SAN DIEGO, July 15, 2020 /PRNewswire/ -- EvoNexus, California's leading non-profit technology incubator for startups, announced today the launch of its 5G incubator program, in collaboration with Qualcomm Incorporated as a sponsor of the program, to assist early-stage companies helping to build the wireless 5G ecosystem. Qualcomm and EvoNexus have a 10-year history of collaboration and success in supporting early stage ventures impacting the wireless ecosystem.
"5G will drive transformation across industries, fueling a new era of innovation. Qualcomm companies are developing innovative solutions across the entire 5G value chain and are committed to support the roll out and adoption of 5G," said Brian Modoff, Executive Vice President, Strategy, M&A and Ventures, Qualcomm Incorporated. "5G is poised to produce $13.2 trillion in economic value by 2035 and we want to ensure that the full potential of 5G is met. Through our EvoNexus sponsorship, we will be supporting early-stage ventures developing new use cases that leverage 5G's unique capabilities."
As a long-time partner, Qualcomm has directly invested in EvoNexus portfolio companies and completed acquisitions of two of them. EvoNexus will capitalize on its rigorous and proven incubation program to attract and develop early stage ventures that accelerate and leverage 5G and AI, regardless of their location.
"5G is a foundational wireless technology that will significantly impact mobile devices, automotive, healthcare, computing, and more," said Dr. Jim Cable, CTO, EvoNexus. "5G will present endless opportunities for companies to create new products and services. With its incubator program, track record and experience, EvoNexus provides startups with a jump-start to launch and scale their plans. Whether it's 5G or beyond, EvoNexus is the fastest way to launch a startup."
"EvoNexus enables motivated entrepreneurs to turn their transformative ideas into fundable, commercially-viable companies," said Rory Moore, CEO and Co-Founder, EvoNexus. "We are honored to have Qualcomm's involvement with this 5G initiative which will attract numerous entrepreneurs aiming to leverage 5G and AI."
EvoNexus is California's leading non-profit technology startup incubator with locations in San Diego, Orange County, Silicon Valley, and a virtual program. EvoNexus has successfully launched around 230 technology startups with a survival rate of over 85%. since the incubator's formation in 2010. EvoNexus Ventures have secured over $2B in venture funding and outcomes, $6B in pre-exit valuation and 28 acquisitions. EvoNexus is supported by corporate investors, including some of the largest multinational corporations in the world. For more information, please visit evonexus.org.
Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G and 5G smartphone. We bring the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly.
Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business.