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Philips “Innovation Fellows” Competition Searches for Next Big Thing in Health and Well-Being

Philips “Innovation Fellows” Competition Searches for Next Big Thing in Health and Well-Being

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Published by: Crowdsourcing.org on Jun 19, 2013
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Philips is committed tomeaningful innovation,and we strive totransform and enrichpeople’s lives to helpthem reach each lifemilestone in healthy,fulfilling ways”
 June 18, 2013 12:05 PM Eastern Daylight Time
Philips “Innovation Fellows” Competition Searches for Next Big Thing in Health andWell-Being
Partners with Indiegogo to host crowd funded campaigns; Philips to award $100,000 plus mentoring to the top ideasANDOVER, Mass.--(BUSINESS WIRE)--Greg Sebasky, Chairman,Philips North America, today introduced Philips’ Innovation Fellows competition at the Bloomberg Next Big Thing Summit. Philips is asking people nationwide to submittheir ideas for the “next big thing” that will help people live happy, healthier lives. Entrants will have the chance to tap into$100,000 in prize money from Philips, to help bring their innovation to life. To further spur open innovation, entrants cangain financial support for their idea on Indiegogo.com, a global web-based crowd funding site.Philips is committed to meaningful innovation, and we strive to transform and enrichpeople’s lives to help them reach each life milestone in healthy, fulfilling ways,” saidSebasky. “Philips is always looking for the ‘next big thing’ and we want to broaden ourreach and celebrate great ideas that have the potential to revolutionize the way we live.We invite all innovators to share their ideas and to help us in our search.”Competition entries will focus on the three areas:
Living Well:
For instance, technology that helps people have a restful sleep or a senseof security at home.
Being Healthy:
For example, new products or services that enable people to better monitor their family’s health, seekmedical treatment, prevent illness and live a healthy lifestyle.
Enjoying Life:
Ideas that would help provide greater happiness in people’s lives, including being an active part of one’slocal community and living independently as one ages. The2013 Philips Meaningful Innovation Index, which examines satisfaction with current innovations by what is important inpeople’s lives, discovered Americans want future innovations to have a purpose. In dealing with the stresses of everydaylife, Americans are looking for products and services that do more than create technology for technology’s sake. Philipsfocuses on delivering innovation that matters and supports the public’s ongoing desire for technology to make a realdifference in people’s everyday lives."Indiegogo is committed to helping innovators gain access to funds around the world who can provide validation of theirideas and the financial support they need to make their ideas become reality,” said Slava Rubin, CEO and co-founder of Indiegogo. “We hope this competition will help make 'the next big thing' grow from an idea to a real-world innovation."
How it works
Philips “Innovation Fellows” Competition Searches for Next Big Thing in...http://www.businesswire.com/news/home/20130618005720/en/Philips-“...1 of 36/19/2013 8:53 PM
Starting at noon ET on June 18, interested U.S. residents can begin registering for the competition atwww.philips.com/innovationfellowsthrough 11:59 p.m. ET on August 15. Upon registration approval, individuals andteams will be directed to Indiegogo, where the campaigns will be housed for crowd funding and social media support.Funding begins August 15, and campaigns will be supported by the public through September 30. A steering committeeof Philips executives will determine and announce five finalists mid-October, and Philips employees will vote to determinethe grand-prize winner.Each contestant will be judged on a variety of factors, including the feasibility of the idea and how he/she plans to bring itto life; how transparent and specific he/she is about plans to allocate funding to further the project; the extent that theinnovation will have a meaningful impact on people’s lives; and the amount of support his/her idea garnered on Indiegogo. The grand-prize winner will be announced October 30 and will receive a $60,000 cash prize from Philips, in addition to thefunding raised through Indiegogo, to help bring the innovation to life. Along with the monetary prize, the winner will receivean all-expenses-paid trip to Philips’ USA headquarters to meet with Sebasky and other Philips experts for mentor andwhiteboard sessions around their ”next big thing” idea. Each of the remaining four finalists will receive a $10,000 cashprize.
 About Royal Philips:
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people’slives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in theNetherlands, Philips posted 2012 sales of EUR 24.8 billion and employs approximately 116,000 employees with sales andservices in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energyefficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. Newsfrom Philips is located atwww.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 tocontributions made by the Indiegogo community. At its core, Indiegogo is the equal opportunity platform dedicated todemocratizing the way people raise funds for any project – creative, entrepreneurial or cause-related. The company waslaunched in 2008 and is headquartered in San Francisco, with offices in Los Angeles and New York. For moreinformation, visitwww.indiegogo.comand follow us atwww.twitter.com/indiegogoandwww.facebook.com/indiegogo.
Philips North AmericaAmy Shanler, 978-659-4463Public and Media Relationsamy.shanler@philips.comorLea Armstrong, 978-659-3467Public and Media Relationslea.armstrong@philips.com
Philips “Innovation Fellows” Competition Searches for Next Big Thing in...http://www.businesswire.com/news/home/20130618005720/en/Philips-“...2 of 36/19/2013 8:53 PM

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