Commitment to Action

Philips Innovation Program

Commitment by

Philips Healthcare

In 2009, Philips committed to provide young innovators with access to sophisticated technology and processes, helping them put together solid business plans, and gain access to Venture Capitalist (VC) networks. This commitment aimed to promote innovation and entrepreneurship across the Arab world by fostering native talent, elevating the quality of regional production, and ultimately creating new job opportunities.
The first phase of the 'Philips Innovation Program' was completed in September 2009 with the selection of two groups of innovators, one in Sudan and the other in Lebanon. As part of the second phase of the program the teams were immersed in Philips' hi-tech campus environment in Aachen, Germany. There they were able to develop product prototypes and create well-developed business plans which were presented to Venture Capitalists within the Middle East region towards financing and eventual implementation.

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Overview
Summary

Commitment

Philips Innovation Program

Launched

2009

Est. Duration

1 year

Estimated Total Value

$7,500,000

Region

Middle East & North Africa

Countries

BAHRAIN, EGYPT, JORDAN, LEBANON, MOROCCO, Palestinian Territories, TUNISIA, UNITED ARAB EMIRATES

Commitment by

Philips Healthcare

Partner(s) of the Commitment Maker(s)

Mohammed bin Rashid Al Maktoum Foundation