Nokia Announces $1 Million “Growth Economy Venture Challenge” for Mobile Innovation with Social Impact

Earlier this month Nokia announced the Growth Economy Venture Challenge, a competition that will provide a $1 million investment to a mobile product or service that raises the standard of living or enhances the lives of people in the developing world.

“We’ve seen what the tech community can do when it focuses on problems that are also opportunities”, Nokia CEO Olli-Pekka Kallasvuo said. “We want to channel that energy toward improving lives in the developing world.”

The $1 million dollars will be invested in a single winning organization with the best idea as decided by a combination of judges from Nokia Growth Partners (Nokia’s venture group) and Forum Nokia, Nokia’s organization dedicated to 3rd party developers and other innovators.  In addition, ten finalists will be invited to present their ideas and business models to a panel of Nokia professionals and venture capitalists.

The Growth Economy Venture Challenge is not limited to software or hardware that uses Nokia device or software platforms. As many emerging markets have varying degrees of mobile and Internet adoption, submissions can also expand beyond the mobile phone.

Complete eligibility and application information is available on the Growth Economy Venture Challenge website. The application deadline is April 18, 2010.

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