July 25, 2014
Philips North America has launched the second annual Philips Innovation Fellows competition and released the findings from its 2014 North America Innovation Report.
According to the survey, three in five Canadians (60%) consider themselves innovators, and 66% believe their innovation idea could be “the next big thing,” if only they had enough money and know-how to develop it. The second annual Philips Innovation Fellows Competition, launching for the first time in Canada, awards mentoring and $100,000 in cash prizes.
“Philips knows innovation has the ability to transform people’s lives for the better and we want to support the visionaries out there to create that next big thing,” said Iain Burns, CEO of Philips Canada.
Fifty-two per cent of Canadian survey respondents (50% in the U.S.) said financial support from big companies is the key to achieving successful innovation, followed by 44% who cited mentor relationships (47% in the U.S.).
Entrants will have the chance to tap into $100,000 in prize money 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.”
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 innovations 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.
For further information visit www.philips.com.