A million dollar opportunity
Nokia has announced $ 1 million 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, says a press release.
Announcing the Growth Economy Venture Challenge, Nokia CEO Olli-Pekka Kallasvuo called on innovators across the globe to become a part of a revolution by bringing mobile solutions to the parts of the world that can benefit most.
The 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 adaptation, submissions can also expand beyond the mobile phone.
Samples projects of the challenge are available at www.theprogressproject.com.
Interested innovators can learn more and submit their projects at www.callingall innovators.com.
After selection, ten finalists will be invited to present their ideas and business models to a panel of Nokia business people and private venture capitalists.
The million dollars will be invested in a single winning organisation with the best idea decided by a combination of judges from Nokia Growth Partners, Nokia's venture arm, and Forum Nokia, Nokia's organisation dedicated to 3rd party developers and other innovators.
Finalists will be announced by mid May 2010. The final winner will be announced in June, 2010. The deadline for submissions is April 18, 2010.
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