Nanyang Technological University (NTU), the Agency for Science, Technology and Research (A*Star), and the National Healthcare Group (NHG) have collaborated to develop co11ab Novena, a new biomedical technology (biomedtech) incubator that will focus on biotech, Medtech, and digital health.
“Interest in BioMedtech has been on the rise due to demand for innovative and affordable healthcare solutions on the back of rising healthcare costs and ageing populations. But due to technical, market, regulatory, and certification challenges, the lab-to-market for BioMedtech start-ups are often long and arduous,” says Professor Joseph Sung, NTU Senior Vice President (Health & Life Sciences) and LKCMedicine Dean.
He noted that the partnerships between co11ab-incubated start-ups, the medical and industrial experience of NTU LKCMedicine faculty, and partners were recently formalised to overcome these obstacles. The result is an advanced ecosystem that promotes research and innovation and fosters the next generation of BioMedtech entrepreneurs.
co11ab is the first of its kind to be integrated into Health City Novena, a community of healthcare, medical education, and translational research. The S$15 million incubators, housed in NTU Singapore’s Lee Kong Chian School of Medicine (LKCMedicine), seek to be a national innovation and translational centre that brings together research, clinical, and venture creation activities, fostering knowledge sharing, innovation, and collaboration.
The co11ab will be completely operational in the first quarter of 2023. It will encourage new BioMedtech start-ups by giving entrepreneurs access to industry experience, mentorship, and finance to help them turn their ideas and concepts into products. The start-ups will also be guided in developing feasible growth strategies for international expansion.
Platforms like co11ab are critical for bringing together the combined talents and capacities of the research ecosystem in support of R&D translation, spinoff creations, and incubations to deliver health solutions to the clinic and market.
In addition, research needs to be transferred into the clinic to make a difference to patients. Authorities will require companies that can create new pharmaceuticals and equipment, as well as deliver new clinical services, for this to happen. This is where co11ab steps in to help bridge the gap between good research and profitable businesses.
The launch is marked by new cooperation between co11ab and the Singapore Medtech Consortium (SMC) to give start-ups at co11ab equipment and knowledge to speed product development that a start-up may not have in-house. SMC is comprised of 72 Singapore-based manufacturers, distributors, and venture capitalists who assist Medtech startups with early-stage product development.
Through this partnership, SMC will co-manage the engineering maker space at co11ab, providing prototyping equipment such as 3D printers as well as mentorship and consulting services in the areas of MedTech product development, innovation, and entrepreneurship. Additional facilities at co11ab include a life science laboratory with state-of-the-art equipment and facilities, office space, and a community area that fosters debate and collaboration.
By being positioned in the heart of the Novena healthcare district, co11ab-incubated startups may be able to use the knowledge of NTU LKCMedicine scientists and NHG doctors who are experts in the following major research areas of skin and chronic wounds; ageing/rehabilitation; mental health; infectious diseases; metabolic health/vascular diseases; and regenerative medicine.
co11ab will also collaborate with partners on programmes and activities that promote an innovative, collaborative, and entrepreneurial culture. Examples include innovation programmes such as makeathons, which offer NTU Singapore, A*STAR, and NHG employees the chance to prototype their inventive ideas.