Philips Healthworks Program, page-5

Why does Philips operate the Healthworks program and what are its goals?

https://innovationorigins.com/philips-healthworks-19-startups-looking-for-ai-solutions-in-healthcare/
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“Philips HealthWorks offers programs worldwide that focus on the collaboration with startups. The goal is to develop a detailed collaboration. That is unique,” says Benno Tieke, Head of Portfolio Management at Philips HealthWorks. “The focus in this program is on collaboration. In exceptional cases, the collaboration can lead to an investment, but this is not the primary goal for Philips nor for the startups.

"We help the startups with expertise, coaching and give them access to our healthcare ecosystem; there are no other Healthcare Corporates that do this,” says Tieke. “The program is done in the spirit of open innovation, so we also bring the startups into contact with other important partners, such as customers, investors, and experts from Philips and beyond. For example, we organise intensive sessions with academic hospitals.”
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https://www.healthtechdigital.com/philips-incubator-program-focuses-on-ai-healthcare/
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With the collaboration programs, Philips aims to speed up breakthrough innovation within the health industry. They are doing this through supporting internal venturing and external start-up engagement. This current fast track program hopes to foster start-ups and offers the potential for future collaborations.

Furthermore, the collaborations benefit Philips as they provide an in-depth view of the latest AI developments in the healthcare setting. This can help the team of venture capital investing; Philips Health Technology Ventures as well as the start-ups looking to partner with the organisation.
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https://www.medgadget.com/2018/12/philips-healthworks-supports-startups-using-ai-for-radiology-ultrasound-and-oncology-interview.html
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Medgadget: What is the ultimate goal of the HealthWorks incubator program on both sides? What do Philips and the startups seek to gain from participation?

Dr. Frassica: The HealthWorks Startup Program is an intensive twelve-week journey for both the startup and HealthWorks. We have built the structure of the program around a philosophy of collaboration and the program is a mechanism to understand how this collaboration could come to fruition. There are four parameters that we look to answer, in cooperation with the startup and our internal stakeholders throughout the program:

• Value equation – What is the new value or challenge that could be solved by having Philips and the start-up collaborate? We want to understand what steps Philips could take to resolve known challenges in the business and for our customers by beginning a partnership with the startup. And, equally, we want the startup to understand what they could achieve with Philips that they could not achieve on their own. If we cannot answer both sides of this equation, it is unlikely that a collaboration is merited.
• Milestones – What are the key milestones over the next 6-12 months that the startup needs to achieve in order to progress their solution and where could Philips assist? We call this the growth map and it is a way to realistically understand the time to market and what impact regulatory and health economics are going to have on the solution.
• Collaboration mechanism – we believe that a true collaboration is not just an investment decision. From our experience, good startups have a wide range of funding options and this is not what is going to prohibit their growth. What they really need is expertise, guidance, and access. This is something that Philips is uniquely placed to provide based on our 127 years of experience and wide-ranging capabilities in both consumer and professional healthcare. Consequently, we look at other ways to collaborate with the startup to help them accelerate, which could include IP sharing, joint development, or co-creation.
• CAPS – Capabilities, assets, and process. What capabilities and assets need to be accessed or created in order for the solution to be successful and where are these going to be sourced from?

In order to provide answers to these parameters, the program delivers three key components over the 12 weeks:

• Content – Lean startup and business model innovation methodologies, combined with aspects that we know are important to building solutions in healthcare that many startups simply don’t understand, including HEMA (Health Economics and Market Access), Regulatory, IP&S, and Business Case Creation.
• Stakeholder interaction – In-depth and constant interaction with key stakeholders from across the Philips business. These people could be business leads, research heads, or domain experts. These are all people who can challenge the startup appropriately and provide real direction on how to build out their solution and succeed.
• Eco-system interaction – We know that customer insight is critical to ensuring your solution is not only solving a problem that is real, but one that people will pay for. In order to do this, the startups must speak to actual customers and users. Via our extensive network that includes academia, clinicians, investors, and organizational partners. we provide access to people that would simply be beyond many startups’ reach.

With all of this content and access, the startups are then coached by their respective HealthWorks representative to build their collaboration story and present this to Philips at the end of the program, with checkpoints throughout. By going through this learning and validation journey, the goal is that not only will the startup have been exposed to learnings that will help them to accelerate their businesses, but also there may be a possibility to collaborate with Philips to jointly create solutions that will impact healthcare at a global level.

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