Got a Million Dollar Idea – Nokia is ready to Invest

At CES 2010 Keynote Address , Olli Pekka – CEO Nokia announced the Nokia Growth Economy Challenge in which the winner will be able to secure $ 1,000,000 from Nokia to make the idea viable .

Getting jumpy at the idea , just wait , Nokia is not going to give the million bucks to anyone whose application can make Nokia some money but keeping up with their commitment to the emerging economies and also develop a billion loyal Nokia customers from the slums of India , Grasslands of Africa and Brazil and the like , Nokia wants the idea to meet the following criteria

The winning proposal in the Growth Economy Venture Challenge will meet the following criteria:

It must include a clear mission statement; and provide a product or service plan that will undeniably raise the standard of living, and/or enhance the lives of people living in emerging market countries today.
The initial target market must be located in a region with per capita income significantly lower than what is found in industrialized nations today (e.g., sub-$5 per day).
It must include a viable business model that has a high likelihood of providing a strong return on investment for the venture funding provided.

It has to be for the betterment of the people in low income economies which will increase their livelihood and be also viable business investment with concrete ROI, the idea is not limited to software alone but hardware or a new service could also be entered .

As Olli Pekka Said in his Keynote address

"We are challenging developers and innovators around the world to take action. We want you to come up with new and innovative ways to help people and promote upward mobility around the world."

Nokia has one shrewd business opportunity , first One Million bucks will ensure plenty of ideas to be submitted as the contest is open all over the world and last year alone some 1700 applications were submitted from 85 countries in Calling All Innovators , these entries will not be discarded but many will be made part of OVI Store so OVI Store content will increase

The ideas will generate the hype and although the runner ups may not get the million bucks as investment , Nokia can also use the ideas to run parallel programs

The selected idea will be for the low income families / economies where in some places like India , Nokia is synonymous to a cellphone , using the idea and investing upon it , Nokia is developing a loyal customer base on whose well being Nokia is working and when they upgrade , the share of mind will be Nokia .

So Nokia is thinking 10 years ahead and how to maintain it’s dominance till 2020 by than some more ideas will come to then but till than WHERE IS YOUR IDEA ??

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