Qualcomm Ventures has put up $550,000 in prize money, to be invested in the best business model it can find, in a process which is surely what it should be doing anyway.

Like many technology companies, Qualcomm maintains an investment arm. This one has the stated aim of "fostering 3G CDMA and wireless internet markets", so investing in innovative business models is what Qualcomm Ventures does. It's just that on this occasion it's decided to do so through a competition.

Not that the prizes are gifts: this is seed investment money. Qualcomm will be expecting a decent return, eventually.

But if you've got a decent business plan and can fill in an on-line entry form then give it your best shot. Considering how tight the banks are right now it might turn out to be the easiest way to raise money. ®

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