Indian startup scene is getting even more boost from the Modi government as Department of Industrial Policy & Promotion (DIPP) and Qualcomm’s venture investment arm Qualcomm Ventures in collaboration have come up with a contest for startups with a prize money of 2 Crores (US $350000) in equity investment.
Named as QPrize Make in India contest, the vision of this contest is to invite entrepreneurs towards product design and manufacturing. Prime Minister Narendra Modi kick-started Make in India campaign to promote India as a manufacturing hub of world. This contest is definitely a very nice step towards getting more startups to bring the change.
Here are the quick highlights of this contest:
• The contest opens on February 4, 2016
• Start-ups can submit their entries on the DIPP / Make in India website.
• Last date for submitting entries is February 12, 2016
• DIPP will announce the shortlist on February 15, 2016
• Shortlisted companies will be invited for the final pitch presentation during the grand finale on February 18, 2016
• Jury will consist of eminent names from the Government, industry and Qualcomm
• Winner will be awarded US$ 350,000 (Rs. 2 Crore) as equity investment from Qualcomm Ventures
This contest is not just an opportunity for upcoming startups to secure funding but also benefit from the vast industry experience of industry leader like Qualcomm.