What are we looking for?
According to the Philips Meaningful Innovation Index, there is an appetite for future innovations to go beyond creating technology for technology’s sake, instead aiming to make a difference in people’s everyday lives. The study weighed satisfaction with current innovations by what is important in people’s lives, and only 54% of people surveyed were satisfied with existing innovations in the areas they considered to be the most important to them.
The Philips Innovation Competition focuses on the key innovation opportunities to help people live well, be healthy and enjoy life.
Success in this competition requires:
- Innovativeness and Creativity – we’re looking to reward new ways of tackling the innovation gap
- Vision and feasibility – entrants will need to clearly explain both the project, plans to bring it to life, and how it can scale to help more people
- Transparency – be specific about how the funds raised will be used to progress the project
- Impact – successful projects will solve an unmet need and have a meaningful impact on peoples’ lives
- Support – show support for the ideas by having a minimum of 100 contributors and meeting at least 50% of the fundraising goal