Looking for funding and working on the idea are almost parallel processes for a startup. Again, getting funded from the right sources is an important factor to consider. Qualcomm’s QPrize is an international Seed Fund Competition and offers support to startups in crucial matters. The first and foremost is the amount of funding which is more than $ 1 million.
The competition has eight regional rounds in China, Europe, India, Israel, S. Korea, North America, Brazil and Eastern Europe and each regional winner secures $100,000 in prize funding. The deadline for applicants from India is August 17, 2012. The grand final then happens in the US where Regional Winners are invited to compete for an additional $150,000 in prize funding.
What kind of companies is Qualcomm looking for?
- Entrepreneurs & Start-ups Seeking Initial Funding
- Requirements: <$2M funding from friends & family plus no institutional money
- Strong Management Teams
- Innovative Products & Services in Technology
- Viable Business Plans
Apart from these basics and seed funding, there are a few other reasons which makes QPrize a compelling option for startups.
- Press and Media Exposure: Regional winner and finalists are announced in front of top VCs, Industry folks and Media people.
- Qualcomm Support: Important introductions within the Wireless and Technology Industry
- Additional Funding Support: All 2009 QPrize winners went on to raise additional funding