As part of the search to identify and fund early-stage but promising technology companies, QPrize 2014 has officially started accepting applications. This international seed-investment competition from Qualcomm Ventures offers finalists support within the wireless ecosystem across seven regions: China, Europe, India, Israel, Korea, Latin America, and North America. Finalists from each region will receive convertible-note funding from Qualcomm in order to bring their business plans to reality.
From the pool of entrants, up to eight finalists will be selected from each region. A competition will then be held to choose every regional finalist. Competitors are evaluated by a panel of experts on business innovation, market potential, management capabilities, and financial projections. Each finalist will be awarded $100,000 as seed funding and will receive an invitation to compete against the other regional finalists at the QPrize Grand Finals. The finals winner will receive an additional $150,000 in funding.
The deadline to submit business plans is April 18. Last year’s Grand Finals winner, iOnRoad, helps drivers improve their skills in real time using smartphone cameras and a series of algorithms. Its Android and iOS apps provide assistance with a variety of functions including augmented driving, collision warning, and “black-box”-esque video recording. The company was acquired less than 30 days after the final competition.
More information about QPrize 2014 can be found here.