Qualcomm starts an annual competition for startups seeking investment

Qualcomm has started accepting applications for the third annual contest QPrize 2012 from venture capital startups, working in mobile and communication technologies, including those from Russia, RIA Novosti reported with reference to the company.

Startups from Western Europe, China, Korea, Israel and North America can participate in QPrize. Since this year the competition has expanded the geography with two more regions - Brazil and Eastern Europe, including Russia.

QPrize participants should submit their business plans till August, 17 this year. Applicants for investment will be selected on the basis of submitted applications - up to eight for each region. When evaluating business plans, the panel of experts will consider the market potential, company’s management effectiveness and feasibility of the stated financial projections.

The regional finalists will compete with each other in November.

Finalist of each region will receive $100 K (for participants from Europe – 100 K euros) as convertible promissory notes. The winner will receive additional $150 K as promissory notes.

The rules and procedure of applications registration are described in details on the contest’s website qprize.com.

The competition is organized by Qualcomm Ventures - the investment wing of Qualcomm, founded in 2000, in the management of which initially was $ 500 M. Qualcomm Ventures invests in private companies working in the wireless market.