Singapore: Product design and development company Cambridge Consultants is teaming up with Singapore incubation firm Clearbridge Accelerator to create a ‘one-stop shop’ for medical technology start-ups in the region. The aim is to fast-track the commercialisation of innovative ideas, ranging from breakthrough diagnostic and surgical technology to cutting-edge connected devices.
The two organisations have signed a memorandum of understanding to establish a new way for start-ups to get to market quickly with minimised risk. Cambridge Consultants is providing product development services – acting as a virtual research and development centre to accelerate the transformation of ideas into commercial technology.
Clearbridge Accelerator is offering mentorship by seasoned entrepreneurs and advice on strategic, regulatory and operational issues. It is also providing financial guidance and access to funding across the whole spectrum, from seed/series A funding all the way to pre-IPO financing. The pre-IPO financing is being done through CapBridge – a private institutional venture exchange formed as a partnership between Clearbridge Accelerator and Singapore Exchange to assist high-growth companies globally.
Some of the biggest hurdles faced by medical technology start-ups are the availability of funding, and ready access to product development and regulatory expertise to convert an innovative idea into a commercial product ready for the market.
“Our extensive track record of world-class product development enables us to offer a rapid, reliable route to convert early-stage technology into ready-for-market solutions,” said Dr Miles Upton, Asia general manager at Cambridge Consultants.
“For more than 50 years we have worked with innovative start-ups that want to change the status quo fast – helping them create world firsts that deliver real value. This collaboration with Clearbridge Accelerator will give new companies in the region a fast track to vital competitive edge.
“We have all the in-house skills needed to help clients take an innovative concept right the way through to manufacturing of a commercial product. Our bespoke teams of experts – in everything from human factors and industrial design to electronics, software, signal processing and algorithms – specialise in tackling tough challenges and helping clients achieve the seemingly impossible.”
Clearbridge Accelerator invests in game-changing technology companies with a focus on healthcare. It has a strong track record of leading early-stage investments, partnering with visionary entrepreneurs and world-leading institutions. Its team consists of serial entrepreneurs with deep domain expertise, extensive networks and operational experience in key markets such as the US, China, Japan and Australia.
“We invest in breakthrough innovations and technologies that will have global impact and benefits,” said Johnson Chen, managing partner at Clearbridge Accelerator. “As an incubator, besides providing direct expertise and funding, we constantly find new ways to help our start-up companies succeed.
“Through our partnership with Cambridge Consultants, companies can tap into the virtual development model to de-risk product development as well as get to market quickly. We are committed to growing Asian companies globally, as well as supporting international companies entering key Asian markets.”
The new initiative has been welcomed by enterprise development agency SPRING Singapore. “Singapore’s medical technology industry continues to show high potential for growth, with start-ups playing a crucial role in sustaining the vibrancy of the industry,” said Johnny Teo, director for investments, manufacturing & engineering at SPRING Singapore.
“The collaboration between Clearbridge Accelerator and Cambridge Consultants is a move well received by the start-up community in Singapore. It resonates with the government’s efforts in catalysing more disruptive innovations from start-ups in deep-technology areas including medical technology.”