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Company SpecificsFounded: 1891 in Eindhoven, Netherlands. 1951 in Singapore.
Headquarters: 620A Lorong 1 Toa Payoh, Singapore 319762
Ownership Structure: Corporation
Employees: 3,200 in Singapore; 133,136 Worldwide
Product/Service: Electronic Equipment. The business units in Singapore are Audio Video Multimedia, Television Center of Competence, Category Peripherals and Control, Applied Technologies and Design.
Customers: Healthcare, lighting, and consumer lifestyle companies.
Competitors: General Electric Company, Matsushita Electric Industrial Co, Sony Corporation.
HostsMr. Paul Peeters, Chairman and CEO of Philips Singapore
Mr. Bill Malecki, Site Director, Innohub
OverviewMr. Peeters joined the company in 1990 and has held several senior positions with Philips across countries like the Netherlands, Indonesia, Australia and Singapore. He was able to share with us his unique experience of leading a large organization in Singapore since January 2007.
Mr. Malecki is an American expat who found this Philips Singapore position on a job-listing site in the U.S. The Philips Innovation Campus develops over 1,000 new products annually for the global market. He gave us a tour of the “social laboratory” used for testing new concepts and observing user behavior.
Key Takeaways“Electronics is a big employer” in Asia… more so for developing countries
It is very important for developing countries to participate in the electronics industry. However, as competition increases, countries tend to shift focus to other industries and explore products other than electronics. That is exactly what Philips did – started with a huge portfolio of electronics products, killed off a lot of them, and changed focus to: energy efficiency, personalized experiences & atmospheres, personalized well-being, home care/dependent living, and better health care for all at lower costs. The demand in these areas increases as nations develop.
Growth is a key challenges for large global companies such as Philips
Philips pays a lot of attention to emerging global trends to ensure growth: globalization/rise of emerging markets, aging population, climate changes, consumer empowerment, and sustainable development. The growth culture is driven by innovation, acquisitions, brand, market, and emerging markets. Innovation in this area is focused not on technology but rather on how to bring products to market. Growth opportunities for Philips include Indonesia and Vietnam.
Singapore has a great availability of talent, providing a high degree of competence at a relatively low cost
A national innovation strategy led by the government has earned Singapore a reputation as an innovation hub. Philips Singapore is one of the most important suppliers of innovation services – both within the company and to other organizations. To meet the increasingly outsourced innovation demand, Philips employs over 1300 design and innovation engineers in Singapore.
Posted by: O. Korsakova
Philips Innovation Center