Entries for Qualcomm’s QPRIZE 2012 Are Open, Total USD 1M To Be Won - Apply Now!

QPrize 2012 is Qualcomm Venture's Seed investment competition. It is designed to provide entrepreneurs their first level of funding so they can launch their idea into a successful start-up business. The program was announced about a week ago and the applications are now open.Last date: August 17, 2012

What’s on offer: Each regional winner in the 8 countries (Brazil, China, India, Israel, North America, South Korea, Western and Eastern Europe) will secure $100,000 USD in convertible note funding and will earn the opportunity to participate in the Grand Finals competition which offers an additional $150,000 USD in prize funding.

• Judging CriteriaMerits of innovation
• Market potential
• Management capabilities
• Realistic financial projections

What should the business plan include?

• Executive Summary
• Management/Founders Biographies
• Business Description
• Market Analysis
• Competitive Overview
• Business Risk Summary
• Financial Projection

You can apply for the competition here

For any queries please get in touch with Chandan +91-9986198806 / Samridhi +91-9740196885

Please read the following Rules & Regulations carefully before applying:

Contest Description: QPrize is a seed investment competition designed to provide early stage funding to entrepreneurs and start-ups that have innovative ideas that can significantly impact the wireless ecosystem. The contest offers $1Million in total seed financing to contestants in eight regional geographies: Brazil, China, Western Europe, Eastern Europe, India, Israel, South Korea and North America. Qualcomm Ventures will select eight finalists from each region to compete in eight separate regional finals competitions whereby the winner in each region will receive US$100,000 (€100K in European regions) in convertible note funding and offered the opportunity to come to the US to compete for an additional $150,000 (USD) in our Grand Finals Competition. The competition officially kicks-off on May 21^st and runs until August 17^th. Regional winners will be announced in September. The Grand Finals will be held in the San Francisco region in November.

Eligibility: QPrize is open to all persons who are 18 years or older and who are citizens or legal residents in any country in any of the eight regions where the competitions are being held. Contestants may only submit one business plan and must select the region in which they will set-up and operate their business. Winners will be required to incorporate their companies prior to distribution of funds. Entrepreneurs and start-ups that have raised less than $2 million may apply to this competition.

QPrize Funding: All winners will issue a convertible promissory note to Qualcomm in exchange for funds received. Each regional winner will receive US$100,000 (€100,000 for the European winners) and the Grand Prize Winner will receive an additional US$150,000 in funding. The exact form of the note will vary depending upon the winner’s country of incorporation, but all notes will be unsecured promissory notes that convert into the equity securities issued by the winning companies in their next significant equity round of funding (i.e., Series A). The conversion of the funded amount will be on customary seed round note financing terms.

Entry Mechanics: Qualcomm and its sponsors are not responsible for late, lost, delayed, damaged, misdirected, incomplete, illegible or unintelligible entries, which will not be accepted, or for any problems or technical malfunction of any telephone network or lines, computer online systems, servers, service providers, computer equipment, or software, failure of any e-mail or entry received by Qualcomm on account of technical problems or traffic congestion on the Internet, problems with any Qualcomm’s website, or any combination thereof, including any injury or damage to the entrant’s or any other person’s computer resulting from downloading any materials in connection with the Qualcomm Ventures Business Plan Competition (the “Competition”). Additional, multiple, and/or mechanically generated entries will be disregarded and may result in total and permanent disqualification from the Competition. There is a limit of only one entry per business entity (or by an affiliated group of business entities).

No Confidentiality; License to Entry: All entries become property of Qualcomm and will not be acknowledged or returned. By submitting an entry, each entrant agrees (a) to abide by the terms of these rules and regulations (the “Rules”), (b) there is no reasonable expectation that the contents of its application are confidential information and that none of the sponsors, Qualcomm, the Competition judges, and/or panelists will be under any obligation to treat such application and its contents as confidential information, and (c) to grant Qualcomm a worldwide, royalty-free, perpetual, irrevocable, non-exclusive license and full right to use, reproduce, modify, conform, adapt, publish or transmit such information submitted, but solely in connection with the administration and promotion of the Competition.

Indemnification:  The entrant agrees to indemnify all Sponsors, Qualcomm, the Competition judges, and/or panelists for all damages, liabilities, claims, costs, charges and expenses, including, without limitation, reasonable attorneys’ fees that sponsors, Qualcomm and/or Competition judges, or panelists may incur as a result of any claims brought relating to any application, including, without limitation, its contents.

Participation: Employees of Qualcomm are ineligible. Participation in the competition constitutes an agreement by each entrant to comply with these rules. All decisions of Qualcomm, competition judges, and panelists regarding any and all aspects of the Competition shall be final and binding in all respects. Qualcomm reserves the right to cancel or modify the Competition if it determines, in its sole discretion, that fraud, technical failure, other errors has compromised the integrity of the Competition. Qualcomm and the sponsors will not be responsible for typographical, printing or other inadvertent errors in these Rules or in other materials relating to the Competition.

Limitations of Liability: By entering the Competition, each entrant agrees that (1) any and all disputes, claims, and causes of action arising out of, or in connection with, the Competition, or any award granted shall be resolved individually without resort to any form of class action; (2) any claims, judgments and awards shall be limited to actual out-of-pocket costs incurred, including costs associated with entering the Competition, but in no event attorney’s fees; and (3) entrants hereby waive all rights to claim, (i) punitive, incidental or consequential damages, (ii) any and all rights to have damages multiplied or otherwise increased, and (iii) any other damages, other than damages for actual out-of-pocket expenses, or any award of equitable relief, including injunctive relief or an award of specific performance.

General Release: By entering the Competition, each entrant releases Qualcomm, the Sponsors, Competition judges, and panelists and their respective parents, affiliates, directors, officers, employees, representatives, partners and agents, from any liability whatsoever for any claims, costs, injuries, losses or damages of any kind arising out of, or in connection with, the Competition or the acceptance, possession, use or misuse of any award (including, without limitation, claims, costs, injuries, losses or damages related to personal injuries, death, damage to, or loss or destruction of, property, rights of publicity or privacy, defamation or portrayal in a false light).