Nokia has 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.
Source: Nokia Press Release