NTT DATA Selects Social Coin as Winner of Open Innovation Business Contest

Event, Innovation

Last week NTT DATA, announced that it selected Barcelona-based Social Coin as the winner of the Open Innovation Business Contest 5.0 during the contest’s Grand Finale at NTT DATA headquarters in Toyosu, Tokyo on March 15.

The global competition organised by RMA’s parent company NTT DATA invited high-tech companies worldwide to submit information-technology (IT) proposals for promising solutions to issues in global society. The judging panel included NTT DATA personnel and outside experts.

Social Coin

The overall Global Finalist Winner Social Coin is a Civic Engagement Platform based on deep learning that helps citizens solve civic issues through a blockchain system that rewards deeds. Social Coin will receive a three-month in-kind contribution from NTT DATA to support development of a concrete plan for its proposed venture business.

The platform uses artificial intelligence and open data to identify problems that citizens and governments can solve through collaboration to promote local economies. The solution, selected for best matching the contest’s theme of collaborative innovation for previously unimagined solutions, enables value-creation by public institutions, private-sector companies and individual citizens, all potential customers of NTT DATA. It is highly expected the solution will become new public infrastructure for the better society.

Ref: NTT DATA Open Innovation Winner

Mr. Ivan Caballero, CEO of Social Coin, said, “I look forward to collaborating with NTT DATA on product and business development and deploying our citizen engagement platform internationally. I believe that Social Coin offers innovative technologies to enable citizen rewarding and boost personal, corporate and government impact on society.”

Kotaro Zamma, Head of NTT DATA’s Open Innovation and Business Incubation, said, “This year’s contest was especially successful in creating opportunities for NTT DATA to come into contact with more than 200 innovative startup companies, as well as form deeper relationships with accelerators operating as regional partners in innovation hubs worldwide. Today’s Grand Finale is the real starting point, so we now look forward to collaborating with Social Coin to co-create an innovative new business.”

Global Open Innovation Contest

NTT DATA received more than 200 applications from some 20 countries between October and December last year. Regionals were held in 10 cities of nine countries spread across four continents — Tokyo, San Francisco, Toronto, Sao Paulo, London, Madrid, Barcelona, Tel Aviv, Singapore and Beijing — between February 2 and March 2. You can view the regional finalists and their proposals on the Open Innovation Contest website.  The entrants presented venture proposals covering fields including:

  • Fintech
  • IoT
  • Energy
  • Insurance
  • Tech
  • Big data
  • Digital marketing
  • Blockchain
  • API
  • Personal data
  • AI
  • Cyber security
  • Virtual/augmented reality
  • Robotics

Back in February RMA attended the UK contest in London and witnessed 11 fantastic pitches. Everledger, which uses new technology including blockchain, to turn valuable objects (eg Art, Diamonds and Fine Wine) into financial assets, won the London leg of the contest. Everledger was one of only two finalists at the Grand Finale that was presented with a Judges Award by NTT DATA.

Going forward, NTT DATA plans to hold two Open Innovation Business Contests each year, one of which will solicit applications worldwide to help accelerate global innovation. NTT DATA is confident that its Open Innovation Business Contests are winning propositions for startup companies, NTT DATA and client companies of NTT DATA, as well as global society.

If you would like to discuss NTT DATA and RMA’s investment in R&D and innovation please contact hello@rma-consulting.com

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