The program, which will launch in May, will be branded AppCampus and mobile entrepreneurs will be able to access support and training in mobile technology and design, mentoring from mobile industry veterans, business coaching to help commercialise ideas and early seed funding.
Aalto University, which already has a reputation for kick starting businesses through its Centre for Entrepreneurship will manage the program, provide facilities and other infrastructure, as well as training to both academic and business networks.
The three partners hope to attract thousands of proposal for new app developer start-ups and will be accepting submissions from both Finland and other countries.
The investment is part of Nokia and Microsoft's strategy of building ecosystems around their platforms. Windows Phone will be a key focus, but the Symbian platform will also be supported and Series 40 is likely to become increasingly important as Nokia's "connecting the next billion" strategy unfolds.