HealthTech XL: first venture builder for med-tech and healthcare in the Eindhoven region

The spark for HealthTechXL arose after Philips employees in Eindhoven received the grim news. Especially jobs in innovation and research were affected. "That was a blow for them, echoing through the regional ecosystem," says Stephan Hulsbergen, venture developer at BOM. "Many companies in health-tech and med-tech depend on innovations from major players like Philips."

Retaining people and knowledge in the region

Stephan continues: "A shared mission emerged among many parties: to retain the knowledge and talent of the laid-off Philips employees for the region. With various partners, we set up a three-track policy. The first track focuses on how we can create promising companies from suddenly halted projects by selecting a strong team and raising sufficient capital. The second track tries to continue the affected Philips employees and the specific research project they are working on. The third track tries to guide people to a new challenging position in the region."

From concept to market introduction

The first track has been renamed HealthTechXL, a program founded by BOM, HighTechXL, and Philips. It started in September 2023 with over 130 participants interested in entrepreneurship. Participants are matched with ideas and innovations that suit them. And with like-minded fellow participants. If there is a click, they form a team and continue the program as a team. In January 2024, 13 teams were working on their innovations. They receive support from advisors and experts from BOM and external experts. With them, they work on their creative ideas around a certain technology. They receive support and inspiration in developing their technology, building a solid business case, and obtaining financing and intellectual property. They also seek answers to essential questions such as: how does the technology add value? And what is the impact? Through the HealthTechXL program, they continue to work on a business that is also attractive to investors.

Driving forces

BOM, Philips, and HighTechXL are the driving forces behind HealthTechXL. HighTechXL is a venture builder for developing new deep-tech startups. The organization brings together entrepreneurs and technical talents around the world's most advanced technologies.

Personal guidance

Anke Le Guével, venture developer at BOM: "The difference with the support we normally provide to startups is that we are involved with the people behind the promising concepts much earlier. Our guidance is therefore more personal and also aimed at helping people towards entrepreneurship. By being involved so early, we get a good picture of the aspiring entrepreneurs and their ideas. This allows us to determine which teams and propositions actually have a chance of success." BOM has reserved 10 million euros for promising projects resulting from HealthTechXL. In January 2024, the first edition of HealthTechXL counted 13 teams and ideas with potential.

5 successful startups in the first three years

The goal for HealthTechXL is to have multiple editions. Anke: "The speed with which we set up this venture builder shows that the Brabant ecosystem works. Within a few months, there was a program." Stephan: "With the first edition, we want to gain routine in this way of setting up, guiding, and financing promising med-tech cases. This allows us to further develop the program. HealthTechXL should not be a one-time thing."

The expectation is that up to 5 startups will be funded in the first three years. Ultimately, they should grow into companies that contribute to a stronger ecosystem for medical technology in the Eindhoven region and to better, affordable, and accessible healthcare.