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Philips Hosting Innovation Competition With Crowdfunding Site Indiegogo
Philips is hosting an innovation competition along with crowdfunding site Indiegogo to find new ideas for products and services that keep people healthy and happy.
July 9, 2013
2 Min Read
A competition is underway that aims to recognize the brightest ideas to keep people healthy and happy.
Philips has teamed up with crowdfunding site Indiegogo to launch the Philips Innovation Fellows Competition, which as of June 18 is encouraging innovators to register online by Aug. 15 for a chance to win $60,000. Once registration is approved, contestants can create a campaign on crowdfunding site Indiegogo. A winner, selected by a Philips steering committee will win $60,000 in cash on Oct. 30.
What specifically is Philips looking for? Based on the Philips Meaningful Innovation Index, the company wants innovators to pitch their ideas for products and services in the following areas:
Living Well: There is high demand to see innovations across all living well attributes; restful sleep and sense of security at home lead as important factors to "Live Well."
Being Healthy: People surveyed place high importance on being able to look after/monitor their family’s health, seek medical treatment, prevent illness and live a healthy lifestyle. Alongside living a healthy lifestyle, Americans also place high importance on preventative health.
Enjoying Life: Most people surveyed (94 percent) would like to see innovations that would help provide greater happiness in their lives, including being comfortable at home, living independently as one ages, and being an active part of one’s local community.
By Oct. 15, 2013, five finalists will be selected by a panel of judges that have met the following criteria:
Have raised at least 50% of the fundraising goal through their campaigns on Indiegogo/Philips by Sept. 30
Raised funding from a minimum of 100 separate contributors
Demonstrate the greatest potential for commercial development
Represent the best products, services and tangible ideas that would address they key innovation opportunities of Living Well, Being Healthy, and Enjoying Life. Odds of winning depend on the number of eligible entries received for the competition.
The winner among the five finalists will be chosen by a vote by Philips employees. In addition to the $60,000 cash prize, the winner will receive an all-expenses-paid trip to Philips' US headquarters to meet with executives and relevant business line leaders. But the four other finalists won't go empty handed. They will receive a $10,000 cash prize.
[Photo Credit: iStockPhoto.com user Pashalgnatov]
-- By Arundhati Parmar, Senior Editor, MD+DI
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