Economic Development Minister, Gerry Brownlee, says a new business initiative is being launched to help capture commercial opportunities in the United States health market.

“Focus on Health – A New Zealand Innovation Challenge” has been developed by New Zealand Trade and Enterprise.

“This is a initiative that’s designed to take ideas and turn them into commercial success,” said Gerry Brownlee.

Participants enter a process where their innovations are evaluated and receive professional mentoring. Finalists are invited to participate in a United States road show to meet investors, business partners and customers.

Economic Development Minister, Gerry Brownlee, describes the 12-month Challenge as an opportunity for New Zealanders to see their ideas fast-tracked into the United States - the world’s largest health market.

“We believe this is truly a unique initiative for New Zealand,” says Mr Brownlee.

“It will potentially provide significant job and export opportunities, provide the local health industry with commercial solutions to issues they face, and facilitate opportunities in a large US market that is investing considerably in health.”

The Challenge brings together an extensive network of judges, advisors and mentors from medical, academic and business backgrounds, from New Zealand and the United States.

They include John Halamka, the Chief Information Officer and Dean for Technology at Harvard Medical School who is often consulted by Congress and the White House.

And a global leader in health products and technologies, Edwards Lifesciences, is also assisting.

“This represents a high level of advice and expertise that the participants in the Challenge will be able to tap into, and is a significant opportunity for our health sector,” said Mr Brownlee.

The Challenge has been designed to ensure that all participants benefit in some way. It offers, mentoring, local and international partnership opportunities, a world-class network of contacts and a prize pool worth more than $500,000 of in-kind and cash prizes.

New Zealand based companies, individuals and not-for-profit organisations are all eligible to enter, and any type of health innovation product or service that has not already been fully commercialised, including software, hardware, medical device, bioactive or pharmaceutical products and services, can be entered.

The Challenge features:

• Introductory workshops in June 2009 offering participants expert advice from leading United States and New Zealand health and business professionals


• Business plan workshops to assist with the development of entries


• “Pitch” training workshops for semi-finalists in preparation for presenting their entries to the judging panel


• Professional services, mentoring, and business development support for finalists


• A United States road show where up to 10 finalists will be introduced to potential buyers, investors, business partners and customers.


• A prize pool worth more than $500,000 of in-kind and cash prizes

The Challenge is delivered by NZTE in collaboration with IDC and Health Industry Insights, and support from Strategic Partner the Ministry of Health and sponsors Health Research Council, Edwards Life Sciences, and Microsoft.

For more information visit www.nzfocusonhealth.com

BACKGROUNDER: FOCUS ON HEALTH – A NEW ZEALAND INNOVATION CHALLENGE

OVERVIEW

The Focus on Health - A New Zealand Innovation Challenge is a business development initiative designed to help New Zealanders maximize commercial opportunities in the United States health market.

The Challenge has been developed by New Zealand Trade and Enterprise and offers individuals, companies or organisations the opportunity to turn their ideas into commercial success, receive in-depth business development mentoring and advice, and present their ideas to potential partners, investors, buyers and customers. It is focused primarily on assisting participants to successfully commercialise a health product or service in the United States.

The Challenge has been designed to ensure that all participants benefit in some way. It offers mentoring, potential local and international partnership opportunities, access to a world-class network of useful contacts, a possible share of in-kind and cash prizes, and the opportunity for participants to fast-track their ideas and enter the world’s largest health market, the United States.

THE CHALLENGE PROGRAMME

Focus on Health – A New Zealand Innovation Challenge runs over approximately 12 months and comprises two rounds:

Round One

Participants are invited to submit their health innovation ideas in the form of a one page business plan by 31 August 2009. Introductory launch workshops will be held in June 2009 offering people the opportunity to learn more about The Challenge and hear first hand about international opportunities in the health sector.

Prospective participants will also be able to attend a business plan workshop to assist with the development of their entries. New Zealand and United States-based judges will evaluate all business plans based on evaluation criteria designed to identify areas with both commercial potential and the ability to significantly improve individual or public health. Up to 20 semi-finalists will then be selected to present their idea to the panel of judges. Semi-finalists will be able to attend a ‘pitch’ training workshop prior to presenting to judges if they wish to.

Round Two

Up to 10 finalists will be selected by the judges to enter Round Two, where they will receive professional services, mentoring, and advice from NZTE and The Challenge investor, partner, consultant and end-user networks to enable them to further develop their idea. Finalists will also be invited to participate in a United States road show to meet with potential investors, business partners and customers, and will share of a combined prize pool of in-kind and cash prizes.

ENTRY CRITERIA

New Zealand based companies, individuals and not-for-profit organisations are all eligible to enter. Any type of health innovation product or service that has not already been fully commercialised, including software, hardware, medical device, bioactive or pharmaceutical products and services, can be entered.

Participants in The Challenge could be as diverse as a nurse with an idea for a new dressing or DHB team streamlining an admissions process.

Entries that fit into one of the six focus areas, which cover areas where there is a current global need and New Zealand capability, will receive a higher ranking in the ‘Fit to Focus’ section of the evaluation criteria:

• Chronic disease management


• Healthy aging


• Health delivery transformation


• Preventative care


• Under-served populations


• Patient safety

LAUNCH WORKSHOPS

Introductory launch workshops will be held in Auckland, Wellington, Christchurch and Dunedin in June 2009. Health and business experts from the United States and New Zealand will discuss how to collaborate in a competitive environment, how to commercialise ideas and key opportunities in the United States health sector. The workshops will also include an overview of The Challenge which will be followed by small group brainstorming sessions. During the brainstorming sessions health leaders will present health problems/opportunities and participants will discuss possible solutions.

PARTNERS AND SPONSORS

The Challenge is a New Zealand Trade and Enterprise initiative in collaboration with IDC and Health Industry Insights. The Ministry of Health is a key strategic partner. Sponsors include the New Zealand Health Research Council, Edwards Life Sciences and Microsoft, with in-kind sponsorship including research, legal, consulting, recruitment, software, regulatory, and insurance.

KEY DATES

FOR MORE INFORMATION

• Visit www.nzfocusonhealth.com


• Phone: 09 374 6691


• Email: info@nzfocusonhealth.com