Qualcomm Labs Inc., a wholly owned subsidiary of Qualcomm Incorporated (QCOM), and EvoNexus, the CommNexus San Diego incubator for startup companies in the high-tech sector, today announced their collaboration for a Qualcomm Labs' sponsored incubator program. This unique program brings together Qualcomm Labs' commitment to innovation with EvoNexus' forward-thinking, pro-bono community incubation model and opens up opportunities to further technology development in San Diego.
Qualcomm Labs, Qualcomm's internal incubator, is expanding its reach by working with EvoNexus, the nation's only free, community-backed business incubator, to establish a program within called [email protected]
"Qualcomm has been an active partner with CommNexus since 1998, and our new relationship with Qualcomm Labs takes EvoNexus' unique, community-supported incubator model to an entirely new level," said Rory Moore, CEO, CommNexus. "With EvoNexus' proven results, we are confident we can work with Qualcomm, a world leader in technology innovation, to help build new companies here in San Diego that will transform the local economy and energize the entire region."
Building on the success of EvoNexus, which currently has 22 companies in incubation and has helped create over 300 jobs, this new incubator program will be located in EvoNexus' Downtown and La Jolla offices. EvoNexus has already graduated six companies and raised a total of $82 million in venture funding since inception. Working alongside each other, Qualcomm Labs and EvoNexus will provide start-up tech companies the opportunity to transform ideas into businesses and products that answer the technology needs of the future.
"Qualcomm Labs is committed to transforming early stage products and technologies into viable businesses that move the wireless industry forward," said Peggy Johnson, executive vice president and president, Global Market Development at Qualcomm. "Working together with EvoNexus, we hope to extend our incubation model to harness the significant talent pool in our region to serve as a catalyst for wireless innovation."
Qualcomm Labs and EvoNexus are inviting companies to apply for participation in the program via a call for submissions, which opens today, May 22, 2012, and will close on July 3, 2012. Start-up companies and entrepreneurs in the high-tech sector who are interested in applying or receiving more information can access the application at http://www.evonexus.org/qualcommlabs/.
While all entrepreneurs with interesting technology ideas are encouraged to apply, the admissions team will be paying particular attention to proposals which address the following focus areas:
- Connected objects and machine to machine communications
- Low cost backhaul solutions
- Wireless health and education platforms
- Sustainability and green technologies for portable devices
Qualcomm Labs and EvoNexus will team up to evaluate applications and will select companies for entry into the incubator program. Successful applicants will receive separate seed funding from Qualcomm Labs as well as free space accommodation within EvoNexus' fully furnished Downtown or La Jolla office locations. Admitted companies will be announced in early September 2012. During their residency, which can be up to two years, incubator companies will work on developing their products and technologies into viable businesses. They will have the chance to work with experienced Qualcomm Labs employees who will serve as mentors, and will have access to a broad network of industry experts and investment professionals who participate with EvoNexus. Over time we expect [email protected] companies to graduate the incubator as they secure venture funding or interest from strategic investors.
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