Recently, Qualcomm announced the launch of the 3rd edition of QPRIZE Competition and as a boost to that, Microsoft Corp. will now be collaborating on this. The competition aims to identify the most promising early-stage technology companies in India. As a result of this collaboration:
- Microsoft will provide US$25,000 for the second prize winner of QPRIZE in India and sign up the shortlisted applicants to its BizSpark program
- The finalists would be considered for BizSpark Plus program.
Commenting on the announcement, Karthee Madasamy, Director of Investments for India and Israel, Qualcomm Ventures, said “We welcome Microsoft’s contribution to the QPRIZE competition. The competition attracts and highlights the brightest business ideas from India’s pool of talented entrepreneurs and provides them with early-stage financing and support in their journey to global success. Microsoft’s participation in this endeavour will provide promising startups the much needed support to help accelerate their success while ensuring greater exposure to the venture community.”
“India is at a tipping point where strong talent, emerging Angel investors and VCs, and easy access to global markets are all coming together to foster an exciting and vibrant startup ecosystem,” said Harish Vaidyanathan, Director of Evangelism at Microsoft Corporation India Pvt. Ltd. “
The deadline for business plan submissions is August 17, 2012. From the pool of competing entries, Qualcomm Ventures will select one first prize winner of the QPRIZE India competition who will receive US$100,000 of convertible note funding from Qualcomm Incorporated. The QPRIZE India winner will then be eligible to compete against other regional finalists in the QPRIZE Grand Finals competition for an additional US$150,000 in convertible note funding to help transform his or her innovative business plan into reality. Entrants’ submitted business plans will be evaluated by a panel of experts based on the merits of the technology innovation, its market potential, the company’s management capabilities and the attainability of the proposal’s financial projections. The QPRIZE competition is open to entrepreneurs across China, India, Israel, Korea, North America, Western Europe, Brazil and Eastern Europe.
Additional details, including candidate eligibility and submission guidelines, are available HERE