December 8, 2017

Next-generation condom named MedTech finalist

A project to create a next-generation condom has been named a finalist in the 2017 National MedTech’s Got Talent Gala Finals.

Project Geldom, started at the University of Wollongong (UOW) and in partnership with researchers from Swinburne University, is developing a next-generation condom made of new tough hydrogel materials in order to improve feeling and increase regular use.

The Geldom team, represented by UOW’s Associate Professor Robert Gorkin and Swinburne’s Dr Simon Cook, was named a finalist alongside four other teams at the MedTech’s Got Talent Finals, receiving a $20,000 funding boost for their project. 

“With more than 150 other projects competing, for us to have come so far along in this process and be recognised in this ultra-competitive space is amazing,” Dr Cook said.

The Medtech funding will allow the team to pursue intellectual property protection and continue the commercialisation process of the project.

The 13 semi-finalists had three minutes each to pitch their business concept to the judging panel of industry executives, investors and sector influencers, who then debated and selected five finalists.

“The Victorian Government is proud to be supporting the young and talented MedTech entrepreneurs who are working to make Australian lives better and strengthen this sector which will be a crucial part of our future economy," Minister for Innovation and the Digital Economy, Philip Dalidakis said.

Each of the five teams will now begin an intensive six-week training program focused on the most critical issues for MedTech start-ups, such as clinical need validation, regulatory strategy, and reimbursement.

The program will conclude in April 2018 with an invitation-only Investor Deal Pitch where teams will present in front of real investors. The overall most investable team will then receive an additional stage-gated $40,000 with no impact on equity or IP.

The collaboration between UOW and Swinburne, Geldom has the support of the Bill & Melinda Gates Foundation. 

The team received one of only 52 grants funded worldwide, out of more than 1,700 applications for the Grand Challenges Explorations initiative, which covers diverse project areas ranging from agriculture to healthcare.  

Currently the Geldom team is planning a trial in Africa to be conducted in 2018.

More: projectgeldom.com.au