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Virtual City Ltd Receives USD 1 Million in Nokia’s Growth Economy Venture Challenge

September 15, 2010

LONDON, September 15, 2010 /PRNewswire-FirstCall/ — Today at the Nokia
Developer Summit, Nokia was proud to announce Virtual City Ltd, a home-grown
Kenyan company, as the winner of the Growth Economy Venture Challenge. A
panel of experts judged their submission – Mobile Distributor Solution, which
supports small and micro enterprises in emerging markets – to be the worthy
winner. John Waibochi of Virtual City Ltd receives a USD 1 million in venture
capital investment and a commitment of support from Nokia (NYSE: NOK) to help
turn the idea into reality.

The Mobile Distributor Solution is designed to improve the distribution
efficiencies for small and micro enterprises in the Fast Moving Consumer
Goods market. The solution aims to boost the profitability of small and micro
businesses by increasing the number of transactions as well as improving
inventory management, the accuracy of records, and reporting from the field.

In the Growth Economy Venture Challenge, developers were required to
submit their best idea for a new mobile product or solution designed to
improve the lives of people in the developing world. Judges looked for one
idea that has risen above the rest, an idea that changes the way people use
Nokia mobile devices, demonstrates how mobility can radically improve the
lives of people who reside in areas where the average income is under USD 5 /
day, or an idea that recognizes a good business opportunity that also
contributes to “doing good” in the world.

More information about Forum Nokia’s Calling All Innovators and Growth
Economy Venture Challenge, including video demonstrations of the
applications, can be found online at http://www.callingallinnovators.com.

Note to photo editors

Stephen Elop, Nokia’s incoming CEO, closes Nokia World 2010, where the
world’s leading mobile phone company introduced a new family of Symbian
smartphones and improved developer tools. Photos will be available here:
http://www.nokia.com/press/media_resources/photos/events/nokia-world-2010?cat
egory=nw_2010_stephen_elop

(Due to the length of this URL, it may be necessary to copy and paste
this hyperlink into your Internet browser’s URL address field. Remove the
space if one exists.)

About Forum Nokia

Nokia’s global developer program, Forum Nokia connects developers to
tools, technical information, support, and distribution channels they can use
to build and market applications around the globe. From offices in the U.S.,
Europe, India, Japan, China, and Singapore, Forum Nokia provides technical
business development to support developers and operators to assist them in
achieving their goal of successfully launching applications and services to
consumers and enterprises. More information is available at
http://www.forumnokia.com.

About Nokia

At Nokia, we are committed to connecting people. We combine advanced
technology with personalized services that enable people to stay close to
what matters to them. Every day, more than 1.3 billion people connect to one
another with a Nokia device – from mobile phones to advanced smartphones and
high-performance mobile computers. Today, Nokia is integrating its devices
with innovative services through Ovi (http://www.ovi.com), including music,
maps, apps, email and more. Nokia’s NAVTEQ is a leader in comprehensive
digital mapping and navigation services, while Nokia Siemens Networks
provides equipment, services and solutions for communications networks
globally.

http://www.nokia.com

http://www.forum.nokia.com

SOURCE Nokia Corporation


Source: newswire



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