Nokia Open Innovation Challenge 2018 seeks startups with disruptive ideas to shape the future of industrial automation
July 19 2018 - 8:01AM
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 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.Resources
- Nokia Open Innovation Challenge website
About Nokia Bell LabsNokia 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 CapitalNGP 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.comAbout
NokiaWe 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
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4900Email: press.services@nokia.com
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