(StatePoint) From the light bulb to the smartphone, innovation has the power to improve lives, and big ideas are all around us, say the statistics.

Indeed, nearly two-thirds of North Americans consider themselves to be innovators, of which 72 percent believe they are sitting on an idea for “the next big thing.” However, most feel they need money and “know-how” to help develop it, according to a survey conducted by Philips. Unfortunately, not everyone has the money to put his or her idea into practice, and getting a meeting with investors is easier said than done.

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While there may be barriers to innovation, don’t just assume your idea for helping people live healthier, more sustainable lives is impractical. New avenues for funding and support can help. For example, each year Philips encourages people nationwide to submit their ideas for a chance to tap into $100,000 in prize money and mentoring to help make their innovations a reality.

To learn more about this competition and the meaningful innovations that are changing people’s lives, visit www.philips.com/innovationfellows.