Monday, May 21, 2012

Qualcomm Launches Third QPrize Competition

San Diego-based Qualcomm has launched its third annual QPrize competition, the competition where the firm looks to vet and fund early stage technology companies from around the world. Qualcomm said it has increased its total prize pool to $1M for the year, and also added Brazil and Eastern Europe as regions covered by the competition. Qualcomm has divided the world into different regions, awarding $100,000 in convertible note financing from Qualcomm to winners in each region. The Grand Prize winner also gets another $150,00 of convertible note funding for their winning business plan. Qualcomm has been using its competition to drive deal flow to Qualcom Ventures, as well as find promising companies in the wirless communications industry. Qualcomm said entries are due by August 17th.