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.

"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.

Early-stage companies have already started applying to the contest, and crowd-sourced funding for their projects will open through Indiegogo on August 15. The awards will be announced in October.

The grand prize winner will not only take home $60,000, but will also sit down with Sebasky and other Philips executives for one-on-one mentoring.