Vision+ introduces a new funding model for venture investments where investments are made into product development projects with a clear target for market entry and commercialisation. Nokia also plans to be an anchor investor in Vision+.
Nokia's investment in the new fund is part of an ongoing strategy to broaden application and games development for Nokia's ecosystem. Vision+ funded applications and games development projects for Nokia supported platforms, especially for Windows Phone platform, are targeted for receiving marketing and other commercial support activities from Nokia to support their market entry.
The fund's focus is to take a unique approach in matchmaking application development projects directly with customers, resulting in new innovations coming onto the market more quickly.
In addition, product developers will create and preserve their own intellectual property, helping them to grow the value of their companies, while Vision+ will share product revenues.
Vision+ is to fund applications and games for various platforms especially focused on converged gaming, entertainment and education, plus preventive health care and wellness. As Vision+ moves forward, it will look into expanding across other industries, exploring visionary product concepts in clean water and energy.
The new fund is being led by a former Nokia exec, Tero Ojanperä. Nokia announced today that Ojanperä was leaving its ranks, where he has been executive vice president and a member of the Nokia leadership team, to join Vision+ as managing partner. His contract with Nokia ends on 30 September 2011.
Ojanperä has been with Nokia for 21 years and has been a member of the Nokia leadership team since 2005. He commented: "Looking ahead, I'm excited to lead the work for the Vision+, which seeks to help communities turn creativity and innovation into products."
He added: "My new role at Vision+ will give me a fantastic opportunity to leverage my strong industry relationships and versatile experience built up within Nokia and the surrounding mobile ecosystem. Vision+ will be able to provide support to developers and entrepreneurs when they plan to introduce the best visions and product concepts into global and local markets. I look forward working together with these companies targeting to monetise their great ideas.”
Noted Marco Argenti, senior vice president, developer experience, Nokia: "We're excited to work with Vision+ and foster innovation for the mobile developer ecosystem where we believe that the next big opportunity will be local application development. The Nokia developer program provides strong support for local developers and it aims to have the most local application portfolio. Thus this initiative is a great addition to our developer activities, including those with Microsoft. We look forward to more and more innovative applications from creative entrepreneurs in the mobile space.”