Qualcomm Labs Teams with EvoNexus to Expand Innovation in San Diego
— Collaboration to Launch QualcommLabs@EvoNexus Incubator Program —
SAN DIEGO, May 22, 2012 /PRNewswire/ -- 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.
To learn more visit www.commnexus.org/incubator.
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.
To learn more visit http://www.qualcommlabs.com.
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. All other trademarks are the property of their respective owners.
Emily Kilpatrick, Corporate Communications
Warren Kneeshaw, Investor Relations
Bailey Cunning, Director of Operations
SOURCE Qualcomm Incorporated; EvoNexus
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