Association to Identify Most Promising Early-Stage Wireless Technology Startups through QPrize Venture Investment Competition and Provide Comprehensive support
Qualcomm Incorporated (NASDAQ: QCOM) and Microsoft® have announced Microsoft’s association with QPrize™, Qualcomm’s second annual international venture investment competition, to identify the most promising early-stage wireless technology companies in India. This year, QPrize finalists from India will be considered for incubation at Microsoft as part of the Company’s BizSpark™ program. Microsoft’s BizSpark is a global program that helps software startups succeed by giving them access to Microsoft software development tools, connecting them with key industry players, including investors, and providing marketing visibility to help entrepreneurs starting a business.
“Through QPrize, we aim to accelerate the development of India’s mobile ecosystem, by enabling startups to create solutions that address the unique needs of the Indian marketplace,” said Karthee Madasamy, director of India Investments for Qualcomm Ventures, the venture capital investment arm within Qualcomm Incorporated. “By working together with Microsoft, we hope to provide promising startups with greater exposure to the venture community.”
QPrize spotlights up-and-coming industry leaders that have the potential to shape the future of wireless communications and significantly impact their regional markets, eventually growing into profitable companies. QPrize finalists in India will present their business plans to a panel of judges that will consist of Qualcomm employees, a Microsoft representative, venture capitalists, event sponsors and industry VIPs.
“We’re working jointly to carve out a category for interesting apps specific to the India market, which will be screened during this contest,” said Moorthy Uppaluri, general manager of
Developer and Platform Evangelism at Microsoft. “Companies that exhibit promising ideas will then be incorporated in Microsoft’s BizSpark program.”
Microsoft BizSpark is a global program designed to accelerate the success of IT entrepreneurs through software support and a vibrant ecosystem in the country by providing them with software, support and visibility during the first three years. The program has already impacted more than 1,000 Indian startups by providing professional software at no charge.
The Qualcomm Ventures QPrize competition is open to entrepreneurs in North America, Europe, China, South Korea, Israel and India. From the pool of competing entries, Qualcomm Ventures will select up to six finalists from the six contest markets. The finalists will each receive US$100,000 (€100,000 in Europe) of convertible note funding from Qualcomm. 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. Additional details including candidate eligibility and submission guidelines are available at www.qprize.com.
Founded in 1975, Microsoft (Nasdaq “MSFT”) is the worldwide leader in software, services and solutions that help people and businesses realize their full potential.
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. For more information, please visit www.qualcomm.com/ventures.
Qualcomm Incorporated (NASDAQ: QCOM) is the world leader in next-generation mobile technologies. For 25 years, Qualcomm ideas and inventions have driven the evolution of wireless communications, connecting people more closely to information, entertainment and each other. Today, Qualcomm technologies are powering the convergence of mobile communications and consumer electronics, making wireless devices and services more personal, affordable and accessible to people everywhere. For more information, visit Qualcomm around the Web:
Corporate Blog: www.qualcomm.com/blog
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.
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