Nokia wants your $1 Million Idea

Nokia’s Calling All Innovators competition is looking for the best big ideas for mobile applications from developers around the world. And this year they’re willing to invest $1 Million in it.

Nokia’s Growth Economy Venture Challenge will provide a venture capital investment in the winning proposal of $1 million (USD). 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 all the rest.

  • An idea that could truly change the way people use Nokia mobile devices.
  • An idea that demonstrates how mobility improves the lives of millions of people in emerging markets worldwide.
  • An idea that recognizes a good business opportunity can also contribute to “doing good” – and making a dramatic difference in the lives of people in developing nations.

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.

According the competition site, 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.

Submissions for the Calling All Innovators competition will be accepted through 11:59 pm PST on June 10th and the winner will beannounced in September 2010. Apply online.