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

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Sep 15, 2010, 02:05 ET

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

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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.

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SOURCE Nokia Corporation