Tuesday, September 14, 2010

Qualcomm Launches Second Annual Venture Competition

San Diego-based Qualcomm said Tuesday that it is launching its second annual venture investment competition, the Qualcomm Ventures QPrize competition. According to the firm, this year's competition will provide up to $750,000 in seed funding to entrepreneurs working on mobile ventures. Qualcomm said the deadline for business plan submissions is December 14th, and that it will select six finalists each from North America, Europe, China, South Korea, Israel and India. Those finalists will all get $100,000 in convertible note funding, with the grand prize winnter receiving and additional $150,000 in convertible note funding. South Korea and Israel are new markets for Qualcomm's competition. Qualcomm's venture capital arm, Qualcomm Ventures, manages around $500M in capital for Qualcomm.