Qualcomm Incorporated (Nasdaq: QCOM), a leading developer and innovator of advanced wireless technologies, products and services, today announced the top eight business plans from India that have been short-listed following the Qualcomm Ventures QPrizeTM business plan competition. Of the 70 entries received across different cities in India, the winning entries were from: Birds Eye Technologies, Capillary Technologies Pvt. Ltd, Edutor Technologies (India) Pvt. Ltd, Nimble Wireless Pvt. Ltd, Optimystix Entertainment India Pvt. Ltd, Svara, Virtual Wire Technologies and Xurmo Technologies Pvt. Ltd. The India winner of the QPrize competition will be announced in Bangalore on September 30, 2009 and will secure a seed funding of USD 100,000. They will also compete with its global counterparts for the Grand Prize - a total seed funding of USD250,000.
These top plans span diverse business areas and include solutions related to GPS, devices, semiconductor components, mobile VAS, mobile-enabled learning, mobile-based social networking, video surveillance and monitoring, HD video, education, retail and CRM solutions.
All eight business plans will be considered for incubation at Nadathur S Raghavan Centre for Entrepreneurial Learning (NSRCEL) at the Indian Institute of Management in Bangalore (IIM-B), by-passing the intense screening process that is otherwise required for being considered for incubation at the institute. In 2002, IIM-B had established the NSR-GIV Incubator, a unique incubation cell, equipped with state-of-the-art facilities to help entrepreneurs convert their business plan to a commercially viable product or service.
“Innovation is at the core of Qualcomm's business and we look to foster the same spirit of innovation and entrepreneurship in the wireless ecosystem,” said Kanwalinder Singh, senior vice president of Qualcomm and president of Qualcomm India and South Asia. “It is heartening to see the response received from budding entrepreneurs in the Indian market. Initiatives like QPrize are central to our strategic focus and we are committed to supporting these exciting new ideas.”
“The QPrize competition provides four entrepreneurs with the opportunity to develop their business plans and empowers the winners to translate their dreams into reality while working closely with Qualcomm and its portfolio companies,” said Karthee Madasamy, director of India Investments for Qualcomm Ventures. “Qualcomm Ventures continues to be at the forefront of innovation by supporting new ideas targeted at the enhancement of the wireless ecosystem. The positive response received for the QPrize competition is a testimony to the mobile industry's spirit of entrepreneurship.”
The QPrize competition was announced by Qualcomm Ventures in May this year to support global entrepreneurship. Inviting participation from entrepreneurs in China, Europe, India and North America, QPrize will provide a total of USD550,000 in seed funding. The global winner will receive a total of USD250,000 in funding and the three runner-up entries will each receive funding of USD100,000.
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.