Kenya’s Virtual City Ltd wins US$ 1 Million in Nokia’s Growth Economy Venture Challenge.
This is really great news for Kenya! On September 16 this week in London at Nokia World, Kenya’s Virtual City won this yearâ€™s Global Growth Economy Venture Challenge from Nokia. The award was won in recognition of Virtual City’s Mobile Distributor Solution which is designed to improve distribution efficiencies for small and micro enterprises in the fast moving consumer goods (FMCG) market.
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 received US$ 1 Million in venture capital investment and a commitment of support from Nokia to help turn the idea into reality.
The announcement at the Nokia Developer Summit of the Mobile Distributor 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 UUS$ 5.00 per 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.