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As a private-owned company, we aim to provide more than just shareholder satisfaction. We operate under a healthy ambition to be of relevance, and to contribute to meaningful innovation that tackle major challenges in society.
We create technologies that are essential links in the systems which form the basis for today’s and tomorrow’s world. Our technology, for instance, improves the quality of medical imaging, which allows for diagnostics that recognize diseases earlier and more accurately. Our technologies also contribute to reducing the global dependency on fossil fuels and to minimizing human exposure to air pollution. Another example is the contribution of our technologies to global digitalization, which lowers barriers for people in third world countries wishing to access the information and education that are essential for their welfare. Therefore, our joint mission is to create meaningful technologies that make the world work.
Those who come into contact with our company always refer to the way our people have remarkable passion and ambition. Our people are inspired by our unique culture, with a strong focus on the values Equality, Responsibility and Trust. From the first day at work, the input of each new employee is respected and everyone is treated as equal. Our organization is extremely flat, consists of self-coordinating teams, and we strive to continue eliminating bureaucracy, despite our ever-increasing scale. Management roles are limited and privileges are non-existing.
Instead of seniority, our criteria for responsibility are ability and ambition. We do not believe in tasks or junior roles. We encourage people to pitch new initiatives and we provide them with the freedom they need to realize their personal growth ambitions. What’s more, our entrepreneurial business model features an appetite for taking end-to-end responsibility and the required risks involved in order to become successful.
Finally, we believe that people are inclined to live up to their potential most when they are stimulated by trust in their abilities. Our processes are lean and extremely effective, communication lines are short, and procedures do not include extensive approval steps. What makes this way of working most remarkable is that, despite their lean character, all processes comply with the strictest industry norms and standards. Thanks to our efficient processes, customers and other stakeholders can rely on the security and confidentiality of information at all times.
The successful pursuit of our mission depends on a set of conditions which we believe are indispensable for maintaining a long-term, sustainable, and competitive business that possesses the required means and strength. Our Strategic Framework shows the interrelationship between our mission and these conditions, which we have defined as SMART objectives.
In order to continue to make a meaningful impact on society, significant scale is essential. As standards are continually rising at the global level, growth is required to compete where a difference can be made. We choose to measure this growth in terms of annual business revenues. We do not, however, just pursue any type of revenue that might contribute to growth.
We serve our customers with three main business models: Ready-To-Use Products (RTUP), Technology Solutions (TS), and Integrated Manufacturing Services (IMS). For all of our business development efforts, we focus on major customers and major products. In both cases, we focus on extensive re-use of available building blocks and leveraging of off-the-shelf RTUP portfolios. This results in proven solutions that minimize time to market, risk, and costs for customers, while contributing to further improvement of our productivity.
In realizing our ambitions, we intend to continue to grow organically, while securing full autonomy. Moreover, this intended growth will be in sustainable business that complies with our progressive environmental goals. Lastly, we consider the preservation of our unique company culture to be crucial any scenario.
Our second key objective is to increase our productivity, which is measured as annual revenue per full-time employee. Our human capital is our most valuable resource. Without increased yield from effort spent, our highly desirable growth will be subject to the bottleneck of capacity constraints. What’s more, productivity is essential for competitiveness and it contributes to the profitability required to fund the additional investments which will maintain the company’s growth in the long term.
As we move along this growth path, we recognize the effect of incubation periods on our measurements. Doing business in industries with extensive qualification criteria requires employing large teams of people, often up to four years before intended revenues are being ramped up and realized. As a result, our targeted productivity trend will be subject to a delay compared to our targeted revenue trend.
Our recipe for achieving growth, while at the same time making our company more productive consists of four major ingredients: Leverage, Vertical integration, Conceptual thinking, and Global copy-exact.
Developing and selling unique, dedicated solutions for specific customers allows for great customer intimacy. This does, however, limit growth to the demand of a single customer and the availability of resources for new technology development. Instead of having to start from scratch each time, we constantly leverage proven technology as ready-to-use building blocks that give us a head start in applications across industries and markets. This enables our agile teams to come up with customized technology, while at the same time realizing a uniquely short time to market. Our advantage is that we can capitalize on our efforts more than once, which makes our revenues scalable without the need to hire extra personnel at a similar pace. What’s more, increasing volumes are introducing economies of scale, which make us extremely competitive against incumbents in both mature and greenfield markets. We have defined six technology programs and which are being encouraged to identify common ground and drive re-use. Apart from using leverage as an instrument for product development, our internal operations embrace the same philosophy. Processes are automated by generic platforms of home-grown advanced robotics and linked together by our own Manufacturing Execution System. This allows us to increase capacity or introduce new processes in our internal operations, while generating engineering output and creating marketable know-how. This increases both the relative output of our processes and the productivity of our company as a whole.
Since its foundation in 1993, our company has never stopped expanding its horizons and developing new capabilities. Expertise has widened from specialized electronics design to fundamental research, development, qualification and manufacturing of numerous electronic, mechanic, magnetic and software applications. Where common industry practice was preaching for specialization and high-level outsourcing, our high-risk approach has rewarded us with a highly integrated engine with nearly all essential elements present under one roof. Our responsibility for an application from start to finish challenges us to understand and master the essence of its function, and allows us to keep a firm grip on quality during complete lifecycles.
A broad set of capabilities allows us to add and create most of the value of our products ourselves. Productivity is also improved by eliminating interfaces which result in unwanted costs of non-quality. Finally, combining capabilities creates synergies and requires less overhead and indirect costs than single independent cells would.
Very early on in our company’s existence, customers and other stakeholders started to identify and praise our one-of-a-kind culture and way of working. Our method of approaching challenges is embedded into our DNA and it has allowed us to excel in problem solving and maintaining simplicity. This conceptual thinking allows us to break down functional requirements into various layers of abstraction and ensures that we can influence the performance of the final solution at the very root of the innovation process. It is at the conceptual level where we can determine the price/performance level of a product the most.
We believe that this seemingly rudimentary philosophy is one of our key differentiators in today’s competitive markets and one of the main reasons we have a track record of satisfied customers in a variety of industries. Our ability to grasp the essence of the challenges that we take on is strengthened by the increasing spectrum of capabilities we are integrating. In addition, our habit of leveraging proven technology as building blocks for new applications allows us to incorporate the perspective of practical experience into the new equation we are solving.
Our last ingredient for realizing growth and productivity is our ability to bridge geographic and demographic borders. We believe in the strength of our business model and aim to copy-exact our model in a way that allows us to be a physical part of the ecosystems we want to influence. This means that we aim to be close to our customers in every corner of the globe. It is, however, of critical importance that the essential factors that keep our engine running are represented and available. In Eindhoven (the Netherlands), Boston (USA), Suzhou (China) and Tel Aviv (Israel) we’ve moved into ecosystems which are made up by clusters of industry-leading customers and world-class institutions that educate and foster the kind of talents that meet our high expectations.
Making our model globally available allows us to target every market that can contribute to our exponential growth ambitions without having to rely on third parties and other unwanted interfaces. The fact that we expand by copying every single process, way of working and adjacent element of our successful model gives us similar advantages as when we leverage technologies across product applications. Identical processes across the globe eliminate learning costs when setting up new subsidiaries. Furthermore, it gives us economies of scale when investments in machinery and other tools are being made, and allows for valuable redundancy in case we are confronted with force majeure.