Nokia Launches A Million Dollar Venture Challenge To Encourage Innovators To "Do Good" In Growth Economies

Good ideas are a dime a dozen, or so the saying goes. But now a single good ideacould be worth a million dollars (USD). Nokia has announced a million dollarventure challenge to encourage innovators to create a mobile product or servicethat raises the standard of living or enhances the lives of those in growtheconomies. The Growth Economy Venture Challenge is part of Nokia's globalCalling All Innovators competition announced on January 7 at the ConsumerElectronics Show (CES).

Announcing the GrowthEconomy Venture Challenge today at the conclusion of his keynote at CES, NokiaCEO Olli-Pekka Kallasvuo called on innovators to do good by bringing mobilesolutions to parts of the world that can benefit most. At the same time heexplained that mobile solutions can be quite profitable, but not exploitive,leading to financial "win-win" scenarios for both innovators and consumers.

"We've seen what thetech community can do when it focuses on problems that are also opportunities",Kallasvuo said. "We want to channel that energy toward improving lives in thedeveloping world."

The Venture Challengewill consider any submission that enhances the target growth economy and alsoprovides a potential return on the investment. The Venture Challenge is notlimited to software or hardware that uses Nokia device or software platforms. Infact, as many emerging markets have varying degrees of mobile and Internetadoption, submissions can also expand beyond the mobile phone. As examples ofinnovations in growth economies, Olli-Pekka Kallasvuo spoke about several Nokiasolutions and projects such as Nokia Life Tools, Nokia Tej and others that canbe viewed at http://theprogressproject.com/.

The million dollarswill be invested in a single winning organization with the best idea as decidedby a combination of judges from Nokia Growth Partners, Nokia's venture arm, andForum Nokia, Nokia's organization dedicated to 3rd party developers and otherinnovators. Through Nokia Growth Partners and Forum Nokia, Nokia offersdevelopers and innovators potential funding, expert technical support and marketingprograms designed to assist and promote 3rd party activities on Nokiaplatforms.

Additionally, tenfinalists will be invited to present their ideas and business models to a panelof Nokia business people and private venture capitalists. This provides anopportunity for the innovators to receive business guidance and possibly otherfunding from participating venture capitalists.

The Venture Challengefinalists will be announced by mid May 2010. The final winner will be announcedin June, 2010. The deadline for submissions is April 18, 2010.

Interested innovatorscan learn more and enter their submissions at www.callingallinnovators.com.

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