Verizon Kicks Off Search for Biggest and Brightest 5G Ideas with Launch of “Built on 5G Challenge”
NEW YORK, April 16, 2019 (GLOBE NEWSWIRE) -- Verizon is now accepting submissions for its “Built on 5G Challenge,” a nationwide search for the best products, services, and applications that will bring the true power of 5G to life. The Challenge intends to inspire innovation and ideas that use 5G and related empowering technologies like low-latency edge computing to address the biggest challenges in business and society. In order to be eligible, teams must be part of a U.S. company that has 200 or fewer employees and meet the eligibility requirements in the Official Rules.
“We’re calling on innovators to create truly transformative solutions that leverage 5G’s ultra-fast speeds, massive bandwidth and low latency,” said Kyle Malady, Verizon’s chief technology officer. “We expect to see new uses cases that not only enhance existing technologies, but create experiences we couldn’t even fathom until now.”
In addition to describing their new 5G-enabled ideas, applicants will need to show how their ideas use technology to impact positive change – not only in how their solutions create new utility, but also in how their businesses are run. Challenge areas include:
- Industry: 5G-enabled solutions for businesses to act in real-time and create new value for their customers. For example, this might include utilization of 5G and related technologies that take advantage of low-latency computing to improve processes on a factory floor or assist customers in a retail environment.
- Immersive Experiences: 5G-enabled and never-before-seen immersive consumer entertainment experiences. For example, this might include utilization of 5G and immersive technologies, such as virtual reality or augmented reality (AR/VR), to create new ways for consumers to experience media.
- Moonshots: 5G-enabled, transformative solutions that solve big problems and transform the way we live, work, and play. For example, this might include new value being created in new industries by using one or more of Verizon’s “Eight Currencies of 5G.”
Submissions will be open until July 15, 2019 and the winners will be announced in October 2019. The winning team will receive $1 million, and the second and third prize teams will receive $500,000 and $250,000, respectively. In addition to these prizes, first, second and third prize winners will be required to grant Verizon the opportunity to invest in their next financing round. All winning teams will be given an opportunity to access live 5G networks located at Verizon’s 5G Labs to further develop their submissions.
For full contest details on eligibility, requirements and prizes, innovators should visit verizon5glabs.com/builton5g and to learn more about Verizon’s plans for bringing 5G technology to customers, visit verizonwireless.com/5g.
Verizon Communications Inc. (NYSE, Nasdaq: VZ), headquartered in New York City, generated revenues of $130.9 billion in 2018. The company operates America’s most reliable wireless network and the nation’s premier all-fiber network, and delivers integrated solutions to businesses worldwide. With brands like Yahoo, TechCrunch and HuffPost, the company’s media group helps consumers stay informed and entertained, communicate and transact, while creating new ways for advertisers and partners to connect. Verizon’s corporate responsibility prioritizes the environmental, social and governance issues most relevant to its business and impact to society.
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