Qualcomm is organizing a business plan competition to provide over $500,000 in early stage capital for enterprising technology companies. The competition is also open to entrepreneurs in India. Qualcomm Ventures has allocated $550,000 to help fund early stage businesses and entrepreneurs located throughout the world. There will be four regional semi-finalist competitions taking place in China, Europe, India and North America.
The winner in each of these regional competitions will receive $100,000 (USD) of funding in the form of a convertible promissory note. The four semi-finalist winners will be invited to San Diego to compete for an additional $150,000 (USD) of funding, giving the winner a total investment of $250,000. (A convertible promissory note is a common debt instrument issued by companies to venture capitalists in early stage funding transactions.) Qualcomm Ventures will purchase such notes from the winners of the competition and convert them to capital stock, concurrent with the company’s next institutional round of funding (proceeds from the next round must exceed $500K USD).
Qualcomm Ventures will screen all submitted business plans to ensure compliance and overall strategic investment fit. Ideally, these would be opportunities that:
- Stimulate demand for next-generation high-speed networks through new products, applications and services
- Create new and complementary technologies and businesses
- Enable new horizontal and vertical markets
- Enhance demand for wireless data applications and services
Entrants must complete all the required fields in the online form and attach a completed copy of their business plan prior to August 21st,2009. The Final event will be held in San Diego, CA in November, 2009. The judging panel will consist of a mix of Qualcomm employees, event sponsors and partners.
While there are no entry fees to participate in this competition, the participants will be responsible for all costs associated with travel and accommodations.