In an effort to promote in the wireless industry, global communications solution provider, Qualcomm''s subsidiary, Qualcomm Ventures announced a new initiative named QPrize competition with an aim to identify and support companies as well as entrepreneurs. The competition is open to the regions of North America, Europe, China and India and promises to provide more than $ 550,000 in funds.

The competition is open till July 31, 2009 and players from Consumer/enterprise applications and services, Communication devices, Semiconductor and component technologies, Mobile platforms, Digital media and content, Healthcare technologies and services and CleanTech areas of business can participate in the competition.

“Many of tomorrow’s great technology innovations are being developed by small companies, entrepreneurs and university students,” said Nagraj Kashyap, vice president of Qualcomm Ventures.  “This competition is designed to provide initial financial support to help bring their ideas into the market.”

“Qualcomm continues to make R&D investments in India and, through Qualcomm Ventures, provides early-stage funding to innovative Indian start-ups in the wireless space,” said Kanwalinder Singh, senior vice president of Qualcomm and president of Qualcomm India and South Asia.  “QPrize is an additional initiative to identify and strengthen novel business ideas while in the concept stage.  We look forward to spirited participation from Indian entrepreneurs and hope to move their ideas towards commercial reality by extending initial mentoring and financial support.”