Nokia Corporation (ADR) (NYSE:NOK) To Invest In App Development

Microsoft Corporation (NASDAQ:MSFT) and Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V) are both planning on throwing some money at the development of mobile apps—$2.4 million to be exact.

Nokia Corporation (ADR) (NYSE:NOK) To Invest In App Development

The two companies joined forces for Nokia Corporation (NYSE:NOK) (BIT:NOK1V) (HEL:NOK1V)’s Windows Phone 8 handsets, most notably the Lumia smartphones. Both tech giants are banking on the Lumia’s success to lend them a hand into the smartphone market, and so far, so good.

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So how do these companies keep the momentum of the Windows phone 8 mobile platform going and build it into a viable smartphone competitor? Microsoft Corporation (NASDAQ:MSFT) and Nokia plan to use cash, which of course Microsoft has plenty of.

Through Nokia’s AppCampus, the two will begin offering a “mobile app accelerator program,” which will help developers create mobile apps for the mobile Windows 8 platform. This is a key move for both Microsoft Corporation (NASDAQ:MSFT) and Nokia because it will give the two tech giants a larger variety of apps on their Windows phone 8. Currently there are “only” about 100,000 apps available on the Windows phones, compared to hundreds of thousands that are available on the iTunes App Store and the Android Appstore.

The so-called “mobile app accelerator program” gives mobile app developers coaching and financing if they develop apps for Windows phones. According to The Next Web, the program was initially launched in March, and so far Microsoft Corporation (NASDAQ:MSFT) said it has received more than 1,500 applications.

Developers who submit an application and get accepted for the program receive between $27,000 and $93,000. The amount that’s awarded depends on how complex the app is that they are developing. In addition to the cash, developers will receive coaching, training, and support for marketing and distribution of their app.