PRESS RELEASE SEPTEMBER 11TH, 2009, AT 11.00 A.M.
NOKIA TECHNOPOLIS INNOVATION MILL BREEDS 4 NEW START-UPS
Technopolis announced that 4 new companies have been created through the Nokia
Technopolis Innovation Mill IPR spinout platform. Two companies are public -
There Corporation and Sports Tracking Technologies Ltd - while 2 others remain
in stealth mode. In addition There Corporation announced a major venture
Nokia Corporation, Technopolis PLC and the Finnish Funding Agency for
Technology and Innovation (TEKES) announced the Nokia Technopolis Innovation
program in May, 2009. The purpose of the 3-year program is to convert Nokia's
unused ideas and innovations into growth businesses through both founding new
companies and by licensing them to selected Finnish ICT companies for further
development and exploitation.
The first set of innovations were approved last month, and while two of them
remain in stealth mode, both There Corporation and Sports Tracking Technologies
are making a very significant impact.
There Corporation was formed in May 2009 by the management team of the Nokia
Smart Home program to commercialize technology developed over a number of years
at Nokia. All the related development, results, materials, deals and know-how
have been transferred from Nokia to There Corporation with a licensing deal
between the companies. At the same time, the Comsel team was merged with the
company, bringing smart metering and energy efficiency know-how to the There
Corporation. The first pilot solutions are expected to be released in the
beginning of 2010.
There Corporation also announced today that it has closed a €4,5 million
funding round. The main investors are the current management team and Power
Fund II which is managed by the Finnish venture capitalist VNT Management
specializing in green, clean technologies.
Sports Tracking Technologies is developing applications based on the extremely
popular Nokia Sports Tracker application, which millions of mobile phone users
have downloaded worldwide. The company plans to roll out a number of new
applications and tools in the coming months, including extending their client
offering to cover new platforms in addition to Nokia's Series 60.
Under the Innovation Mill program, both companies received grant packages to
help them complete product development and market research. In There
Corporation's case, the grants were received from the City of Tampere and
TEKES, while the city of Helsinki along with TEKES contributed to Sports
The founders of each company say that Innovation Mill catalyzed their spin-outs
from Nokia. Jussi Kaasinen, one of the founders of Sports Tracking
Technologies stated "the Technopolis team helped us raise the initial grants by
Tekes and City of Helsinki, and are now actively helping us find the expertise
to build the company”.Toni Sormunen, founder and COO of There Corporation,
agrees, “the Innovation Mill program helped us focus on business while giving
us additional capital to speed product development and to do proper market
“We are very happy with the progress of Innovation Mill,” stated Will Cardwell,
Director of Technopolis Development Services. “We are at the rate of an average
of one spinout per month, and we have a nice pipeline of new deals in the
works. These new companies prove that Innovation Mill is a viable model, and
we hope that more and more existing companies will also leverage Nokia's
non-core IPR through our Innovation Mill program.
Measured by the number of clients, Technopolis Plc is one of Europe's largest
science and technology park chains. The Technopolis Group is Finland's largest
specialized provider of
business environment services for high tech companies offering a comprehensive
range of services combining modern premises with business and development
services. Technopolis operates technology centers in Espoo, Helsinki,
Jyväskylä, Lappeenranta, Oulu, Tampere and Vantaa in Finland, and in St.
Petersburg in Russia. Currently, some 1,180 companies with 16,000 employees are
working in the Technopolis technology centers. www.technopolis.fi
About There Corporation
There corporation was established in May 2009 by the Nokia Smart Home team with
the know-how of mobile and platform technology. Combining this with the smart
metering experience of the Comsel team from the Vaasa energy cluster creates a
unique and strong basis to for developing new generation energy solutions.
About Sports Tracking Technologies
Sports Tracking Technologies corporation was established in May 2009 by the
Nokia Sports Tracker team management, with years of experience in building the
Nokia Sports Tracker mobile application and web site. The company develops a
multi-platform sports tracking experience inspiring and activating people