Companies will go through the standard EvoNexus selection and due diligence process for admission to the Incubator. EvoNexus will determine who to admit and will extend an offer of acceptance under their standard terms and conditions. In parallel, Qualcomm Ventures will engage in discussions with selected companies with the goal of providing seed funding.
While Qualcomm will consider possible funding for companies who are admitted to the EvoNexus Incubator in any technology area, we are most interested in companies with an emphasis on the use of wireless and who are focused on the following areas:
What are your selection criteria?
EvoNexus considers a range of things when admitting companies, including the scale and scope of the problem or opportunity you are proposing to address, your ability to differentiate from would-be competitors, your go-to-market approach and your founding team. In terms of suggestions for strengthening your application, you might consider the following:
- Make sure you have the right mix of skills for the business you are proposing to address.
- Show us your idea in action. Build a prototype, prove it can work!
- Demonstrate that you’ve done the leg work to validate your idea. Explore your market channels, talk to would be customers, validate requirements and test for willingness to pay.
How much funding will admitted companies which Qualcomm desires to fund receive?
Amounts will vary depending on the company, though Qualcomm Ventures is offering companies admitted to the EvoNexus incubator in connection with this program the opportunity to receive seed funding of up to $250,000 each. Qualcomm Ventures will consider a variety of funding structures, including convertible notes, and expect the model to vary depending on each company’s needs.
Who will we be mentored by?
Selected companies which are placed in the Qualcomm Ventures @ EvoNexus space will be matched with an appropriate mentor from within Qualcomm. They will also have the opportunity to work with the network of industry professionals involved with EvoNexus.