Qualcomm Ventures kicks off QPrize competition for entrepreneurs

Wireless telecommunications technology firm, Qualcomm Incorporated, the world's largest fabless chip supplier, today announced its second annual international venture investment competition, QPrize in India.

Open to entrepreneurs in North America, Europe, China, South Korea, Israel and India, QPrize will provide up to $750,000 in total seed funding to help entrepreneurs transform their innovative business plans into reality.

Qualcomm also announced a tie-up with Mumbai Angels, a group of angel investors primarily focused on seed stage and early stage companies. As per the association, QPrize's Indian finalist will have an opportunity to present to the Angels investment committee.

''The Indian market has significant potential to contribute to innovations in the wireless domain. With QPrize, we are able to identify promising early-stage companies and provide financing that helps them commercialize their products more quickly,'' said Karthee Madasamy, director of India investments for Qualcomm Ventures.

Globally, Qualcomm has teamed with Demo, a premier launchpad for emerging technologies, to give QPrize finalists additional exposure within the venture community.

The finalists will be invited to Demo Spring 2011 in California, USA where they will compete for the grand prize and receive an exhibit in the Demo pavilion.