Qualcomm is establishing a program within the EvoNexus incubator called Qualcomm@EvoNexus. 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 will engage in discussions with selected companies with the goal of providing seed funding.
We are both committed to the further development of a healthy technology ecosystem and leveraging the significant talent pool in Southern California.
What sorts of companies do you fund?
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:
- Smart Cities
- DCDC converters
- Battery Management
- Fuel Gauge IP
- Wireless charging
- Capacitor and Inductor breakthroughs
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 long is the program?
Most companies are expected to operate within the incubator for one to two years.
How much funding will admitted companies which Qualcomm desires to fund receive?
Amounts will vary depending on the company, though Qualcomm 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 will consider a variety of funding structures, including convertible notes, and expect the model to vary depending on each company’s needs.
Is my company “too far along” to apply?
If you are thinking about using the services of an incubator and are still raising seed funding then this program is probably right for you. It doesn’t matter if you have already taken funding from other investors; the focus is on whether EvoNexus and Qualcomm can help you achieve success given the current stage of your company.
How will we know if our group is selected?
After the submission period closes (current round is February 28th), the EvoNexus Selection Committee will review applications and companies short listed for further evaluation, diligence and face to face discussions. Companies will be notified whether they have been selected to move to the next stage of the review process via email in the 30-days after the submissions deadline. From there, EvoNexus will let you know whether your company will progress to the next step after each stage in the review process.
If we are not placed in the Qualcomm@EvoNexus space, will we be considered by EvoNexus for placement elsewhere in the Incubator or do we have to submit another application?
EvoNexus will consider your company for application to the Incubator independent of Qualcomm consideration to provide funding under the Qualcomm@EvoNexus program. Your application serves both purposes.
Do I need to send in a business plan?
Everything needed is covered in the online application and executive overview slide deck. You will need to be able to describe your business model, but are not required to submit a formal business plan.
Who will we be mentored by?
Selected companies which are placed in the Qualcomm @ 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.
What does EvoNexus provide?
EvoNexus offers companies full service office space – furnished, network connected and ready to operate. They also provide access to a broad range of domain experts and mentors, and the opportunity to leverage a wide network of business and VC contacts. These services are provided entirely free of charge. Companies operating within the incubator are under no financial or IP-related obligation to EvoNexus when they graduate.
I’m concerned that I am exposing my Intellectual Property by applying. Will you sign an NDA?
While we will be respectful in the handling of information in your application, we do not enter into NDAs for this process and do not wish to receive confidential information. Please do not disclose any proprietary business or technological information. EvoNexus expects to see many applications which are likely to contain similar ideas or which contain ideas that companies who sit on its Selection Committee currently are developing.
How does Qualcomm@EvoNexus differ from other Incubators?
EvoNexus is the nation’s only pro-bono, no-strings-attached technology incubator, and there is no cost to entrepreneurs for use of their facilities or programs. While Qualcomm’s seed investment is conditioned on your being accepted by EvoNexus, your consideration for the EvoNexus program is not dependent on being successful in obtaining Qualcomm funding. Qualcomm and EvoNexus are also taking a longer term view than many other incubators. Companies are admitted to EvoNexus for up to 2 years and any of Qualcomm’s seed funding, which may be provided, is sized accordingly. Both EvoNexus and Qualcomm like to think of ourselves as providing meaningful support for meaningful technological innovation.
Will Qualcomm consider investing further in my Company, through venture funding or acquisition?
Through this program, Qualcomm is looking to help expand the local technology ecosystem and build relationships with exciting young companies. It is a positive thing if these relationships ultimately evolve into a more strategic dialog.
Do we get to select which office we work from?
This will depend on the size of your company and the space EvoNexus has available, but they will try and accommodate your requested location.
What if we are students, can we still apply?
While students are not excluded from applying, admission into the Incubator requires that you be a legally incorporated company with a leadership team able to dedicate time and energy into the business on a full-time basis.
Is there a restriction on the amount of members of the group?
No. That said, the expectation is that companies working out of the Downtown location will have no more than 6 employees. Companies operating out of University Town Center may be a little larger.
I’m a single founder. Can I get accepted?
Although applications from single founders won’t be explicitly screened out, you do need to be a legally incorporated company with a team able to dedicate the necessary skills, resources and energy into making your business a success. Given the nature of technology businesses, it is important to have the right combination of technical and business skills in the founding team.
Will you help me secure venture funding?
While this is not guaranteed, EvoNexus and Qualcomm will work together to equip you with the tools and introductions that will help you seek further venture funding.
Can I stop by the offices to say hello?
Please do not drop into the EvoNexus offices without making an appointment. While persistent, this is not particularly persuasive. EvoNexus and Qualcomm are happy to take meetings via appointment, so please consider first reaching out via email.
Will I have to move to San Diego?
EvoNexus is only operating in the San Diego area at this time. If accepted to the Incubator, the expectation is that you will be located full time in San Diego.
Will you help with relocation and housing?
While EvoNexus can give you pointers on local resources, relocating and finding new housing will be up to you.
Can I apply if our company or founders are not from the USA? Will you help with Visas and immigration?
While EvoNexus will accept anyone from anywhere, you do need to be based in San Diego during your time in the incubator lab and be in the USA legally. Neither EvoNexus nor Qualcomm can assist you in securing visas.
Is Qualcomm hiring?
If you are interested in working for Qualcomm Technologies, Inc., please check here: