Ideation and Prototyping
Three years into the job, Naomi Fried, the Chief Innovation Officer at one of the world’s top pediatric medical centers, reflects on the three initiatives that have moved the needle most. Fried also offers a look at her annual innovation progress report.
Philips North America chairman Greg Sebasky, left, calls it “one of the first attempts by a large company to do open innovation.” The company is dangling $100,000 in prize money, plus mentorship from Philips execs, for new product ideas in healthcare. But before the competition launched, Sebasky had to deal his attorneys.
At the cloud and virtualization giant, more than 60 ideas have been presented over the last year-and-a-half, in areas like R&D, customer service, and field sales. A handful have gotten seed funding so far, and one recently moved on to second-stage funding. Employees who participate get a stake in their venture — and also must accept some risk.