Philips announces second annual Innovation Fellows Competition to
find the next #BigIdea in health and well-being
ANDOVER, Mass. -- (Business Wire)
Philips North America today announced the launch of the second annual
Philips Innovation Fellows competition, in conjunction with the release
of its 2014 North America Innovation Report. According to the report,
nearly two-thirds of North Americans consider themselves innovators, of
which a majority (72 percent) believe they are sitting on an idea for
“the next big thing,” and just need money and ‘know how’ to develop it.
The Philips Innovation Fellows Competition awards mentoring and $100,000
in cash prizes to inspire would-be entrepreneurs to bring their ideas to
life by entering the competition.
“Philips is committed to meaningful innovation, and we strive to develop
technology that makes a real difference in helping people lead healthy
and fulfilling lives,” said Brent Shafer, CEO of Philips North America.
“We believe impactful innovation can come from anyone, and we want to
celebrate the great ideas that have the potential to revolutionize the
way we live, work and play. That’s why we’re encouraging all innovators
out there to submit their big idea for the next innovation.”
Survey Findings
Almost half of respondents feel the best innovations come from
individual inventors (47 percent) and startups (24 percent), followed by
academics (13 percent) and corporations (11 percent). However, one in
two people said financial support from big companies is the key to
achieving successful innovation, followed by mentor relationships (47
percent) and government incentives (44 percent).
Top Barriers
Many respondents feel that lack of money and a narrow mindset are the
top barriers to preventing people from innovating, indicating the need
for collaboration with and support from big companies:
• Lack of money (70 percent)
• Narrow/stifled mindset (41 percent)
• Unsupportive corporate culture (40 percent)
• Government regulations (37 percent)
Areas for Improvement
North Americans feel that successful innovation has a purpose beyond
creating technology for technology’s sake. Sixty-two percent of
respondents said successful innovation improves lives, makes daily life
easier (57 percent) and meets an unmet societal need (33 percent).
Healthcare (57 percent) was cited as the top area where innovation can
improve lives, followed by work/life balance (38 percent), education
methods (33 percent), technological solutions for the home (30 percent)
and public transportation and infrastructure (30 percent).
Philips Innovation Fellows Competition
Philips is encouraging people nationwide to submit their big ideas for
the next meaningful innovation that will help people live healthier,
more sustainable lives. Entrants will have the chance to tap into
$100,000 in prize money from Philips to help make their innovations a
reality. To further promote open innovation, entrants can gain financial
support for their idea on Indiegogo.com, a global web-based crowd
funding site.
“Indiegogo is dedicated to helping innovators make their ideas a reality
by connecting them to individuals from around the world, who can endorse
their innovations through financial support,” said Slava Rubin, CEO and
co-founder of Indiegogo. “Corporations need to be more involved in
helping everyday innovators succeed and we’re thrilled to partner with
Philips on this competition to bring new ideas to fruition.”
The grand-prize winner will be announced this fall and will receive a
$60,000 cash prize from Philips, in addition to the funding raised
through Indiegogo, to help make their innovation a reality. Along with
the monetary prize, the winner will receive mentoring from Philips
executives around their “next big thing” idea. Each of the remaining
four finalists will receive a $10,000 cash prize.
Last year, Philips named Fosmo Med the grand prize winner of the first
Philips Innovation Fellows competition. Philips employees selected Fosmo
Med’s Maji Intravenous (IV) saline bag, which creates a sterile solution
in the field for patients in developing countries from any water, clean
or dirty, as the next big, meaningful innovation in health and
well-being.
“We were honored to win the Philips Innovation Fellows competition,”
said Ben Park, CEO and founder of Fosmo Med. “Winning has not only
helped fund the research and development completion for Maji, but more
importantly, validated the idea of our product. Philips helped give us
the resources and credibility we need to save lives on a global level.”
About Royal Philips:
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and
well-being company, focused on improving people’s lives through
meaningful innovation in the areas of Healthcare, Consumer Lifestyle and
Lighting. Headquartered in the Netherlands, Philips posted 2013 sales of
EUR 23.3 billion and employs approximately 113,000 employees with sales
and services in more than 100 countries. The company is a leader in
cardiac care, acute care and home healthcare, energy efficient lighting
solutions and new lighting applications, as well as male shaving and
grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.
About Indiegogo:
Indiegogo empowers people around the world to fund what matters to them.
As the largest global crowdfunding platform, campaigns have launched
from every country around the world with millions of dollars being
distributed every week due to contributions made by the Indiegogo
community. At its core, Indiegogo is the equal opportunity platform
dedicated to democratizing the way people raise funds for any project –
creative, entrepreneurial or cause-related. The company was launched in
2008 and is headquartered in San Francisco, with offices in Los Angeles
and New York. For more information, visit www.indiegogo.com
and follow us at www.twitter.com/indiegogo
and www.facebook.com/indiegogo.
Notes to the editor
Methodology: “Philips North America Innovation Report” was
conducted online in partnership with Research Now and CQuest, among a
nationally representative sample of 1,505 consumers in North America,
including 1,005 in the United States and 500 in Canada.
Photos/Multimedia Gallery Available: http://www.businesswire.com/multimedia/home/20140723005998/en/
Contacts:
Philips North America
Karen Drake, +1-978-659-2965
Public and
Media Relations
karen.drake@philips.com
or
Lea
Armstrong, +1-978-659-3467
Public and Media Relations
lea.armstrong@philips.com
Source: Philips North America
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