Thomson Reuters opens API for StreetApps Challenge with $25,000 in cash and prizes for mobile developers

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Thomson Reuters StreetsApp ChallengeInternational information company Thomson Reuters recently took an innovative step outside the cube onto the streets for directions towards their next mobile move.  The StreetApps Challenge officially commenced last Tuesday and will tap the global talent pool for useful, high-quality and visually appealing mobile financial applications-crowdsourced competition style.

StreetApps Challenge submissions will be accepted through June 25th before a judging period of July 9th through August 19th.  The winners will be announced on September 7th with a cumulative $25,000 in cash and prizes awarded to four distinct winners.  The first place winner will receive $15,000 cash and an 16gb iPad ($499);  all four winners will featured on the Thomson Reuters Jumbotron in NYC.

Thomson Reuters Jumbotron NYC

Eligible apps may run on the iPhone, iPad, Blackberry or Android Operating systems and must leverage at least one content set from the Thomson Reuters Knowledge Direct (TRKD) API, although augmenting the content provided with relevant external sources is encouraged.  Thomson Reuters Knowledge Direct API content includes:

  • Market Data from global major exchanges and indices
  • Company Fundamentals Data
  • Wall Street Events (StreetEvents)
  • Consensus Broker Estimates
  • Reuters Online Reports for Financial News & Pictures
  • Market-wide Significant Developments Updates

Like any contest, it’s essential to read the fine print and know your rights (or lack thereof):

“While Developers maintain all intellectual property ownership for their submissions…each Contestant grants to Sponsor, Administrator, and others acting on behalf of Thomson Reuters, a royalty-free non-exclusive worldwide license to use, copy it for use, perform it publicly, display publicly their Submission, for the purpose of the Challenge until one year after the announcement of winners. This license includes posting or linking to the Submission on the official Thomson Reuters and Administrator websites and partner websites and making the Submission available for use by the public. After the Challenge winners are announced, the winners may be invited to discuss further opportunities to develop their Submission with the Sponsor.”

In 1996, Thomson (now Thomson Reuters) purchased Minnesota’s homegrown West Publishing (currently known as ‘West, a Thomson Reuters business‘) which nearly doubled the size of the Thomson Corporation while maintaining major operations in the city of Eagan.

Which established Minnesota-based company will be first to source a segment of its innovation directly from the developer market in an open, crowdsourced and competitive nature – perhaps a la Netflix Prize?  Given the diversity of local creatives and quality technical talent, the prospect of cost-effective R&D,  great press and community reinvestment, it can only a matter of time.

And no, this does not count.

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