Technology leader Nokia announced their new program, “Invent With Nokia,” which allows inventors to develop their product in partnership with Nokia’s development team and resources. If your idea is chosen, Nokia applies for a patent and rewards the you financially. The benefits are numerous, including covering all the costs of protecting the idea (which can reach into the millions of dollars), as well as the creative and technological geniuses of Nokia to develop, test, and market the finished product. The convince of the program does come at a cost. Any idea submitted because legal property of Nokia, even if it isn’t chosen to develop. This could result in submitting your best concepts into an intellectual property black hole.
Although Nokia’s business incubator program is one of the first large programs offered online, the actual concept is not new. Since the 1960s, incubators have been providing entrepreneurs with resources, education, and networking opportunities in selective fields. In 2005, North American incubation programs assisted more than 27,000 companies, which provided employment for more than 100,000 workers and generated annual revenues of $17 billion. Successful products can become a win-win for the entrepreneurs and investors.
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