Qualcomm ponies up half mill prize cash

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.

The "QPrize" is open for entries until the end of July, with one entry for each region - North America, Europe, China and India - getting $100,000. Each winner will be asked to submit a revised business plan, to enable judges to spend another month selecting a final winner, who will get an additional $150,000 to spend.

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. ®