Qualcomm Ventures has extended $100,000 in venture financing to Deck App Technologies for emerging as a winner of the QPrize 2012 India Regional Semi-Final Competition.
Qualcomm Ventures QPrize investment competition aims to identify innovative ideas and promote budding entrepreneurs. The competition is open to entrepreneurs across Brazil, China, India, Israel, Korea, North America, and Europe.
The business plans submitted by the participating companies were evaluated by a panel of experts based on the merits of the technology innovation, its market potential and the company?s management capabilities.
Post its win, Bangalore-based Deck App Technologies will now get the opportunity to compete for an additional $150,000 prize in the QPrize Global Grand Prize competition. Here, it will be competing against other regional winners. The completion will be held in San Francisco in the first quarter of 2013.
Commenting on the competition and its importance, Karthee Madasamy, senior director, Qualcomm Ventures, says, ?The competition recognises innovation and applauds the spirit of entrepreneurship that looks to redefine standard norms. ?Through QPrize, Qualcomm helps identify breakthrough ideas at early stages and help them grow by providing promising entrepreneurs with mentorship, investment support and exposure to the global technology ecosystem.?
The competition is also being supported by Microsoft Corporation, Mumbai Angels and YourStory.in.
The first runner-up of the competition Uberlabs will also receive prize money of $25,000 from Microsoft Corporation. Uberlabs builds products to measure brand presence in TV streams, internet videos and social media.
Harish Vaidyanathan, director, evangelism, Microsoft Corporation India Private Limited, says, ?We are glad to collaborate with Qualcomm to support early-stage technology companies in their journey to success. India has a huge talent pool and it is important for ecosystem players to join forces to foster greater opportunities for successful entrepreneurship.?
