Virtual City Ltd receives USD 1 million in Nokia’s Growth Economy Venture Challenge
London, UK – 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 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 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?category=nw_2010_stephen_elop