Mobile phone giant, Nokia has put up a cool $1 million for its Nokia development challenge which is targeted at raising the standards of living for developing countries reports an article over on itpro.

The Nokia development challenge goes by the name of Growth Economy Venture Challenge and is seeking new mobile services or products which will add value to those people who require such functionality and technology the most.

Olli-Pekka Kallasvuo, Nokia’s chief exec has said that they have seen what the tech community can do when focusing on problems which are also opportunities and new we want to channel that energy into improving the lives in the developing world.

Of course apart from benefiting others, the Nokia challenge also looks for submissions which have the potential to deliver a return on investment, and Nokia has said the challenge isn’t limited to Nokia software or hardware either.