Qualcomm Ventures Launches QPrize Business Plan Competition Supporting Global Entrepreneurship
New Program to Provide More than $500,000 in Early-stage Financing for Companies and Entrepreneurs
SAN DIEGO - Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, has launched a global business plan competition to promote innovation in the wireless industry. The Qualcomm Ventures QPrize™ competition is open to entrepreneurs in North America, Europe, China and India and will provide US$550,000 in total seed funding to help entrepreneurs transform their innovative business plans into reality.
“Many of tomorrow’s great technology innovations are being developed by small companies, entrepreneurs and university students,” said Nagraj Kashyap, vice president of Qualcomm Ventures. “This competition is designed provide initial financial support to help bring their ideas into the market.”
The Qualcomm Ventures QPrize competition is open to international entrants whose business plans accelerate wireless technology development in the following business sectors:
· Consumer/enterprise applications and services
· Communication devices
· Semiconductor and component technologies
· Mobile platforms
· Digital media and content
· Healthcare technologies and services
The deadline for business plan submissions is July 31, 2009. From the pool of competing entries, Qualcomm Ventures will select one semi-finalist for each of the four contest markets: North America, Europe, China and India. These four semi-finalists will each receive US$100,000 of convertible note funding from Qualcomm Ventures and will be invited to the Qualcomm Ventures CEO Summit in San Diego, Calif. to compete for the Grand Prize. The Grand Prize winner will receive an additional US$150,000 of convertible note funding, for a total prize of US$250,000 in venture financing. Key sponsors and partners for the QPrize competition include DLA Piper and Plug and Play Tech Center.
Additional details on the Qualcomm Ventures’ QPrize competition, candidate eligibility and submission guidelines are available at www.qprize2009.com.
Qualcomm Ventures was launched in the United States in November 2000 with an initial US$500 million allocation. Qualcomm Ventures’ aim is to support Qualcomm’s mission of enabling and fostering 3G CDMA and wireless Internet markets through strategic investments in privately owned startup ventures. These strategic investments include companies focusing on wireless communication technologies and products serving consumer, enterprise and vertical markets worldwide. For more information, please visit www.qualcomm.com/ventures.
Qualcomm Incorporated (Nasdaq: QCOM) is a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 100 Index, the S&P 500 Index and is a 2009 FORTUNE 500® company. For more information, please visit www.qualcomm.com.
Qualcomm is a registered trademark and QPrize is a trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.
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