Korea calling: Sunshine Coast health-tech business accelerates in multibillion dollar market
Sunshine Coast health-tech business Bundle of Rays has been selected into the prestigious K-Startup Grand Challenge Program, the world’s largest accelerator program.
The K-Startup Grand Challenge is run by the Korean Government and attracts applications from enterprising start-ups across the globe with a clear objective to grow their business in Korea and Asia.
Bundle of Rays is one of a growing cluster of health-tech businesses based on the Sunshine Coast which are leveraging off the growth of the Sunshine Coast Health Precinct and the innovation and entrepreneurial spirit of the region.
Sunshine Coast Mayor Mark Jamieson congratulated Bundle of Rays on being recognised as a world class start-up and praised founder Brad Chesham for his hard work and determination.
“Health and wellbeing is one of seven high-value industries identified in the Sunshine Coast Regional Economic Development Strategy (REDS) which aims to diversify and grow the economy ” Mayor Jamieson said.
“Council supported the Sunramp Healthtech Accelerator Program to provide opportunities and benefits to help grow local businesses such as Bundle of Rays and ensure our region can develop and export world class innovation, technology and talent.”
Bundle of Rays was founded in 2018 by Mr Chesham - an experienced nurse-turned-entrepreneur - who developed a Virtual Reality Platform to deliver nursing education.
Clients to date include Queensland Health, Victorian Department of Health, University of Wollongong, Ohio State University College of Nursing and Taegu Science University, Korea.
“This is a great development for Bundle of Rays,” Mr Chesham said.
“We are a ‘born global’ business and already have clients in Korea and the USA as well as across Australia.
“The K-Start program will help us to develop business in Korea and hopefully identify opportunities in other Asian markets.
“I will be meeting many senior business and investment executives and I am also keen to promote two ways connections between Korea and the Sunshine Coast.”
In June 2021, the business was selected for the first cohort of the Sunramp Healthtech Accelerator Program which was supported by Sunshine Coast Council and the Queensland Government through Advance Queensland.
Bundle of Rays was selected for the K-Startup Grand Challenge Program 2022 as one of 60 successful businesses from 2653 applicants, spanning 122 countries.
As part of the program Bundle of Rays will have an office at the Global Startup Campus which is part of the Panygo Techno Village known as the Silicon Valley of Asia and home to around 1300 high-tech start-ups.
The three-month program started in August 2022 and provides expert mentoring, information sessions on Korean and Asian business culture, Korean interns to help with language, and regular networking sessions with Korea’s top conglomerates to explore opportunities for partnership and investment.
The program will also help Bundle of Rays take advantage of South Korea’s strong cultural and economic ties with countries such as China, Japan, Hong Kong and Taiwan to grow the business in the Asian market.
Founder of Sunramp Healthtech Acclerator Program Ron Hill said the digital health market was set to be worth more than $425 billion[1] by 2027, with North America and Asia Pacific two of the largest regional markets.
“The pandemic has accelerated the adoption of innovative new technologies, and venture capital investment in health-tech is at a record high,” Mr Hill said.
“This all means there are massive opportunities for healthtech companies - such as Bundle of Rays - that can tackle global markets and there is a real opportunity to build upon our existing health assets and grow a strong health-tech industry on the Sunshine Coast.”
[1] https://www.gminsights.com/industry-analysis/digital-health-market