Tech Startups in the IoT Space Can Apply to Win up to $100k in the Nokia Open Innovation Challenge (NOIC) 2018
Applications for the 2018 edition of the Nokia Open Innovation Challenge (NOIC) are currently open.
Organised by Nokia in partnership with NGP Capital, the challenge is designed to look for startups spurning new innovative products and solutions within the Industrial IoT (Internet of Things) domain.
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Currently in its sixth year, the challenge is looking for the latest innovative companies around the globe with great ideas for technology and business models which could change the world. Startups are requested to forward their ideas for a possibility of collaboration with Nokia Bell Labs researchers and mentors to enhance or create the first commercial implementation of their product.
Speaking on the challenge, Marcus Weldon, President of Nokia Bell Labs and chief technology officer (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.
The challenge revolves around two themes, namely:
- Industrial IoT: Startups in the field of ‘things’ and the exchange of data between them. These “things” may include machines, parts of machines, smart meters, cameras, sensors or even everyday objects such as hand-held tools or wearables. There’s also a special interest in startups whose solutions involve Artificial Intelligence (AI) and automation components.
- Next generation private networks for industrial Internet: Startups with solutions that could solve simple or complex business challenges within any company, big or small, such as the potential customers of Nokia.
$175k in cash prizes up for grabs in 2018 Nokia Open Innovation Challenge https://t.co/XgJE5QGhal
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Participating startups would be judged based on the innovativeness, feasibility, and scalability of their ideas according to the category requirements. And the top three startups with the best solutions would be chosen and gifted with cash prizes – $100k (1st place), $50k (2nd place), $25 (3rd place).
Chosen startups would also have several opportunities including co-innovation and joint business opportunities; Business and technology boost through access to Nokia’s technologies, products and resources; Access to Nokia’s global market; and Investment opportunities.
Applications are currently open and will close on the 6th September 2018, after which, an international jury will choose the qualifying startups. The finals will hold in December 2018.
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