Companies have a knack to patent everything right from the word spoken to A thought during a product development. The result of this is that they have a lot of patents lying with them that will hardly be ever used. However, instead of keeping it as a dead investment, Nokia has come up with a novel idea to get rid of the patents that they have failed to exploit and even fuel some growth to the Finnish economy.
Nokia teamed up with Technopolis, Tekes and several Finnish cities to launch Nokia Technopolis Innovation Mill that will allow selected Finnish ICT companies to use many Nokia owned patents which have been abandoned by them.
The patents include from environmental and energy-related solutions, location based services and advertising, near field communication, mobile security, health care applications and future internet services and others which the small companies can benefit and develop into a competitive product.
It is a three year initiative that will see an infusion of venture funds of up to 8m Euros, of which 4.5m Euros will be raised through public funding.
[PR via Fastcompany]
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