Qualcomm Labs Teams with EvoNexus to
Expand Innovation in San Diego
— Collaboration to Launch
QualcommLabs@EvoNexus Incubator Program —
SAN DIEGO — May
22, 2012 — Qualcomm Labs Inc., a wholly owned subsidiary of Qualcomm
Incorporated (NASDAQ: QCOM), and EvoNexus, the CommNexus San Diego incubator
for startup companies in the high-tech sector, today announced their
collaboration for a Qualcomm Labs’ sponsored incubator program. This unique
program brings together Qualcomm Labs’ commitment to innovation with EvoNexus’
forward-thinking, pro-bono community incubation model and opens up opportunities
to further technology development in San Diego.
Qualcomm
Labs, Qualcomm’s internal incubator, is expanding its reach by working with
EvoNexus, the nation’s only free, community-backed business incubator, to
establish a program within called QualcommLabs@EvoNexus.
“Qualcomm has been an active partner with CommNexus since 1998, and
our new relationship with Qualcomm Labs takes EvoNexus’ unique,
community-supported incubator model to an entirely new level," said Rory Moore,
CEO, CommNexus. "With EvoNexus’ proven results, we are confident we can work
with Qualcomm, a world leader in technology innovation, to help build new
companies here in San Diego that will transform the local economy and energize
the entire region.”
Building
on the success of EvoNexus, which currently has 22 companies in incubation and
has helped create over 300 jobs, this new incubator program will be located in
EvoNexus’ Downtown and La Jolla offices. EvoNexus has already graduated six
companies and raised a total of $82 million in venture funding since inception.
Working alongside each other, Qualcomm Labs and EvoNexus will provide start-up
tech companies the opportunity to transform ideas into businesses and products
that answer the technology needs of the future.
“Qualcomm Labs is committed to transforming early stage products and
technologies into viable businesses that move the wireless industry forward,”
said Peggy Johnson, executive vice president and president, Global Market
Development at Qualcomm. “Working together with EvoNexus, we hope to extend our
incubation model to harness the significant talent pool in our region to serve
as a catalyst for wireless innovation.”
Qualcomm
Labs and EvoNexus are inviting companies to apply for participation in the
program via a call for submissions, which opens today, May 22, 2012,
and will close on July 3, 2012. Start-up companies and entrepreneurs in the
high-tech sector who are interested in applying or receiving more information
can access the application at http://www.evonexus.org/qualcommlabs/.
While
all entrepreneurs with interesting technology ideas are encouraged to apply, the
admissions team will be paying particular attention to proposals which address
the following focus areas:
Connected objects and machine to machine
communications
Low cost
backhaul solutions
Wireless
health and education platforms
Sustainability and green technologies for portable
devices
Qualcomm
Labs and EvoNexus will team up to evaluate applications and will select
companies for entry into the incubator program. Successful applicants will
receive separate seed funding from Qualcomm Labs as well as free space
accommodation within EvoNexus’ fully furnished Downtown or La Jolla office
locations. Admitted companies will be announced in early September 2012. During
their residency, which can be up to two years, incubator companies will work on
developing their products and technologies into viable businesses. They will
have the chance to work with experienced Qualcomm Labs employees who will serve
as mentors, and will have access to a broad network of industry experts and
investment professionals who participate with EvoNexus. Over time we expect
QualcommLabs@EvoNexus companies to graduate the incubator as they secure venture
funding or interest from strategic investors.
About
EvoNexus, a CommNexus incubator
EvoNexus
is an incubator for early stage high-tech companies in the San Diego area.
EvoNexus, a CommNexus incubator, provides mentoring, education, facilities,
utilities, introductions to domain experts and other services for startup
companies before they have achieved sustainability through revenues or private
funding. EvoNexus' goal is to graduate vital and sustainable companies into the
San Diego community resulting in job creation. Unlike many other incubators,
EvoNexus participant companies will be under no financial or IP-licensing
related obligations to EvoNexus when they graduate from the incubator. It is
supported through financial and in-kind donations.
About
Qualcomm Labs
Qualcomm
Labs Inc. is a wholly owned subsidiary of Qualcomm Incorporated and serves as an
internal incubator focused on addressing new market and product opportunities.
Over time, products and services commercialized through Qualcomm Labs become new
subsidiaries, transfer to other Qualcomm business units or potentially exit as
independent companies. Qualcomm Labs transforms emerging ideas and technologies
into viable businesses that move the wireless industry forward.
About
Qualcomm
Qualcomm
Incorporated (NASDAQ: QCOM) is the world leader in 3G and next-generation mobile
technologies. For more than 25 years, Qualcomm ideas and inventions have driven
the evolution of digital communications, linking people everywhere more closely
to information, entertainment and each other.
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