Nokia has launched its Open Innovation Challenge for the fourth year running, focusing now on the Internet of Things (IoT) for public safety, connected automotive, industry 4.0, digital health, utilities, security and smart cities. The challenge is being organized in partnership with private venture firm Nokia Growth Partners, which this year announced a USD 350 million fund for investments in IoT companies.

The aim of this is to call for the next big ideas and new business models for these exciting IoT domains.

The winner will avail a change to join Nokia’s Innovation Accelerator Program and the top three groups will share a reward of 100,000 euros. The dates of submission are June 6 and August 15.

“Digitalization is the next industrial revolution, and the automation of everything will drive the next phase of human possibilities,” said Marc Rouanne, Chief Innovation and Operating Officer for Nokia. “The Nokia Open Innovation Challenge 2016 is looking for the next best ideas for connecting people and things.  For innovators and start ups, it is a great opportunity to tap Nokia’s global presence and meet venture firms to see how we can work together to build tomorrow’s technologies that will help save lives, improve our environment and make our lives better,” he continued.

Bo Ilsoe, Managing Partner of Nokia Growth Partners, said: “Aside from the grand prize, the Nokia Open Innovation Challenge is a unique gateway for IoT companies to access new potential partnerships, meet investors, receive advice on their business ideas and meet fellow entrepreneurs. We are pleased to sponsor the competition once again.”

At Mobile World Congress 2016, Nokia specked out its approach for the development of next-generation 5G and IoT technologies which includes a diversified portfolio of applications, platforms, security solutions, connectivity solutions and services across numerous industry verticals.

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