Qualcomm Incorporated through Qualcomm Ventures has announced QPrize – Make in India contest in association with the Department of Industrial Policy & Promotion (DIPP). “The goal of this contest is to catalyze Indian entrepreneurs and the startup community to drive the entire value chain from innovation to manufacturing in India. The winner will receive an investment of Rs. 2 crores (approximately US$ 300,000),” said Qualcomm.
Last year Qualcomm announced its plans to invest up to US$ 150 million (approximately Rs. 9.8 billion or Rs. 980 crores) in Indian startup companies across all stages through its venture arm, Qualcomm Ventures.
Startups can get more information about the contest and download the form for participation here. The contest already opened from February 4th, last date for submitting entries is February 12th and DIPP will announce the shortlist on February 15th. Shortlisted companies will be invited for the final pitch presentation during the grand finale on February 18th, 2016.
Sunil Lalvani, vice president and president, Qualcomm India, said:
We applaud Prime Minister Modi’s vision of Make In India which has the potential to transform India’s manufacturing sector, spurring employment, investment and innovation. Energized by this vision, Qualcomm is excited to join hands with DIPP to announce the QPrize Make in India contest with the goal of stimulating the startup ecosystem to realize the dream of making India a hub for design and manufacturing.
Amitabh Kant, Secretary, Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce and Industry, Government of India, said:
We are delighted to announce the QPrize Make in India contest that will be a driving force for Indian entrepreneurs aligning with our Prime Minister Modi’s vision for Start-up India and Make in India. It is heartening to see an industry leader like Qualcomm, joining forces and contributing to make this vision a reality. Besides the Rs. 2 Crore prize money investment, they will bring in immense experience and support to nurture the startups through Qualcomm Ventures and Design in India initiatives.