“Get Good People Around You”: Bionics Institute 2024 Innovation Lecture

What are the issues surrounding capital in Australia when it comes to innovation commercialisation? What can we learn from other innovating countries? How can investment support early-stage innovations?

Such were the questions posted by this year’s outstanding Bionics Institute Innovation Lecture hosted in Melbourne on 29 May, proudly supported by partners including Bionics Gamechangers Australia.

In his keynote address, corporate advisory veteran David Williams reflected on a decades-long career delivering mergers and acquisitions, capital raising and strategic advice to a huge suite of Australian and global companies – and at the crux of it all was the message, ”You can’t do it alone.”

“Get good people around you with the right credibility who know how to structure a deal … gravitas is key,” was Williams’ advice when it came to seeking funds.

“You’ve got to crash, or crash through it.”

An important learning early on, Williams reflected, was quickly employing a team of people even before your business may require them, across a range of different skillsets, to be ready for rapid growth.

Williams spoke with direct medtech experience, having been the Chairman of PolyNovo since 2014 – a medtech developing a range of devices including biodegradable synthetic skin – and is also Chairman of ASX-listed Medical Developments International.

The evening also included a thought-provoking panel with Bronwyn Le Grice (ANDHealth), Stephen Tomisich (Trajan Scientific and Medical), Alon Greenspan (Mind Ventures) and David Williams, discussing how best to catalyse innovation for the benefit of all Australians.

Facilitated by the Bionics Institute’s Dr Robert Klupacs, questions probed at the strengths and weaknesses of Australia’s competitive edge in medtech on the global stage, through to what start-ups should be looking for in an accelerator program and aspirations for the sector in ten years’ time.

Here’s a snippet of some stand-out points raised:

• Medical science is not a bad place to be in Australia when it comes to funding, and our innovations are world leading. Yet, narrow view exists of what it takes to commercialise a product; we keep trying to force our scientists to be businesspeople instead of employing people with those skills. Silicon Valley success stories employed top graduates from business schools as well as engineers, scientists and technology experts. (Bronwyn Le Grice)
• It’s critical to get more people looking at what you’re doing – there are too many people toiling away and nobody seeing it. Open yourself up and let people pull you apart, and you will be better for it. (David Williams)
• There is a real need to balance investor conviction and traction. The narrative/pitch underlying your purpose is key: “team and dream” plus evidence (e.g. prototype, clinical trial data). Find the right investor for your business who understands your goals. (Alon Greenspan)
• You can’t be a part-time start-up; either you’re all in or not. Contrary to the view that you need to do the commercialisation yourself, look at who already exists in the market and opportunities for partnering. (Stephen Tomisich)

“Bionics Gamechangers Australia was thrilled to support what has really become a must-attend annual event for those in the innovation ecosystem,” said Bionics Gamechangers Australia CEO, Dr Robyn Stokes.

“The exceptional insights and first-hand knowledge shared from those active at the intersection between philanthropy and investment for medtech is invaluable for those at all stages of the product commercialisation pathway, and the Bionics Institute are to be commended for fostering a unique opportunity for forging new partnerships across business, research, clinical, government and community.”

Image: Bionics Institute CEO, Dr Robert Klupacs with Bionics Gamechangers Australia CEO, Dr Robyn Stokes at the 2024 Innovation Lecture