Nokia launches venture challenge


Nokia is launching a million-dollar project, encouraging people to provide ideas on how to improve the standard of life in developing countries through a mobile device.

Nokia announced the Growth Economy Venture Challenge at CES in Las Vegas and will consider submissions that enhance economic growth while also providing a potential return on the investment.

Submissions are not limited to software or hardware that uses Nokia devices or software platforms.

Ten finalists will be invited to present ideas to a panel of Nokia business people and private venture capitalists. The winner will be chosen after deliberation by Nokia judges from Nokia Growth Partners, Nokia’s venture arm, and Forum Nokia, Nokia’s organisation for third party developers.

Nokia chief executive Olli-Pekka Kallasvuo (pictured) said: “We’ve seen what the tech community can do when it focuses on problems that are also opportunities.

“We want to channel that energy toward improving lives in the developing world.”

Finalists will be announced by mid May 2010 and the winner will in June. The deadline for submissions is April 18.