Apr 22, 2010

"Do Good" and Win Millions From Nokia

Nokia CEO Kallasvuo says mobile solutions in parts of the world that can benefit the most are not only needed, but can also be profitable

Good ideas are a dime a dozen, or so the saying goes. But now a single good idea could be worth a million dollars. Nokia has announced a million dollar venture challenge to encourage innovators to create a mobile product or service that raises the standard of living or enhances the lives of those in growth economies.

Nokia CEO Olli-Pekka Kallasvuo called on innovators to do good by bringing mobile solutions to parts of the world that can benefit most. At the same time he explained that mobile solutions can be quite profitable, leading to financial “win-win” scenarios for both innovators and consumers. “We’ve seen what the tech community can do when it focuses on problems that are also opportunities”, Kallasvuo said. “We want to channel that energy toward improving lives in the developing world.”

The Million Dollar Venture Challenge will consider any submission that enhances the target growth economy and also provides a potential return on the investment. It is not limited to software or hardware that uses Nokia device or software platforms. In fact, as many emerging markets have varying degrees of mobile and Internet adoption, submissions can also expand beyond the mobile phone such as Nokia’s solutions and projects in innovations in growth economies like Nokia Life Tools and Nokia Tej.

The million dollars will be invested in a single winning organization with the best idea as decided by a combination of judges from Nokia Growth Partners, Nokia’s venture arm, and Forum Nokia, which is Nokia’s organization dedicated to 3rd party developers and other innovators. Through Nokia Growth Partners and Forum Nokia, Nokia offers developers and innovators potential funding, expert technical support and marketing programs designed to assist and promote 3rd party activities on Nokia platforms.

Also, 10 finalists will be invited to present their ideas and business models to a panel of Nokia business people and private venture capitalists, providing an opportunity for the innovators to receive business guidance and possibly other funding from participating venture capitalists.

The Venture Challenge finalists will be announced in September 2010 while the finalists will be announced in August 2010. The deadline for submissions is June 10, 2010. Interested innovators can learn more and enter their submissions at www.callingallinnovators.com.


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