Conditions of entry
- Participation is free of charge.
- Participation is open for teams with an innovative idea for a business, and for teams who already have set up a business within the last 3 years.
- Teams consist of a minimum of one and a maximum of 7 members.
- Teams must at all time meet the “Requirements for teams” from the moment of participation until and including the final.
- The submitted idea, executive summaries, and business plan must meet the “Requirements for the idea, executive summaries and business plan” respectively.
- Teams can sign up for participation during the Idea Stage and Developing Stage. Participation in the Idea Stage is recommended but not obligated.
- Teams, competing in the Innovation League, that reached the (semi-)final in a previous edition of the Philips Innovation Award are not allowed to participate. However, teams participating in the Rough Diamond League in a previous edition, are allowed to compete in the Innovation League.
The Innovators Award is our big league price worth €50.000 and gives every start-up a kick-start towards success. It consists of cash, assistance in registering patents, creative services, consulting advice and more! This price will boost your start-up to the next level. However, the Philips Innovation Award is more than just an Award. Every participant will benefit from our platform. We make sure you will get feedback and receive coaching from members of our network. Besides this, you will build a network with several interesting start-ups.
Requirements for teams
- Members of the teams must be the owner of the idea or must be, if a business based on this idea has already been founded, directly in charge of the business (as founder/owner, board member, director or any comparable role)
- The founder of the business either:
• Currently studies at a Dutch University or University of Applied Sciences.
• Has completed a study at a Dutch university within the last 3 years.
- At least half of the team members (round off upwards) must be student.
- A team member is considered a student, if he or she meets one of these descriptions:
a. He or she is enrolled or admitted at a university, HBO or MBO educational institution based in the Netherlands (or a comparable institution in another country), or has ended his or her enrolment within the last 3 years.
b. He or she is currently a PhD-student at a university.
- Maximum age for team members is 28 on 1 October 2018.
Rough Diamond Award
The Rough Diamond League is a separate league for teams who just started working out their idea. The objective of the Philips Innovation Award is making it able for students to develop their idea. The Philips Innovation Award stimulates entrepreneurship and innovation among students. This is the reason why we implemented this league last year. We give developers of an idea an opportunity to win €10.000. This price will boost your business to the next level. So don’t be afraid that you can’t compete against other start-ups who are already in an advanced stage! This league is only there for teams who are founded after 1 October.
Additional requirements for a Rough Diamond
- The 6 best business plans that did not make it to the Refining Stage as an Innovator and meet the description of rule 2 are classified as Rough Diamond.
- The Rough Diamond League is for teams with an innovative idea for a business who have set up their business (registered at the Kamer van Koophandel) after 1 October 2018.
- Teams that reached the Refining Stage as one of the 24 contenders, are not allowed to compete in the Rough Diamond League, and will not be classified as Rough Diamond.
- As a Rough Diamond you are mandatory to attend at the coaching day(s), and otherwise will be excluded from participation.