Areas include 'information explosion', 'dynamic cloud services', 'content transformation', 'intelligent infrastructure' and 'sustainability'.
The programme is the first offering of the HP Labs Open Innovation Office established earlier this year to help deepen strategic collaborations with academia, the government and the commercial sector.
"Collaborating with the brightest minds is essential to making progress in solving the world's most complex technology challenges," said Prith Banerjee, senior vice president of research at HP and director of HP Labs.
"We look forward to reviewing the proposals and investing in projects that drive open innovation and set the agenda for breakthrough research relevant to technology customers."
Eligible applicants have until 18 June to submit applications and HP will award funding for one year, renewable for three years based on research progress and HP business requirements.
"The research landscape is shifting towards a model of increased collaboration between academia and the private sector," said Beth Burnside, vice provost of research at the University of California, Berkeley.
"HP Labs Innovation Research Program is an important step towards mobilising these sectors to work together in pursuit of important scientific breakthroughs."
Proposals will go through an extensive review process and winners will be notified in late 2008.