Applications open for LuminaX HealthTech Accelerator

News - 15 Jan 2021

Cohort, Lumina’s coworking and innovation space, has launched a brand new healthtech accelerator that is being backed by over 25 industry partners.

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 on the Gold Coast. Applications open on Monday 18 January  – apply or find out more at www.luminax.com.au

The program is supported 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, Local Government, Infrastructure and Planning.

Acting Minister for State Development Shannon Fentiman said supporting startup healthtech businesses to grow will lead to a stronger, more resilient, prosperous, innovative Queensland economy.

“We’re looking for entrepreneurs in healthtech, medtech and AI startups to take part in the LuminaX program,” Ms Fentiman said.

“The 14-week accelerator program is designed to help start-ups who are ready to launch or refine their products.

“Cohort and LuminaX are fantastic examples of what we can achieve through innovation and by working with the private sector.

“Start-up companies are the future of Queensland jobs and manufacturing, so it’s great to see this project launch on the Gold Coast.”

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.

LuminaX has 6 key focus areas including HealthTech, AI in healthcare, MedTech, Mental Health, Physical Health and Wellness. 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, Griffith University, 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 and elevating the city to a world-class destination for change makers” he said.

The Queensland AI Hub’s Chief Executive Officer, Dr Sue Keay, said the hub is proud to partner with Cohort to deliver LuminaX, the Gold Coast’s first accelerator.

“With a focus on AI, our aim is to support participating startups by connecting them with local AI experts and tools to succeed. LuminaX fulfils Queensland AI Hub’s ambitions to showcase local AI talent and technologies and increase investment in AI in our state” Dr Keay said.

LuminaX Applications open on Monday 18 January and the program will run at Cohort Innovation Space from April.