Opening Day

Opening Day

Today marks the start of the 2020 Philips Innovation Award! Innovative people from all over the Netherlands will have until December 1st to submit their game changing ideas to the Phillips Innovation Award. But how do you come up with a good idea and more importantly, how do you concretize it into a business form? Here are some handy tips to help you get going on your journey to innovation and perhaps even the start of your chance of winning the grand prize of € 50.000,-!

Keep in mind why businesses exist
Businesses’ right to exist is derived from the function they fulfill; namely the solving of problems. Try keeping in mind that your idea needs to solve people’s problems and make their lives easier!

Keep an open mind
Innovative ideas are often the drive between some of the most successful businesses. Try to think outside of the box and come up with a fresh angle.

Make it personal
As the business you intend to build will require you to invest a lot of your time and effort, it is important to choose solving a problem that you love solving.

Be wary of falling in love with your ideas too much
Although this tip and the previous one may seem like contradictory statements, this is not the case. It is still of crucial important to invest your time in solving problems you find interesting. However, it is equally important to stay critical of your own ideas. Constant improvement is an important part of the idea generation process. By sometimes being hard on your ideas, you will be able to perfect them and your business.

In addition to this, some of our former participants had the following things to say:

A startup is about three things; team, timing and concept.”

Max de Bok, co-founder of Dynachargers

From day one we’ve maintained a pragmatic approach. We think in solutions rather than in problems. We support every choice we make with data, while already thinking three steps ahead: we want a scalable product that can be multiplied and quickly improved upon through iterative, agile processes.”

Quinten Selhorst and Maarten Poot, founders of Felyx in conversation with

These are some of the ways to go about designing your idea. We cannot wait to receive all your ideas and businesses!

So, is your idea worth €50.000,-? There is only one way to find out. Submit your idea to the 2020 Philips Innovation Award!