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Philips North America Innovation Report

Stocks in this article: PHG

Philips North America today 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 per cent) consider themselves innovators, and 66 per cent 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 to inspire those would-be entrepreneurs to bring their ideas to life by entering the competition.

“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. “We are dedicated to meaningful innovation that helps us all live healthier more satisfying lives, and encourage innovators across Canada and the U.S. to submit their ideas and let us help them turn their vision into reality.”

Survey FindingsFifty-two per cent of Canadian survey respondents (50 per cent in the US) said financial support from big companies is the key to achieving successful innovation, followed by 44 per cent who cited mentor relationships (47 per cent in the US). But Canadians were much more likely than Americans to look to government for the answer – 54 per cent vs. 42 per cent.

Sixty percent of Canadians -- broken down by 68 per cent of men and 52 per cent of women, (two-thirds in United States) -- think of themselves as innovators, but only 11 per cent said they think big companies are. Almost half of Canadians said the best innovations come from individuals (46 per cent).

Of those who consider themselves innovators, around two-thirds (66 per cent in Canada) said they have an idea for the next big but 71 per cent of Canadian respondents said lack of money prevents people from innovating. While people don’t expect innovation from big companies, they see an important role for big companies in funding, supporting and promoting innovative ideas.

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