Microsoft (MSFT), Nokia (NOK) to Invest EUR 18M to Accelerate Windows Phone App Development

December 19, 2012 3:10 PM EST
Microsoft (Nasdaq: MSFT) and Nokia (NYSE: NOK) are getting serious about app development for Windows Phone 8. Real serious.

According to a post on the Microsoft Windows Phone Developer Blog, the two -- along with Aalto University -- have joined together to create AppCampus.

Nokia and Microsoft will invest about €18 million in the project.

According to the blog post: "Applicants whose apps are selected for the program can receive cash awards varying from €20,000 (approximately $25,000) to €70,000 (approximately $90,000), depending on the complexity of the app. AppCampus also provides world-class training, coaching, and marketing and distribution support. And unlike some other startup accelerators, the AppCampus program doesn’t take equity or commission from the awards. Selected apps must commit to a short exclusivity period on Windows Phone (or the relevant Nokia platform) after the app is published."

Nokia is up about 1 percent while Microsoft is lower Wednesday afternoon.

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