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July 31, 2008

Nokia ups the innovation stakes

CALIFORNIA, USA – It’s always excited to hear about Nokia pushing more attention and investment towards innovation, quite simply because as users we’re ultimately set to benefit from the final products and services that emerge. So today’s announcement sees Nokia committing a further USD 150 million in Nokia Growth Partners (a global private equity and venture capital management firm), with a vision of investing the money in promising companies that are striving to tightrope the cutting-edge in order to improve the mobile space.

The new investments are planned to be focussed in line with Nokia strategies, of which Internet services remains one of the key areas, as highlighted by Nokia CEO, Olli-Pekka Kallasvuo when speaking at the 2008 Nokia Annual General meeting earlier this year:

“Companies such as Apple, Google and Microsoft are not our traditional competitors, but they are major forces that must be reckoned with… our goal is to act less like a traditional manufacturer, and more like an Internet company”

Since he said this, there’s been a huge surge of interest and development in context aware location-based services, and today’s announcement promises to continue to drive this fresh new area of progression.

“Target investments include companies creating innovative mobile applications and services that encourage rapid adoption of mobile solutions, such as context and location based services, mobile payments, mobile advertising, music and entertainment and other mobile services and software.”

What are your thoughts on this increased investment in innovation? Let us know below.

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Photo from Photo Mojo