This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here
TheStreet Open House

Philips North America Innovation Report

Stock quotes in this article: PHG

Philips North America today announced the launch of the second annual Philips Innovation Fellows competition, in conjunction with the release of its 2014 North America Innovation Report. According to the report, nearly two-thirds of North Americans consider themselves innovators, of which a majority (72 percent) believe they are sitting on an idea for “the next big thing,” and just need money and ‘know how’ to develop it. The Philips Innovation Fellows Competition awards mentoring and $100,000 in cash prizes to inspire would-be entrepreneurs to bring their ideas to life by entering the competition.

“Philips is committed to meaningful innovation, and we strive to develop technology that makes a real difference in helping people lead healthy and fulfilling lives,” said Brent Shafer, CEO of Philips North America. “We believe impactful innovation can come from anyone, and we want to celebrate the great ideas that have the potential to revolutionize the way we live, work and play. That’s why we’re encouraging all innovators out there to submit their big idea for the next innovation.”

Survey Findings

Almost half of respondents feel the best innovations come from individual inventors (47 percent) and startups (24 percent), followed by academics (13 percent) and corporations (11 percent). However, one in two people said financial support from big companies is the key to achieving successful innovation, followed by mentor relationships (47 percent) and government incentives (44 percent).

Top Barriers

Many respondents feel that lack of money and a narrow mindset are the top barriers to preventing people from innovating, indicating the need for collaboration with and support from big companies:

• Lack of money (70 percent)

• Narrow/stifled mindset (41 percent)

• Unsupportive corporate culture (40 percent)

• Government regulations (37 percent)

Areas for Improvement

North Americans feel that successful innovation has a purpose beyond creating technology for technology’s sake. Sixty-two percent of respondents said successful innovation improves lives, makes daily life easier (57 percent) and meets an unmet societal need (33 percent).

1 of 3

Select the service that is right for you!

COMPARE ALL SERVICES
Action Alerts PLUS
Try it NOW

Jim Cramer and Stephanie Link actively manage a real portfolio and reveal their money management tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
  • Weekly roundups
TheStreet Quant Ratings
Try it NOW
Only $49.95/yr

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
  • Upgrade/downgrade alerts
Stocks Under $10
Try it NOW

David Peltier, uncovers low dollar stocks with extraordinary upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
  • Weekly roundups
Dividend Stock Advisor
Try it NOW

Jim Cramer's protege, David Peltier, identifies the best of breed dividend stocks that will pay a reliable AND significant income stream.

Product Features:
  • Diversified model portfolio of dividend stocks
  • Alerts when market news affect the portfolio
  • Bi-weekly updates with exact steps to take - BUY, HOLD, SELL
Real Money Pro
Try it NOW

All of Real Money, plus 15 more of Wall Street's sharpest minds delivering actionable trading ideas, a comprehensive look at the market, and fundamental and technical analysis.

Product Features:
  • Real Money + Doug Kass Plus 15 more Wall Street Pros
  • Intraday commentary & news
  • Ultra-actionable trading ideas
Options Profits
Try it NOW

Our options trading pros provide daily market commentary and over 100 monthly option trading ideas and strategies to help you become a well-seasoned trader.

Product Features:
  • 100+ monthly options trading ideas
  • Actionable options commentary & news
  • Real-time trading community
  • Options TV
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
DOW 17,042.90 -28.32 -0.17%
S&P 500 1,972.29 -5.51 -0.28%
NASDAQ 4,493.39 -12.4620 -0.28%

Brokerage Partners

Rates from Bankrate.com

  • Mortgage
  • Credit Cards
  • Auto

Free Newsletters from TheStreet

My Subscriptions:

After the Bell

Before the Bell

Booyah! Newsletter

Midday Bell

TheStreet Top 10 Stories

Winners & Losers

Register for Newsletters
Top Rated Stocks Top Rated Funds Top Rated ETFs