The Verizon Built on 5G Challenge, which is accepting submissions, is an effort to find products, services and application that will be possible with 5G.
“We’re calling on innovators to create truly transformative solutions that leverage 5G’s ultra-fast speeds, massive bandwidth and low latency,” Verizon’s chief technology officer Kyle Malady said in a press release. “We expect to see new uses cases that not only enhance existing technologies but create experiences we couldn’t even fathom until now.”
Applicants must describe their ideas and show how those concepts use technology to impact positive change and how their businesses are run. Challenge areas:
- 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.”
The contest is open to U.S. companies with 200 or fewer employees and will be open until July 15. The winning team, which will be announced in October, will receive $1 million. The second place finisher will receive $500,000 and the third place finisher $250,000. Verizon will have the right to invest in the next round for the top three finishers and will provide access to Verizon’s 5G Labs, which features live 5G networks.
It’s likely that the carriers are launching initiatives aimed at inspiring innovators for the simple reason that 5G will be expensive and likely will face marketplace challenges unless use cases are developed that make the cost worthwhile.
Verizon has made several announcements recently concerning 5G services and applications:
In February, The Verizon Foundation and NYC Media Lab announced ten winners of the Verizon 5G EdTech Challenge. They will divide $1 million and get access to Verizon’s 5G Lab.
In March, Verizon and Responder Corp. named the initial class in the 5G First Responder Lab, which is an incubator for 5G approaches to public safety. Fifteen companies in three “cohorts” will participate for three months each. The lab is in Verizon’s DC Lab at Alley.