Press Release Global competition launches for sixth consecutive year Selected startups eligible for $175,000 in financial support and resources across Nokia and Nokia Bell Labs to help bring their ideas to market 19 July 2018 Espoo, Finland - Nokia ...
- Global competition launches for sixth consecutive year
- Selected startups eligible for $175,000 in financial support and resources across Nokia and Nokia Bell Labs to help bring their ideas to market
19 July 2018
Espoo, Finland - Nokia today officially launched the Nokia Open Innovation Challenge (NOIC), an annual global competition that seeks innovative technologies, products and solutions that can change the world. The focus of this year's competition is industrial automation and the industrial Internet of Things (IoT) domain, with prize money totaling $175,000 available to winning companies. The winners will also be given access to Nokia Bell Labs research & development resources, as well as opportunities to grow their businesses through joint partnerships with Nokia.
NOIC is administered by Nokia Bell Labs in partnership with NGP Capital. Now in its sixth year, the goal of NOIC is to connect the world through innovations that shape the future of human collaboration, communication, connection and control.
Marcus Weldon, President of Nokia Bell Labs and CTO of Nokia, said, "We're excited to open this year's NOIC with a focus on industrial automation. This is a tremendous opportunity for startups and entrepreneurs to work alongside Nokia Bell Labs researchers and others in Nokia to bring their ideas to life. Our team looks forward to working with competition winners to help create new technologies that will create unparalleled increases in efficiency through augmented intelligent devices, systems, platforms, and applications."
Bo Ilsoe, Partner, NGP Capital, said, "We continue to champion this initiative by sponsoring it for the fifth year in a row. It's a great way for us as investors to meet the best new companies in each challenge category and for Nokia to find new external partners. I am looking forward to seeing the innovation this year's competitors bring."
NOIC offers the opportunity for bright-minded startup companies to propose best-in-class products and solutions within Industrial IoT. Companies accepting the challenge can submit their ideas now through September 6, 2018. An international jury will then select the most advanced and innovative candidates to present their products or solutions at a final event to be held in early December at Nokia Bell Labs' headquarters in Murray Hill, New Jersey.
This year's winners will join a growing list of companies with access to Nokia's resources to help grow their businesses. Last year's winners included smart clothing developer Continuum Technologies as well as Snaptivity, which enhances live sport fan experiences through AI-powered robotic cameras.
About Nokia Bell Labs
Nokia Bell Labs is the world renowned industrial research arm of Nokia. Over its 90-year history, Bell Labs has invented many of the foundational technologies that underpin information and communications networks and all digital devices and systems. This research has resulted in 8 Nobel Prizes, three Turing Awards, three Japan Prizes, a plethora of National Medals of Science and Engineering, as well as an Oscar, two Grammy awards and an Emmy award for technical innovation. For more information, visit www.bell-labs.com.
About NGP Capital
NGP Capital is a globally engaged venture capital firm backing growth-stage and revenue generating technology companies that will shape and power a fully connected world. By operating one, global fund with over $1 billion under management, we extend the reach of our companies via on-the-ground teams in U.S., Europe, India and China making our portfolio company products and services local everywhere. www.ngpcap.com
We create the technology to connect the world. Powered by the research and innovation of Nokia Bell Labs, we serve communications service providers, governments, large enterprises and consumers, with the industry's most complete, end-to-end portfolio of products, services and licensing.
We adhere to the highest ethical business standards as we create technology with social purpose, quality and integrity. Nokia is enabling the infrastructure for 5G and the Internet of Things to transform the human experience. nokia.com
Phone: +358 10 448 4900
The issuer of this announcement warrants that they are solely responsible for the content, accuracy and originality of the information contained therein.
Source: NOKIA via Globenewswire
Source(s) : NOKIA
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