Qualcomm Ventures is going to give €100,000 to the best Eastern European startup as part of its Qprize seed investment competition. Eastern Europe is the 8th, newest region to be added to the Qprize which has been active for 2 years now and which is looking to fund even better startups this year. Qualcomm Ventures’ potential investment is not only a very good deal in terms of the money raised, but also a “smart money” investments for mobile startups since Qualcomm is truly embedded in the mobile world.
Qualcomm is one of the world’s largest makers of telecommunications equipment and their Snapdragon processors power lots of smartphone and tablets. The company released a SDK for Snapdragon for Android developers in June. Qualcomm Ventures is their investment arm that has already funded mobile startups such as the gaming community HeyZap and traffic app Waze, which is similar to Croatia Traffic & Weather.
Smart (mobile) money
Qualcomm Ventures’ judges will take 4 criteria into account when looking at the business plans submitted for the Qprize: the merits of innovation and creativity of the startup, the project’s potential market, the management capabilities of the team as well as the realistic financial projections for the whole project.
Interestingly, European startups in the two participating (Western and Eastern) regions get a better deal: getting an investment of €100,000 instead of $100,000 as in all other regions such as North America and India. The regional winners than travel to the US for the final showdown in which one startup gets an additional $150,000!
Qualcomm Ventures’ director Jason Ball told me that they are seeing more and more activity in Eastern Europe, which is why they decided to launch a dedicated competition for the region. He notes that all the winners of the first and 2/3 of the winners of the second Qprize secured Series A funding afterwords. Enterproid’s Alexander Trewby told CBR about his experience:
Qualcomm at the time (2009/10) were producing most of the Android-based smartphone chipsets. Once our prototype was complete, we still needed exposure and more funding, and so applied for the Qualcomm QPrize. It was great for practising our pitch, they gave us great feedback.
The Qprize is a perfect chance for regional mobile startups to get some serious funding and an investor that knows the mobile industry. With this being the first year of the Eastern European chapter, there should be even more chance to win so be sure to submit your startup today – the submission deadline is Friday, August 17th! Good luck!