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The Innovation Fund

YOUR MEDIC FAMILY

The Mentor-prise Fund for scholarship students only

MedSoc UK are incredibly excited to launch their Mentor-prise initiative for 2020. This is a unique start-up fund, open to entrepreneurial medical, dental or veterinary students with a bright business idea and the tenacity to turn their dream into a reality.

Every year, we have three £10,000 start-up funds awarded to an individual or team with a revolutionary solution to a health or medically related problem. That is £30,000 of funding annually to budding entrepreneurs, from healthcare backgrounds. You could start up a pharmaceutical company, start up your own medical education firm, or generate an app, the possibilities are endless. There is no limit to what will be considered, provided it is directly impacting the lives of budding or practicing doctors, dentists or vets or the healthcare sector.

We Teach Students How To Become Good Doctors

By giving you a chance to innovate and lead exciting businesses. The next application Deadline for 2021 is April 1st. 

The brief is broad to inspire creativity. Not only will the winners be awarded the prize money, you will also be paired with professional mentors to get your business idea off the ground. You will be supported by Medic Mentor and our network consisting of thousands of aspiring and current healthcare students and healthcare professionals, every step of the way. Medic Mentor will also work with you to raise the profile of your start-up, and help you to make the connections you need to grow and expand your business. This is all alongside your university studies, so you have to demonstrate that you have the commitment and drive to make this start-up a success. Once you have secured the Medic Mentor-prise fund, you will enter into a partnership with Medic Mentor. Medic Mentor are a social enterprise so we want to put the funding to the best use and this should be  carefully considered when making financial business plans, including the allocation of shares.

 

  • Professional mentoring and coaching for your start-up
  • Training and support with business management
  • Partnership with an accomplished social enterprise
  • Access to our established network of professionals, alliances and partners
  • Funding to grow your business and get it off the ground
  • Opportunity to a make a name for yourself in business and enterprise as a university student
  • Recognition and prizes for your accomplishments
  • An already established community consisting of thousands of aspiring students, and hundreds of medical/dental/veterinary students and healthcare professionals, who we could market your business to.

 

If you want some inspiration, to see how entrepreneurial doctors can be and how much they can achieve, check out the clinical entrepreneurs hall of fame: https://www.england.nhs.uk/aac/what-we-do/how-can-the-aac-help-me/clinical-entrepreneur-training-programme/our-clinical-entrepreneurs/

Original ideas

Commitment to the start-up, passion and drive to succeed

Plausible business model

Effective use of the start-up fund

Resilience and a well-considered business plan

Some relevant experience of your business or at least a willingness to learn

A business that supports aspiring students, medica/dental/veterinary students, and/or healthcare professionals working in these sectors, directly or indirectly

The first step is to fill in a Mentor-prise application form outlining your start-up proposal.

Then, following review by the judging panel, the most plausible and original business ideas will be invited to a Dragon’s den style pitch, where you will be required to bring along your business plan.

A template and guidance for writing a business plan can be found on the Princes Trust website (https://www.princes-trust.org.uk/help-for-young-people/tools-resources/business-tools/business-plans) and we recommend you use this as a guide.

You will be invited to present the problem you are tackling and why your start-up is the solution we’ve all been looking for. Your business strategy will be interrogated by the review panel and you will be asked questions to demonstrate that you have the commitment to the start-up, the aptitude to make it a success, and that your business start-up is sure to succeed. The Mentors will be the Executive leadership team behind Medic Mentor.

These ‘Dragon’s Den’ style events will be held up to three times per year, in order to award the maximum prize of £10,000 for three business start-ups in a 12 month period. If your idea is lacking detail or strategy, you will have the opportunity to go back to the drawing board, and pitch again at another date.

So you want to start your own business?

Do you have a solution to a problem in the healthcare sector or medical field that is original and revolutionary?  If yes, then this application form is for you to tell us all about your business proposal, and to demonstrate to us why you are the person we should award up to £10,000 of start-up capital to.

Good luck, and we hope to see you in the Mentor’s Den!