At this year’s Qualcomm Ventures CEO Summit in San Diego, the Grand Finals winner of its fifth QPrize competition was announced: Toss Lab, Inc. of Korea. The company provides collaboration tools for companies with its easy-to-use, protected software.
To compete for the QPrize, wireless technology start-ups proposed in-depth business plans. After beating out the thousands of other companies that also applied, the winning companies (based in Australia, China, Europe, India, Israel, Korea, Latin America, and North America) were invited to participate in a second round of competition by presenting their products and services in person. Executives and investment managers then selected the Grand Final winner.
All eight regional QPrize winners received up to $250,000 in venture capital funding—and Toss Lab received an additional $250,000, as the winner of the Grand Finals, resulting in a total of $500,000 in funding to grow its business.
Products of the regional winners range from a babysitting mobile application to urban gardening technology to a platform for unique space rentals. European company Fotokite is a lightweight, tethered drone designed for quick and safe aerial filming. Toronto-based teaBOT is a robotic tea kiosk that allows buyers to have complete control over the flavor, caffeine, and temperature of their beverage, all in under 30 seconds.