Corporate companies like Philips Electronics require an innovation structure where various forms of innovation coexist. This set of innovation tools should be chosen and shaped such that the needs of the company are matched.

In the recent past, Philips has changed considerably in scope. While doing so, internal innovation processes have been adapted to allow more efficient roadmap innovation but also to enable new growth by starting essentially new business options. Especially the latter requires a more outward looking R&D community not only capable of defining new technologies but, in addition, providing a clear view on the corresponding product-market-customer combinations. External innovation based on spin-outs and technology licensing allows Philips to capture the value from existing technology positions not pursued internally.

To enable these changes the Philips Research facilities in Eindhoven in the Netherlands, transformed from a fully closed corporate research environment to a centre of Open Innovation: the Eindhoven High Tech Campus. In addition, Philips adapted venturing as an alternative innovation path to create future business opportunities. Considering ventures the currency that makes Open Innovation sustainable, both our Open Innovation and internal venturing structures will be discussed in relation to the future innovation needs of Philips.

Ronald Wolf is Director Venturing of Philips Research responsible for the Philips Research venture portfolio which contains the venture based business opportunities created from Philips Research Technology positions. After receiving his PhD in Chemistry he joined Royal Philips Electronics in 1990 as a Research Scientist in the Philips Eindhoven (Neth.) and Briarcliff (NY) laboratories. In 1999 he became Director of Research in the areas of materials, solid state and fluidic devices. In this role he implemented Research driven business development to support technology transfers. In addition to an increased technology transfer hit rate to the Philips business lines this led to the spin-out of Liquavista, an electrowetting based display technology venture, one of the first ventures to be spun-off by Philips Research.