Philips, Indiegogo team up on $100,000 healthcare innovation contest

July 15, 2013 by Sony Salzman

Healthcare giant Philips and crowd-source funding platform Indiegogo join forces to launch an innovation contest with $100k in cash prizes for innovative healthcare startups.

Slava Rubin, CEO of Indiegogo, and Greg Sebasky, Chairman of Philips North America, at Bloomberg's Next Big Thing where Philips announced its Innovation Fellows Competition, hosted by Indiegogo.

Philips Healthcare (NYSE:PHG) and Indiegogo teamed up to offer $100,000 in prize money, to be doled out to winners of the Innovation Fellows Competition. The cash will be doled out to 5 startup companies, with the grand prize winner walking home with $60,000.

A wide range of companies are eligible for the competition. Any company developing a healthcare solution – from sleep problems to illness prevention to home security – can apply. Competitors are expected to drum up their own funding sources during the competition, an important draw for Philips.

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"Innovators will not only gain access to the financial resources they need to bring their products to market, but everyone around the world can vote with their dollars on those innovations that they believe are the most meaningful," Philips North America chairman Greg Sebasky told MobiHealthNews. Sebasky is taking the lead in the competition and meeting with him and getting 1-on-1 mentoring is part of the prize for the winning startup.