Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, has extended the deadline for its Qualcomm Ventures QPrize™ Business Plan Competition and enhanced the Grand Prize package. Candidates may now submit their business plans through August 21, 2009. In a joint effort between Qualcomm and the GSMA's Mobile Innovation initiative to showcase the best products, services and technologies, the QPrize Grand Prize winner also will win a trip to the Mobile World Congress in Barcelona, Spain to compete as a Finalist in the GSMA's Mobile Innovation Grand Prix competition, which is part of the GSMA's Global Mobile Awards.
“It is a testimony to the mobile industry's spirit of entrepreneurship that since we announced the competition in May, we have received a number of creative ideas from around the world,” said Nagraj Kashyap, vice president of Qualcomm Ventures. “We are extending the entry deadline to allow additional entrepreneurs to take advantage of the expanded benefits of the program through our collaboration with GSMA.”
As a part of this alliance, Qualcomm Ventures has asked Ian Klein, GSMA's Director of Mobile Innovation, to serve on the judging panel at the European semi-final event. The Qualcomm Ventures QPrize competition is open to entrepreneurs in North America, Europe, China and India and will provide US$550,000 in total seed funding to help entrepreneurs transform their innovative business plans into reality. The Qualcomm Ventures QPrize competition is open to entrants from the aforementioned regions whose business plans accelerate wireless technology development in the following business sectors:
· Consumer/enterprise applications and services
· Communication devices
· Semiconductor and component technologies
· Mobile platforms
· Digital media and content
· Healthcare technologies and services
From the pool of competing entries, Qualcomm Ventures will select one finalist winner for each of the four contest markets: North America, Europe, China and India. These four finalist winners will each receive US$100,000 of convertible note funding from Qualcomm Ventures and will be invited to the Qualcomm Ventures CEO Summit in San Diego, Calif. to compete for the Grand Prize. 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 on the Qualcomm Ventures' QPrize competition, candidate eligibility and submission guidelines are available at www.qprize2009.com. For more information on the GSMA Mobile Innovation Grand Prix, go to www.MobileInnovation.org/awards.
Qualcomm Ventures 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 CDMA and wireless Internet markets through strategic investments in privately owned startup ventures. These strategic 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 a leader in developing and delivering innovative digital wireless communications products and services based on CDMA and other advanced technologies. Headquartered in San Diego, Calif., Qualcomm is included in the S&P 100 Index, the S&P 500 Index and is a 2009 FORTUNE 500® company. For more information, please visit www.qualcomm.com.