Complementing the company’s global research and development program and its acquisitions driven portfolio extensions, Philips has extended its collaboration programs to health technology start-ups and venture capital activities. Philips HealthWorks
accelerates breakthrough innovation through internal venturing and external start-up engagement. This program enables the company to assess, foster and monitor promising early stage start-up companies for potential future collaborations, as well as providing Philips with an in-depth view of the most recent developments in health technology from around the globe. In addition to HealthWorks, Philips has a separate team managing venture capital investing, Health Technology Ventures
. HealthWorks and Health Technology Ventures collaborate to form a center of excellence for start-up companies looking to partner with Philips.