Nokia Launches $350 Mn IoT Innovation Challenge

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Nokia today launched its Open Innovation Challenge focusing on the Internet of Things (IoT) where it invites innovative ideas and business models around for public safety, connected automotive, industry 4.0, digital health, utilities, security and smart cities. The challenge is being organized in partnership with private venture firm Nokia Growth Partners, which this year announced a $ 350 million fund for investments in IoT companies.

This is the fourth edition of the open innovation challenge.

During the challenge, entries will be assessed by Nokia and industry experts for their innovation, impact and business potential. The winners will be able to join Nokia’s Innovation Accelerator Program to incubate their ideas within Nokia, access Nokia’s global market and network with investors. In addition, the top three teams will share incubation prize money of up to 100,000 euros.

Submissions will be accepted between June 6 and August 15, after which they will be assessed and the top fifteen teams will be invited to a two-day concept development workshop with Nokia experts in Paris in October. The final judging and the awards ceremony will be held right after the workshop. The Nokia Open Innovation Challenge is open to all innovators, start ups, organizations, academia and individuals across the world who are developing the technologies of the future to improve lives and able to demonstrate a working prototype for their idea.

“The Nokia Open Innovation Challenge 2016 is looking for the next best ideas for connecting people and things. For innovators and start ups, it is a great opportunity to tap Nokia’s global presence and meet venture firms to see how we can work together to build tomorrow’s technologies that will help save lives, improve our environment and make our lives better,” said Marc Rouanne, Chief Innovation and Operating Officer for Nokia.

Aside from the grand prize, the Nokia Open Innovation Challenge is a unique gateway for IoT companies to access new potential partnerships, meet investors, receive advice on their business ideas and meet fellow entrepreneurs. We are pleased to sponsor the competition once again.

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