NVP closes venturing deal with Philips Research

New Venture Partners (NVP), the corporate venturing firm, announced that it has closed a partnership deal with Philips Research, the research business of Philips Electronics Nederland BV, Europe's largest electronics company, to identify and create spin-off businesses based on technology from Philips Research's global network of laboratories. Under the partnership, NVP will carry out end-to-end internal venture development through spin-off and guidance of new ventures. Also announced is the first business to be developed under the partnership, based on Philips' electrowetting technology for vastly improved display screens for mobile applications such as PDAs, mobile phones and video cameras. NVP's corporate venturing model is becoming increasingly important to R&D laboratories worldwide where the potential for extracting much more value from research is just being recognised. Under this exclusive relationship with NVP, that makes NVP the primary route for venture-backed spin offs from Philips Research, Philips will provide NVP with access to its researchers and their inventions, and the ability to grow and spin-off ventures based on Philips research. NVP will provide the funds needed to develop the ventures whilst growing them inside Philips prior to wider venture financing. NVP will open an office at the High Tech Campus Eindhoven, complementing Philips' strategy of opening the site to third parties.The partnership with NVP will benefit Philips by creating value from innovations that Philips determines not to pursue as part of the company's business strategy, product portfolio, or distribution channels. The partnership will provide Philips with a tool to create and manage spin-off ventures and to realise value from many more technologies than previously possible while maintaining corporate focus on its primary markets and objectives.NVP has a similar partnership with British Telecommunications Plc, which gives it exclusive rights to technology-based BT venture spin-outs. To date that partnership has resulted in the creation of new ventures that include: Azure Solutions Ltd, Vidus Ltd (acquired by NASDAQ-listed @Road), Evolved Networks Ltd, Psytechnics and iO based in the UK and Microwave Photonics Inc based in California. Its partnership with Lucent has borne a range of successful spin-outs including: iBiquity Digital, Flarion, Vallent (formerly Watchmark-Comnitel), LPSS (now Intrado), Celiant (now part of Andrew Corp.) and Internet Photonics (now part of Ciena).

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