Nokia Corporation (ADR) (NYSE: NOK) is a well known, and quite successful phone manufacturer. So it's no surprise to find out that, like many other companies, they've felt a need to come out with a phone that competes with Apple, Inc (NASDAQ: AAPL)'s very successful iPhone.

Nokia has announced that they're working on 'an iPhone killer' according to this article at Forbes with the 5800 Tube. Well, since I started keeping track of Apple's stock as an investor myself (so keep in mind my bias), I've seen a number of iPod killers come and go. And I've seen on iPhone killer come and go. And they've all made similar mistakes in their approaches, so I've come up with four points to help Nokia, and other potential smartphone makers, go up against the iPhone without more flops. Because after all, those who don't learn from history are doomed to repeat it.

1) Do not announce that your device is a 'killer.'

The moment you announce that you are working on a 'killer' you've just raised expectations. Apple already has a halo of hard to meet expectations around it, leading invariably to disappointed fans when the actual device comes out (what, the iPhone doesn't make TOAST? Are you kidding me? I thought it would have a terabyte of memory and make toast!). So now you've not only set yourself up to have to beat a popular and bestselling device, but you're expected to beat it in a big way! You're not expected to just match it now, but also beat it.

YouTube, (NASDAQ: GOOG) awaits those clever minds that shall reap the great rewards stored within it's pixels. Sources like LonelyBloggers are already reporting that "lonelygirl15" is actively seeking sponsors. Could it be that a cornucopia of income producing opportunities is at our hands? You had better believe so!

Google itself is just beginning to poke and prod the video web world to find sound and sustainable ways to legitimize YouTube as a profit generating force to be reckoned with. The GigaOM blog reported on Google's placement of Shashi Seth to spearhead those efforts. A nice choice of personnel for the task, I might add.

But what is most intriguing to me are some of the ideas that are swirling around in regard to the ways little guy might garner some of that cash. For instance, there's an idea that successful YouTubers could solicit sponsorships for name recognition spots and trademark icon placements. These "tubers" would, for a one time fee from $50 to $500, place a company's product image or logo in the lower corner of their video as a "watermark" image similar to those ghosted logos you see in the lower right corner of most of your favorite television programs. Also being considered are product placements within user videos.

What the proposition requires is that the YouTuber must be able to document prior performance (viewership) of their videos, they must exhibit proper business acumen, they need to be registered with the proper taxing authorities as a viable business and they need to understand negotiations and contracts. It is already believed that contracts for advertising via YouTube videos are to be solicited from Coke, Pepsi, EverReady, Kodak and Sprint Nextel.

Some bright techie with gonads, smarts and some business law background is going to lay hold of this concept and form a management group strictly for negotiating YouTube advertising contracts. They need to get in right now while the door is open wide. No doubt Google is aware that these concepts will quickly take root. It will be better for everyone if an independent gets in there and wedges the door open before Google tightens up the program.

( Off in the distance, I hear the sound of someone getting filthy rich!)

One of my best informants has whispered to me a startling rumor. You may wish to pay attention because this is the same source who gave me the tip some months ago about wireless data feed from PC to television. You may have noticed that Apple Inc. (NASDAQ: AAPL) just introduced a nice consumer friendly version of that concept.

This time, the rumor is a bit more powerful. It involves General Electric Co.'s (NYSE: GE) NBC taking interactive television to a whole new level. If you thought that American Idol was something to brag about as far as viewer involvement, you'd best hold on to your hat because if some form of what I'm about to reveal to you comes to pass, televised entertainment shall never be the same.

What's even more exciting is that this possibility presents the opportunity to create powerful cooperation between current televised programming dynamics and the explosive internet video venues such as Google Inc.'s (NASDAQ: GOOG) YouTube. The two media could come to mutually benefit from these scenarios. Neither the new standard nor the old guard would need bow to the other. Now, here's some faceting of the concept.