DIPP and Qualcomm announce “QPrize™ - Make in India” contest for Start Ups
Winner takes it all - Rs. 2 Crore in equity investment
NEW DELHI — February 4, 2016 — In support of the Make in India Week, the Department of Industrial Policy & Promotion (DIPP) and Qualcomm Incorporated (NASDAQ: QCOM), through its venture investment arm, Qualcomm Ventures, today announced India’s largest start-up contest “QPrize Make in India” awarding US$ 350,000 in equity investment as prize money for the winning company. The goal of this contest is to catalyze Indian entrepreneurs and start up community to drive the entire value chain from innovation to manufacturing in India. ***
Qualcomm has supported Prime Minister Modi’s vision of Make in India by recently announcing Qualcomm Design in India Initiative. They are further supporting this vision by announcing the “QPrize Make in India” special edition contest to energize the start-up ecosystem to join this movement towards creation of a local product design and manufacturing ecosystem.
“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,” said Amitabh Kant, Secretary, Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce and Industry, Government of 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 through equity investment, they will bring in immense experience and support to nurture the startups through their Qualcomm Ventures arm and Design in India initiatives targeted towards making India a hub for design and manufacturing.”
Details of QPrize Make in India contest are as follows:
• The contest opens on February 4, 2016
• Start-ups can submit their entries on the DIPP / Make in India website.
• Last date for submitting entries is February 12, 2016
• DIPP will announce the shortlist on February 15, 2016
• Shortlisted companies will be invited for the final pitch presentation during the grand finale on February 18, 2016
• Jury will consist of eminent names from the Government, industry and Qualcomm
• Winner will be awarded US$ 350,000 (Rs. 2 Crore) as equity investment from Qualcomm Ventures
The grand finale will be held at the Make in India Centre, MMRDA Grounds, Bandra - Kurla Complex and will be televised
With over $5 billion worth investment in 2015 and 3 to 4 startups emerging every day, India has the third largest number of startups in the world. The QPrize Make in India special edition challenge is aimed at celebrating the entrepreneurship spirit of country’s youth and will be attended by CEOs and founders of top Start-ups from across the country that are attending the Make in India Week.