A new venture building program for startups in the healthcare and MedTech sector, that is HealthTechXL. The partners involved are Philips, HighTechXL, the Brabantse Ontwikkelings Maatschappij (BOM), DeepTechXL and Invest-NL. With the new program they want to give an extra boost to the creation, building and development of startups in advanced medical technology in the Brainport Eindhoven region.
HealthTechXL officially started at the beginning of September with 50 participants. In the first half of 2024, the teams will pitch their proposal to investors, potential partners and the broader Brainport startup community. The program is led and implemented by HighTechXL and the BOM. The BOM, DeepTechXL and Invest-NL intend to invest in companies that emerge from the program.
Stimulus for innovation and entrepreneurship
During HealthTechXL, participants develop their ideas to further improve healthcare or medical technology. They do this under the guidance of HighTechXL and BOM, who support them in the establishment or further development of their company.
Successful participation in HealthTechXL can lead to a possible investment by BOM and a follow-up investment from DeepTechXL and the Deep Tech Fund of Invest-NL. It is expected that up to 15 startups will be funded over the next three years, which should eventually lead to more companies that contribute to better, financially accessible healthcare. The Brainport Eindhoven region plays an important driving role in this, with a possible global impact.
Retaining technical talent for Brainport Eindhoven
As part of the Central Social Plan, Philips is releasing employees affected by the reorganization from work to participate in the program. This makes HealthTechXL an important part of the health technology company’s work-to-work initiatives to retain technical talent for the Brainport Eindhoven region. On the other hand, in collaboration with partners, it further stimulates innovation in the medical field in the region.
“By exempting employees who have been affected by the reorganization from work and allowing them to participate in this program, we offer them the opportunity to take the next step in their career. For example, by becoming a co-founder of a startup. It can also provide an important boost for Brainport in general and the MedTech ecosystem in particular, because in this way we can retain technical talent for the region and because we also make existing intellectual property rights available,” says Sylvia van Es, President Philips Netherlands.
“Global societal challenges, such as affordable and accessible healthcare, can only be solved by combining breakthrough technologies with entrepreneurship. Venture building is a structured approach that allows entrepreneurs to convert technology into impact,” said John Bell, CEO HighTechXL. “Venture builders have a much higher success rate than independent ventures. Over the past ten years, HighTechXL has developed itself into a leading deep-tech venture builder. We look forward to the startups this new program will produce.”
“Brabant, and in particular the Brainport Eindhoven region, breathes medical technology, but a specific venture building program to help more entrepreneurs grow successfully more quickly was still lacking,” said Brigit van Dijk–van de Reijt, general manager of BOM. “The enormous interest from budding entrepreneurs shows how much need there is for this program.”
“DeepTechXL is a proud co-partner of this initiative and will support the program with its knowledge of medical technology. We expect that promising new medical companies will start thanks to this initiative arise to which we can contribute through early phase financing and guidance,” says Guus Frericks, Managing Partner of DeepTechXL.
Yvonne Greeuw, Investment Associate at the Invest-NL Deep Tech Fund, adds: “There is enormous potential in the innovations that currently remain untapped, as well as in the technical talent that becomes available to develop them further. These projects can play an important role in achieving better, affordable and accessible healthcare. However, they require patient capital and are often riskier than what regular investors typically look for. We are therefore pleased that we can offer financial perspective within this program with the Deep Tech Fund.”
Royal Philips NV (NYSE: PHG; AEX: PHIA) is a leading health technology provider focused on improving people’s health and achieving better healthcare outcomes across the entire health continuum, from healthy living and prevention to diagnostics, treatment and home care. Philips uses advanced technologies and deep insights into clinical applications and consumer needs to develop integrated solutions. The company is a market leader in diagnostic imaging, image-guided treatments, medical IT applications, patient monitoring, home care systems and consumer health applications. Philips’ head office is located in the Netherlands. With approximately 71 worldwide. With 500 employees and sales and service points spread across more than 100 countries, its health technology activities will generate a turnover of 17.8 billion euros in 2022. For news about Philips, please visit www.philips.nl
Entrepreneurship is the driver for innovation. From sustainable food, a healthy future, climate-neutral energy to the development of promising key technologies. The Brabantse Ontwikkelings Maatschappij (BOM) ensures that start-ups that contribute to this get off to a flying start with the right support and financing. We also ensure that companies with internationalization ambitions can realize them. Every year, the BOM achieves impact together with dozens of companies. The BOM is an executive agency of the Province of North Brabant and the Ministry of Economic Affairs & Climate. The BOM is an economic development company that works as a growth accelerator for companies in Brabant. The BOM looks at the economic opportunities and also explicitly at the social added value of companies, such as employment growth, CO2 reduction and sustainable production. The BOM does this by sharing knowledge, forming networks and providing capital.
In 2022, DeepTechXL launched its 100 million euro fund. In addition, the fund received a Seed Capital loan of 9 million euros from the Netherlands Enterprise Agency (RVO), which is specifically intended for early-stage investments. DeepTechXL works according to a life cycle approach where innovative companies are supported from Seed to follow-up investments (Series A/B/C).
Invest-NL is the National Financing and Development Institution of the Netherlands. As a leading impact investor, Invest-NL’s mission is to facilitate financing for companies and innovations that seem impossible to finance in advance. With the aim of accelerating the major social transitions that the Netherlands is facing. These include the transition to a sustainable and circular economy, promoting affordable and accessible healthcare and stimulating technological innovations. Invest-NL’s Deep Tech Fund aims to invest in key technologies developed on Dutch soil.