Qualcomm Ventures Launches Third Annual QPrize 2012 Competition to Fund the World's Next Wave of Revolutionary Start-ups — Total Prize Pool Increased to US$1 Million for 2012 with Two New Regions Now Eligible to Compete —
SAN DIEGO, May 21, 2012 /PRNewswire/ -- Qualcomm Incorporated (NASDAQ: QCOM), today kicked off its QPrize™ 2012 international venture investment competition to identify and fund the industry's most promising, early-stage technology companies. The Qualcomm Ventures QPrize competition is open to entrepreneurs across China, India, Israel, Korea, North America, Western Europe and, new this year, Brazil and Eastern Europe. One finalist from each region will be awarded US$100,000 (euro 100,000 for Europe finalists) in convertible note financing from Qualcomm as seed funding and will be invited to compete against other regional finalists in the QPrize Grand Prize competition. The Grand Prize winner will receive an additional US$150,000 of convertible note funding to help transform his or her innovative business plan into reality.
"Qualcomm is proud of its role as an important enabler within the wireless industry and the QPrize competition allows us to identify and fund the next wave of up and coming innovators," said Nagraj Kashyap, vice president of Qualcomm Ventures. "Last year's entrants redefined the capabilities of mobile technology and we are excited to see what the 2012 competition will hold."
The deadline to submit business plans for most regions is August 17, 2012. From the pool of competing entries, Qualcomm Ventures will select up to eight finalists from the eight contest markets. Entrants' submitted business plans will be evaluated by a panel of experts based on the merits of the technology innovation, its market potential, the company's management capabilities and the attainability of the proposal's financial projections.
The Qualcomm Ventures QPrize competition is now open for submissions. Additional details, including candidate eligibility and submission guidelines, are available at www.qprize.com.
About Qualcomm Ventures
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.qualcommventures.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. QPrize is a trademark of Qualcomm Incorporated. All other trademarks are the property of their respective owners.
Emily Kilpatrick, Corporate Communications
Warren Kneeshaw, Investor Relations
SOURCE Qualcomm Incorporated