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.”
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).
Select the service that is right for you!COMPARE ALL SERVICES
- $2.5+ million portfolio
- Large-cap and dividend focus
- Intraday trade alerts from Cramer
- Weekly roundups
Access the tool that DOMINATES the Russell 2000 and the S&P 500.
- Buy, hold, or sell recommendations for over 4,300 stocks
- Unlimited research reports on your favorite stocks
- A custom stock screener
- Upgrade/downgrade alerts
- 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 + Doug Kass Plus 15 more Wall Street Pros
- Intraday commentary & news
- Ultra-actionable trading ideas
- 100+ monthly options trading ideas
- Actionable options commentary & news
- Real-time trading community
- Options TV