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Qualcomm Ventures and Microsoft have come together to identify early stage technology focussed companies in India.
As a part of this initiative, Qualcomm Ventures will select the first prize winner of the QPrize India competition who will receive $100,000 of convertible note funding from Qualcomm Inc.
On its part, Microsoft will provide $25,000 for the second prize winner and sign up the shortlisted applicants to Microsoft’s BizSpark programme that enables start-ups access to products and technologies of Microsoft. The finalists would get access to BizSpark+ programme.
The global majors are looking at start-ups to invest in the areas of cloud, clean tech in mobile and analytics, social media and big data technologies.
The business plans, submitted by these start-ups, will be evaluated by a panel of experts based on the merits of the technology innovation, its market potential, company’s management capabilities and attainability of the proposal’s financial projections.
competition
“India is at a tipping point where strong talent, emerging angel investors and VCs, and easy access to global markets are coming together to foster a start-up ecosystem,” said Mr Harish Vaidyanathan, Director of Evangelism at Microsoft Corporation India.
The competition attracts 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, said Mr Karthee Madasamy, Director of Investments for India and Israel, Qualcomm Ventures.
Start-ups such as Reverie Language Technologies and Capillary Technologies have benefited from QPrize. The QPrize India winner can compete with other winners in different geographies for an additional $150,000 in convertible note funding. The deadline for business plan submissions is August 17.
> venkatesh.ganesh@thehindu.co.in
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