Qualcomm Ventures Announces the QPrize Venture Investment Competition in India
Qualcomm Incorporated (Business Wire India)
Bangalore, Karnataka, India
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
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.
For more information, please visit www.qualcomm.com/ventures.
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. For more information, visit Qualcomm’s website, OnQ blog, Twitter and Facebook pages.
Qualcomm is a registered trademark of Qualcomm Incorporated. QPrize is a trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.