Nokia has started accepting ideas for its Nokia Open Innovation Challenge 2016 from all around the globe. Everyone including innovators, startups, and students from all around the globe can now submit ideas and compete to enter the Nokia Innovation Accelerator Program.
What is Nokia Open Innovation Challenge 2016?
Nokia Open Innovation Challenge is a program formed by Nokia in partnership with its venture firm Nokia Growth Partners. Nokia Growth Partners is an independent fund of Nokia which invests and looks to offer strategic opportunities to the budding entrepreneurs in their growth stages. This year, Nokia Growth Partners has announced USD 350 million of funds for investment in technology companies.
The Nokia Open Innovation Challenge 2016 will find innovative technologies, creative ideas, and business models within the Internet of Things (IoT) mainframe for joint business with Nokia.
What’s it about?
Nokia Open Innovation Challenge basically focuses on futuristic innovations which lie in the broad domain of Internet of Things (IoT). Nokia is particularly interested in some specific areas like connected automotive, public safety, security, industry 4.0, digital health, utilities, and smart cities.
Who can take part?
The challenge is open to anyone from all around the world. Anyone can pitch in with ideas, technological innovations, and business models. If the idea is in the IoT domain, it is acceptable. However, Nokia demands a working proof of concept as a requirement to enter the challenge.
How to take part?
Ideas and innovations can be submitted online via Nokia’s idea collection campaign from June 6 to August 15, 2016.
How will the selection go about?
Phase 1: Every application from around the globe will be reviewed from several perspectives by a jury consisting of Nokia IoT experts, Nokia Growth Partners, business decision makers, and other industry experts.
Top 25 teams will be shortlisted through this phase.
Phase 2: Shortlisted teams will then be allowed to defend their ideas and innovations through an online pitching round.
Top 15 teams will make out of this phase.
Phase 3: The shortlisted 15 teams will be invited for the pre-incubation phase in Paris which will be financed by Nokia.
Phase 4: The teams attending the pre-incubation phase will be attending a two-day workshop on Concept Development. They will be consulting with their assigned Nokia mentors to work for next steps towards making joint business with Nokia.
Phase 6: The teams will be presenting the results of the workshops to a 10 member jury. The jury will then select the teams on the basis of their suitability to joining the Nokia Innovation Acceleration program.
What do the winners get?
Well, it is exciting. The selected teams will be incubated within Nokia through their Nokia Innovation Accelerator Program. They will work with experts from Nokia to create joint businesses. They will have access to Nokia’s advanced technologies, services, and resources. These opportunities will enable the winner teams to access the global market, make pertinent business relationships, and gain further investment opportunities. Not to forget the Incubation Prize money of €100,000.
Nokia aims to expand the human possibilities of technology and hence, improve people’s lives. At Mobile World Congress 2016, it indicated how it is going to lead the development of 5G and IoT technologies.