Innovative startups working on solutions for the future of industrial automation invited to compete in the Nokia Open Innovat...
April 30 2019 - 3:01AM
Press Release
- Selected startups eligible to collaborate with Nokia and Nokia
Bell Labs experts and to receive up to $175,000 in financial
support to help grow their businesses and access global
markets
30 April 2019
Espoo, Finland - Technology startups with innovative and
disruptive solutions for the emerging industrial automation era are
invited to compete in this year's Nokia Open Innovation Challenge
(NOIC). Winners of this global competition will be provided with up
to $175,000 in financial assistance and the opportunity to
collaborate with experts from Nokia and Nokia Bell Labs to help
grow their businesses and unleash new levels of productivity for
the industrial and public sectors.
This year's NOIC specifically seeks out startups with disruptive
ideas in industrial automation categories such as multi-robot
collaboration, VR/ AR driven human augmentation for industrial and
enterprise use cases, digital personal assistants in enterprises,
human machine / machine human communication technologies, edge
computing, and artificial intelligence and related
technologies.
Marcus Weldon, President of Nokia Bell Labs and Corporate CTO
of Nokia, said, "We believe that in the coming fourth
industrial revolution, a convergence of operations technology (OT)
and information and communication technology (ICT) will catalyze
the wide scale automation in all industries and infrastructure -
and our physical world as a whole. This will usher in a new era of
productivity for many sectors of the economy. As we roll out
end-to-end 5G around the world to deliver high performance local
and wide area connectivity services, we are excited to connect with
innovative startups, to allow them to come and collaborate with our
experts, and for us to be able to support them to help grow their
businesses and shape the future of industrial automation."
The competition is organized in partnership with NGP Capital, a
global venture capital firm, backed by Nokia. NGP Capital has 14
years of expertise in evaluating, investing, and accelerating
promising growth-stage companies from all around the world.
Bo Ilsoe, Partner of NGP Capital, said, "We have met
thousands of founders, invested in over 90 companies, and helped
several all the way into IPO or M&A. In the NOIC competition we
will pay attention to great founding teams, who can demonstrate
their deep domain expertise and prove they have the abilities to
scale their business globally."
The annual NOIC event offers the opportunity for pioneering
startup companies to showcase best-in-class products and solutions
within the Industrial Automation domain. This year marks the
seventh year of this global competition; the previous year's winner
was Spark Microsystems, a Montreal-based business that manufactures
low power wireless transceiver chipsets designed for the Internet
of Things (IoT).
Spark Microsystems CEO Fares Mubarak, said, "We were
honored to win the NOIC 2018 competition amongst a stellar group of
innovative companies. This recognition provided credible validation
of our innovation from a technology leader and pioneer in our
field, and had a significant positive impact on our employees,
partners, customers and investors. We have already identified
multiple collaboration opportunities within Nokia, with the help of
the NOIC team, which is very timely as we are within a year of full
productization. We strongly encourage all startups to apply and
expose their innovation ideas on one of technology's highest
stages."
Startup businesses that want to enter need to submit their
entries by June 30, 2019. The NOIC competition's website
contains the complete rules and guidelines. Finalists will be
brought to a mentoring event this autumn at Nokia Bell Labs in
Murray Hill, N.J., where they will meet with leading innovators in
Nokia and have access to lab resources to help refine the pitch for
their innovations.
The selected finalists will then present their proposals to an
international jury at an event located at Nokia's global
headquarters in Espoo, Finland. The selection jury will be chaired
by Marcus Weldon and be comprised of leaders from across Nokia,
Nokia Bell Labs and NGP Capital.
Resources
- Nokia Open Innovation Challenge website
About Nokia We create the technology to connect the
world. We develop and deliver the industry's only end-to-end
portfolio of network equipment, software, services and licensing
that is available globally. Our customers include communications
service providers whose combined networks support 6.1 billion
subscriptions, as well as enterprises in the private and public
sector that use our network portfolio to increase productivity and
enrich lives.
Through our research teams, including the world-renowned Nokia
Bell Labs, we are leading the world to adopt end-to-end 5G networks
that are faster, more secure and capable of revolutionizing lives,
economies and societies. Nokia adheres to the highest ethical
business standards as we create technology with social purpose,
quality and integrity. www.nokia.com.
About Nokia Bell LabsNokia Bell Labs is the
world-renowned industrial research arm of Nokia. Over its more than
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
9 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.com
Media inquiries Nokia Communications Phone: +358 10
448 4900 Email: press.services@nokia.com
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