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Starting at noon ET on June 18, interested U.S. residents can begin registering for the competition at www.philips.com/innovationfellows through 11:59 pm ET on August 15. Upon registration approval, individuals and teams 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 committee of Philips executives will determine and announce five finalists mid-October, and Philips employees will vote to determine the 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 it to life; how transparent and specific he/she is about plans to allocate funding to further the project; the extent that the innovation 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 the funding raised through Indiegogo, to help bring the innovation to life. Along with the monetary prize, the winner will receive an all-expenses-paid trip to Philips' USA headquarters to meet with Sebasky and other Philips experts for mentor and whiteboard sessions around their "next big thing" idea. Each of the remaining four finalists will receive a $10,000 cash prize.
About Royal Philips
Royal Philips (NYSE: PHG, AEX: PHIA) is a diversified health and well-being company, focused on improving people's lives through meaningful innovation in the areas of Healthcare, Consumer Lifestyle and Lighting. Headquartered in the Netherlands, Philips posted 2012 sales of EUR 24.8 billion and employs approximately 116,000 employees with sales and services in more than 100 countries. The company is a leader in cardiac care, acute care and home healthcare, energy efficient lighting solutions and new lighting applications, as well as male shaving and grooming and oral healthcare. News from Philips is located at www.philips.com/newscenter.
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 to contributions made by the Indiegogo community. At its core, Indiegogo is the equal opportunity platform dedicated to democratizing the way people raise funds for any project âEU" creative, entrepreneurial or cause-related. The company was launched in 2008 and is headquartered in San Francisco, with offices in Los Angeles and New York. For more information, visit www.indiegogo.com and follow us at www.twitter.com/indiegogo and www.facebook.com/indiegogo.