Nokia Gives Laid Off Employees $30K Loans to Start New Firms
July 10, 2012 5:04 PM
comment(s) - last by
Up to four employees can pack together to form startup
Say what you will about Finnish phonemaker Nokia Oyj.'s (
struggles in the market
, but the company does deserve plenty of credit for a uniquely humane approach to employee layoffs.
While the company has committed to
trim its ranks by 10,000 employees
by 2013, the company has also announced an initiative called the "
Nokia Bridge Program
", an incubator project that gives seed money of €25,000 ($30,650 USD) or £20,000 ($31,000 USD) in the UK.
The funding is essentially a low-interest loan -- Nokia does not take an equity stake in the startups. It also does not transfer patents to them, although it has worked out special licensing agreements with some startups looking to produce defunct Nokia projects.
One example of such a license is Jolla, a startup formed by fleeing Nokia executives, which looks to
. Nokia killed Meego when it opted to join ranks with Microsoft Corp.'s (
Windows Phone brigade
, but Jolla is working to revive the property. (Intel Corp. (INTC), Nokia's co-partner on the Meego project has branched the project to a new tree
under the name "Tizen"
A startup founded by ex-Nokiaers, funded by Nokia loans, looks to give the original Meego OS new life. [Image Source: Mobile Phones]
It is somewhat unclear, though, whether Jolla has a full intellectual property rights (IPR) license, or merely is permitted to use Meego under some other contract (the software is, after all mostly GPL licensed, although some APIs are LGPL licensed).
Over a hundred startups have been launced. A few highlights, dug up by
(wireless network measurement and monitoring)
Mobile Brain Bank
(mobile strategy consulting)
(more ex-MeeGo folks, mobile professional services)
(London-centric kid-friendly app)
(Canadian social change mobile app incubator)
A requirement is that the employees launch their projects in the EU, though a few -- like Decode Global -- have been allowed to launch their startups overseas.
Up to four individuals can pool their loans together to form a single company, with roughly $120K USD in loans. Nokia also is offering up to €50,000 ($61,300 USD) in follow-up financing to companies that show encouraging results.
Being laid off is never easy, but at least Nokia is giving hundreds of its employees an opportunity to make a bright future for themselves outside its corporate walls.
This article is over a month old, voting and posting comments is disabled
7/11/2012 9:32:22 AM
The company wants to help fund entrepeneur-minded people it had to lay off and it's blah?
I'm curious what you think would not be blah? This is so highly above-and-beyond that it blows my mind anyone could find issue with this...
Then again, seeing as how people are so entitled these days, it actually doesn't surprise me at all...
What do you feel they are OWED if not this great opportunity to do something FOR THEMSELVES?
"Intel is investing heavily (think gazillions of dollars and bazillions of engineering man hours) in resources to create an Intel host controllers spec in order to speed time to market of the USB 3.0 technology." -- Intel blogger Nick Knupffer
Nokia: We Have a "Contingency Plan" if Windows Phone Fails
July 2, 2012, 8:50 AM
Nokia Shakes Up Executive Ranks, Will Eliminate 10,000 Jobs by the End of 2013
June 14, 2012, 3:17 AM
Report: Microsoft Gave Nokia a $250M USD Windows Phone Payday in Q4
January 26, 2012, 1:22 PM
Resurgent Meego Renamed Tizen, Sponsored by Linux Master Group
September 28, 2011, 8:55 AM
Intel to Still Push MeeGo Without Nokia, Banks on Medfield for Smartphones
February 15, 2011, 8:45 AM
Reports: Snapchat is Now Worth $10B, Cofounders are Billionaires to Be
August 27, 2014, 9:30 AM
Tim Cook Says iPad Sales Have Merely Hit a Temporary “Speed Bump”
August 27, 2014, 9:16 AM
ZOTAC Announces Diminutive ZBOX PI320 pico
August 27, 2014, 9:00 AM
Verizon Wireless' VoLTE Service Tiptoes Closer to Launch
August 26, 2014, 3:21 PM
5.5” LG G3 Stylus to Make Its Debut at IFA 2014, Will Feature Budget Specs/Pricing
August 26, 2014, 9:00 AM
HTC Desire 820 to Set New High Bar for Mid-Range With Snapdragon 615
August 25, 2014, 3:07 PM
Most Popular Articles
New Photos Show “Assembled” iPhone 6, Protruding Camera Ring
August 20, 2014, 2:32 PM
Leaked Qualcomm Roadmap: 20 nm 64-bit Octacore Smartphone SoCs Cometh
August 20, 2014, 11:38 AM
Microsoft's Surface 2 Tablet Family Gets a $100 Price Cut
August 25, 2014, 1:16 AM
Report: Microsoft to Announce Windows 9 on September 30
August 21, 2014, 11:20 AM
From HULC to FORTIS: the Evolution of Lockheed Martin's Incredible Exosuit
August 22, 2014, 12:45 PM
Latest Blog Posts
Space Terrorism is a Looming Threat For the United States
Apr 23, 2014, 7:47 PM
Facebook Aims to Provide Internet to "Every Person in the World" with Drones, Satellites
Apr 1, 2014, 10:20 AM
Retail Mobile Sites Experience Outages in Light of Simplexity's Bankruptcy
Mar 14, 2014, 8:48 AM
Tesla vs. BMW: Who Has the Safer EV?
Feb 1, 2014, 2:56 PM
Justice Leaks Details of Next HTC One Two Flagship Phone
Dec 5, 2013, 4:04 PM
More Blog Posts
Copyright 2014 DailyTech LLC. -
Terms, Conditions & Privacy Information