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.
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.