Qualcomm Ventures Announces the
QPrize Venture Investment
Competition in
India
Invites Participation from Indian
Entrepreneurs and Companies in the Technologies Industry for Early-stage
Financing —
India — May 17, 2012 — Qualcomm Incorporated (NASDAQ: QCOM) today announced the third edition of its
venture investment competition in India to identify the industry’s most
promising early-stage technology companies. The Qualcomm Ventures
QPrize™ competition was first launched in 2009 to promote innovation
in the technology industry and is managed by Qualcomm’s venture investment arm,
Qualcomm Ventures.
Announcing the launch of the QPrize
initiative in India, Dr. Avneesh Agrawal, Qualcomm’s senior vice president and
president of Qualcomm India and South Asia, said, “The QPrize competition
reflects Qualcomm’s deep-rooted philosophy to foster innovation and advance the
use of mobile and other technologies for the benefit of people and businesses in
India and around the world. Through QPrize, we are looking to identify
breakthrough ideas at early stages and help them grow by providing entrepreneurs
with mentorship, investment support and exposure to the global technology
ecosystem. We look forward to another round of enthusiastic participation from
Indian entrepreneurs in QPrize this year, and to helping transform their
innovative ideas into robust and commercially successful technology
offerings.”
“QPrize was launched with the aim of
supporting local entrepreneurs and helping bring their bold new ideas into the
global market,” said Nagraj Kashyap, vice president, Qualcomm Ventures. “We have
been impressed by the diversity and uniqueness of past QPrize participants and
look forward to this year’s competition.”
Also speaking on the occasion, Karthee
Madasamy, director of investments for India and Israel, Qualcomm Ventures, said,
“Over the last few years, we have witnessed a proliferation of promising young
entrepreneurs in India and consequently, the need for investment support and
mentorship to help them realize their dreams. The QPrize competition, which
attracts and highlights the brightest business ideas from India’s pool of
talented entrepreneurs, is an initiative to nurture
local start-ups with the promise to be future industry leaders with early-stage
financing and support in their journey to global
success.”
Last year’s winner of Qualcomm
Ventures India QPrize competition, Bengaluru-based company Reverie Language
Technologies, provides technology and solutions for local language (Indian,
Perso-arabic and other South Asian complex scripts) processing of digital media
in mobile and other devices.
Arvind Pani, co-founder and CEO
of Reverie Language Technologies, said “Winning Qualcomm’s QPrize 2011 India
edition has not only been a huge learning experience for us, but has also
resulted in transforming our business. The rigour involved in QPrize’s
application, qualification and judging process is an enriching experience that
we would highly recommend to any young start-up. This recognition from Qualcomm
has helped us to hone our potential, quickly scale up, and leverage the many
opportunities that were enabled for us. Moreover, it allowed us to access
substantial support and visibility within industry circles, which has not only
enabled us to attract top notch talent, but also opened more doors for our enterprise.”
The Qualcomm Ventures QPrize competition is open to start-ups whose
business plans accelerate 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
- CleanTech
The deadline for business plan
submissions is August 17, 2012. From the pool of competing entries, Qualcomm
Ventures will select one winner of the QPrize India competition who will receive
US$100,000 of convertible note funding from Qualcomm Incorporated. The QPrize
India winner will then be eligible compete against other regional finalists in
the QPrize Grand Finals competition for an additional US$150,000 in convertible
note funding. Sponsors and partners for the QPrize India competition include
Mumbai Angels and YourStory.in.
Additional details on the Qualcomm Ventures’ QPrize competition,
candidate eligibility and submission guidelines are available at
www.qprize.com.
Qualcomm Ventures, the venture
investment group of Qualcomm Incorporated, 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 and wireless
Internet markets through investments in privately owned startup ventures. These
investments include companies focusing on wireless communication technologies
and products serving consumer, enterprise and vertical markets worldwide.
After successfully
expanding its activities in Korea, Japan, China and Europe, Qualcomm
Ventures set up its India presence in 2008 with a direct equity investment in
Tessolve. It has also invested in Kirusa and MapMyIndia.
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.
No comments:
Post a Comment