Is Your Biggest Idea Worth $1 Million? Find out now. Act quickly – submissions are due by 31 July 2010.

Check out this interesting innovation challenge from Nokia at @....

http://www.callingallinnovators.com/venture_challenge.aspx

Nokia's Calling All Innovators competition has always been designed to inspire creativity and change. This year, Nokia's CEO is taking the competition to a whole new level with the Growth Economy Venture Challenge.

The challenge:

Submit your best idea for a new mobile product or solution designed to improve the lives of people in the developing world.

The payoff:

The winner of Nokia’s Growth Economy Venture Challenge will receive a $1 million (USD) venture capital investment and support from Nokia to help turn the idea into reality.

"We've seen what the tech community can do when it focuses on problems that are also opportunities. We want to channel that energy toward improving lives in the deveoping world." said Nokia's CEO Olli-Pekka Kallasvuo. Bear in mind, this is not a gift, grant or prize. It's an investment aimed at creating a strong, vibrant business that will also improve people's lives.

We're looking for one idea that stands above the rest:

• An idea that could truly change the way people use Nokia mobile devices.
• An idea that demonstrates how mobility can dramatically improve the lives of people who live in areas where the average income is under US$5/day.
• An idea that recognizes a good business opportunity can also contribute to "doing good."

There can only be one winner in this competition, but the winning idea will make people stand up and take notice.

And let’s be clear, this Venture Challenge is about more than just mobile apps. The winning idea might be hardware, software, or a new service opportunity.

Criteria for the winning proposal
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.

Download and complete this application form.  Then submit your proposal to Nokia’s Growth Economy Venture Challenge.

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