PRODUCT DEVELOPMENT’
With the above in mind the Application process should follow the following steps:
Business Plan and supporting financial forecasts to Capital Kinetics Ltd
Successful applicants invited to ‘pitch’ to Med Tech Wales Board
Offer Letter with appropriate conditions including ‘match funding’ requirements issued
Terms and Conditions accepted
Legal Documents issued
Completion on receipt of legal documents and conditions precedent
It is acknowledged that not all businesses will necessarily be able to produce a Business Plan to get an application underway. In such cases Capital Kinetics Ltd can support a prospect business, with strong med tech propositions, in producing the required Business Plan.
Email your executive summary or pitch deck to firstname.lastname@example.org .