Selecting an incubator for ACT Medical
ACT Medical joined LUinc. - Loughborough University’s business incubator - in 2021.
Our goal was to translate the momentum, funding, and interest, the Dyson Awards had generated in our system, into a sustainable start-up moving towards commercialisation.
Awarding the international prize in November 2021, Sir James had noted: “Commercialising an idea is very hard - I hope that the awareness that the Award drives, as well as the financial support it provides, will give these ideas a springboard to success.”
The objective for ACT Medical now was to work with LUinc. to capitalise on that springboard.
Benefits of the Loughborough incubator
The Studio is LUinc.’s pathway for graduate entrepreneurs and research spin-outs.
It is based on the Loughborough University Science and Enterprise Park (LUSEP) campus in north Leicestershire.
The Studio has been working with award-winning companies and social enterprises since 2011, offering Loughborough graduates a free 12-month programme of support.
As well as office space and access to world-leading R&D, membership of the LUinc. community comes with coaching from entrepreneurs-in-residence, business experts, and experienced entrepreneurs and investor mentors.
An intensive training programme accelerates member business, while opportunities are provided through the University’s promotional and enterprise networks, including angel investors and regional innovation leaders.
Progress made at LUinc.
ACT Medical’s founder gained a First-class BSc in Product Design and Technology, before moving on to The Studio to begin raising investment and planning the future of ACT Medical.
Being part of LUinc. meant we were able to establish the business and put in place a framework for early-stage growth alongside some excellent other businesses and with the support of some expert mentors.
Significant progress was made during ACT Medical’s first year at LUinc., moving our device from the concept stage towards commercialisation. Highlights include:
Raising £200,000 in non-dilutive funding to support our growth
Filing our PCT application for ACT Medical’s patent
Being connected to clinicians through the Leicester Life Science Accelerator
Joseph becoming a Royal Academy of Engineering 1851 Enterprise Fellow
Winning the University Student Innovation prize at the regional innovation awards
An additional presence in Cambridge
By late 2022, ACT Medical was moving forward quickly from its initial start-up stage.
After attracting significant investment, it became apparent that we would also benefit from a presence in the ‘Golden Triangle’ in the South-East.
Although officially still based at LUinc., ACT Medical now also has a presence in Cambridge, helping us further overcome the regulatory hurdles identified by Sir James.
It means we have easy access to specialist professionals and investors as we move towards our first phase of product development. We have also recruited a key employee in the shape of our new Head of Product.
ACT Medical’s award-winning medical device aims to save the lives of stabbing victims by stemming bleeding from knife wounds. Follow ACT Medical on LinkedIn for latest updates or email hello@actmedical.co.uk to speak to us directly.