We are back: Registrations for 2021 are now open

We are back: Registrations for 2021 are now open

After the smashing success of last year’s Virtual Grand Final, we are now back with the 16th edition of the Philips Innovation Award! Today highlights the kick-off of the 2021 Philips Innovation Award! Until December the 2nd we invite innovative people from all over the Netherlands to submit their ground-breaking ideas to the Philips Innovation Award. During the Idea Stage, we will help you to further develop the “secret recipe” of your business idea, and perhaps it may be your idea that will be rewarded with our grand prize worth of €50.000,-.

Why should you submit your idea?

Do you have an innovative idea, but do you experience difficulty in concretizing this idea into a business form? Then the Idea Stage will give you an excellent opportunity to receive concrete feedback from our consulting partner, De Kleine Consultant. During the Idea Stage, we will give you valuable insights into the essential aspects of your idea as well as the elements that need more focus.

What if you don’t have an idea yet?

Would you like to participate in the Idea Stage, but do you not have an idea on top of your mind yet? Do not worry, we will share three insights that might provide you with a little inspiration about where to find a business idea.

1. Search for frustration.

Look for what really bugs you. These may be things that frustrate you deeply inside, things that keep you up at night, or things that long for innovation as it makes your life unnecessarily challenging. Often real frustration creates the kind of urgency that enables you to come up with a good business idea.

2. Don’t reinvent the wheel.

In order to come up with a good business idea, you do not have to reinvent the wheel. In fact, a lot of tools already exist just as people’s pain points. You only have to find a creative approach to blend both elements in a way that has not been done before. For example, look at what some big industry players are missing and figure out how you can fill the gap.

3. Start with family and friends

Do not limit yourself by solely relying on your own thoughts, as this may get you stuck in being creative and open-minded. Rather listen to family and friends because there may be a good chance that one of them has an incredibly good business idea. Sometimes recognizing someone else’s idea allows you to make more money than creating one yourself.  

Who can submit?

The Idea Stage is open for MBO, HBO and University students, PhD candidates, and people who have graduated from a Dutch institution within the last three years. As our aim is to stimulate innovation amongst students, participants need to be younger than 30 on the 1st of October 2020. More information about the criteria can be found here.

What do former participants say?  

Think big! The biggest risk you run is that you will have learned a lot in a year. – Graciëlla van Hamersveld, co-founder of Closure in conversation with Erasmus Magazine.

The advice I would give young entrepreneurs is to start really working on your ideas because this is the time of your life that you can actually be an entrepreneur. – Erik de Groot co-founder of Iron Roots

So, do you think that the “secret recipe” of your business idea is worth €50.000,-? There is only one way to find out. Submit your idea to the 2021 Philips Innovation Award!