Newsroom.

In our 5Qs with… series in THRIVE, we speak with leaders across Australia’s life sciences sector — from CEOs and C-suite executives to key decision-makers — to hear their perspectives on the ecosystem and their vision for its future. 

This edition features Dr Steve Burnell, Managing Director of Tenmile and Chair of its Investment Committee. Steve shares his entrepreneurial journey, insights from judging AusBiotech’s Early-Stage Innovation Forum (ESIF), and the trends shaping early-stage biotech and medtech in Australia.  

In what ways have you been active in the startup and/or early-stage community?  

“I’ve been an entrepreneur at heart since before I could spell the word, creating solutions to problems, organising resources and taking calculated risks to make a difference. This path took me from starting my own businesses in Australia and the US to an intrapreneurial career building new partnerships and businesses within the world’s largest biotech, Roche-Genentech. Since returning to Australia in 2019, I’ve focused on supporting local entrepreneurs through philanthropy and early-stage venture capital, helping to bring new innovations to patients.  

“I’m passionate about the intersections of science, technology, healthcare and climate. Tenmile is a natural extension of this, and my work with Minderoo Foundation advances the latter. I’m       incredibly grateful to Andrew and Nicola Forrest, both entrepreneurs who understand the inherent relationship between risk and failure, for their commitment to using capital for good.” 

Why is early-stage exposure through initiatives like the Early-Stage Innovation Forum (ESIF) so critical for life sciences (biotech and medtech) startups in Australia? 

“The best ideas often come from those closest to the problem. I’m a strong advocate for clinician-led innovation, backed by management teams that understand clinical workflows and health system realities as well as the patient experiences their solutions create.       

“Many founders lack the strategy, business or marketing expertise needed to effectively commercialise their ideas. That’s why initiatives like AusBiotech’s ESIF are so important. Having been a judge for several years, I’ve seen how the exposure, feedback, connections and experience these companies and founders receive is invaluable as they embark on the long and challenging company-building journey.”       

From the perspective of an ESIF judge, what distinctive qualities or signals do you see in startups that benefit most from early investment exposure? 

“The great thing about ESIF is that it gives founders at the very start of their journey the chance to test their pitch and get honest feedback. The sweet spot is later-stage institutional research teams contemplating spinning out, or newly-formed companies raising their first round of equity capital.  

“A clearly articulated Target Product Profile (TPP) is always a strong signal. It acts as a North Star for early innovation teams, whether they’re working on a device, diagnostic, therapeutic or digital health app. The most compelling early-stage pitches combine a solid TPP with a capable, dedicated team and a clear view of how their solution fits into the complex status quo and competitive landscape. Passion and humility always go a long way for me, too.” 

How does AusBiotech’s approach to elevating early-stage innovators contribute to Australia's broader innovation ecosystem — and how have you seen it make a difference in the companies you mentor or invest in? 

“Australia’s world-class tertiary education system and sensible government innovation incentives provide a solid foundation for early-stage ideas. But unlike the US, Europe and now parts of Asia, we lack the depth of private risk capital needed to take full advantage of this. Many companies struggle to raise enough to complete their clinical programs and scale internationally – some never make it.  

“That’s why visibility to all possible sources of capital is critical, and AusBiotech’s forums attract a diverse investor audience, helping to bridge that gap. I like to think Tenmile sees most early-stage investment opportunities in our space through our current pipeline and the great relationships we have with research institutes across the country. Despite this, one of the ESIF presenters in 2024, Proton Intelligence, was not known to us. We went on to lead their seed round with a multi-million-dollar investment. That’s a tangible example of why these forums matter.” 

What emerging trends do you see reshaping early-stage biotech and medtech in the years ahead? 

“International interest in Australia’s differentiated intellectual property, Phase 1/2 clinical trials ecosystem and R&D Tax Incentive is definitely on the rise. This is helping to build stronger global investment syndicates, giving Australian startups capital as well as access to experienced management talent, regulatory expertise, market insights and strategic partnerships. This increased international collaboration will help keep homegrown companies here longer. 

“Despite a challenging global backdrop, I strongly believe that the future for Australian biotech and medtech is bright.  An explicit part of Tenmile’s mission is to help build a globally significant health science and technology sector in Australia, and we’re excited to be supporting that future.” 

 

Steve Burnell is the Managing Director of Tenmile and Chair of the Investment Committee. Tenmile is an Australian health technology venture capital company owned by Tattarang, one of Australia’s largest private companies. Steve’s professional experience spans research, philanthropy, strategy consulting, M&A, and operating global businesses in fields as diverse as ecology, digital health, and precision oncology. He is relentlessly passionate about the power of new technology to positively impact human health and mitigate our climate impacts. Prior to his current role, Steve managed a global business, led M&A and established a new informatics and real-world data business for the world’s largest biotech, Roche-Genentech based in the USA. He remains a senior strategic advisor to Minderoo Foundation where he has led large initiatives focused on COVID-19, Cancer, and Ocean Genomics amongst others. He holds a B.Sc. (Hons.) in Biology and a Ph.D. in Population Biology from the University of Sydney.