The Department of Industrial Policy and Promotion (DIPP) has announced today the launch of “QPrize Make in India” – a contest for startup ideas in partnership with Qualcomm in the run-up to the Make in India Week to be held in Mumbai this month. DIPP is an agency working under the Ministry of Commerce and Industry, Government of India.
The contest is touted as India’s largest start-up contest and the goal of this contest is to catalyze Indian entrepreneurs and start up community to drive the entire value chain from innovation to manufacturing in India.
The winner of the startup contest will be announced at the end of the Make in India Week to be held in Mumbai from 13th to 18th February. The winner will get an equity investment of US$ 350,000 or Rs 2.3 crore approx from Qualcomm Ventures, the venture investment arm of Qualcomm, the US maker of chips for smartphones.
“We will have live voting to select the best startup idea…we are looking for entrepreneurs who can innovate, create value,” a senior official said. The contest will open today and DIPP will accept entries till February 12.
Qualcomm has supported Prime Minister Modi’s vision of Make in India by recently announcing Qualcomm Design in India Initiative. They are further supporting this vision by announcing the “QPrize Make in India” special edition contest to energize the start-up ecosystem to join this movement towards creation of a local product design and manufacturing ecosystem.
“We are delighted to announce the QPrize Make in India contest that will be a driving force for Indian entrepreneurs aligning with our Prime Minister Modi’s vision for Start-up India and Make in India,” said Amitabh Kant, Secretary, Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce and Industry, Government of India. “It is heartening to see an industry leader like Qualcomm, joining forces and contributing to make this vision a reality. Besides the Rs. 2 Crore prize money through equity investment, they will bring in immense experience and support to nurture the startups through their Qualcomm Ventures arm and Design in India initiatives targeted towards making India a hub for design and manufacturing.”
Details of QPrize Make in India contest are as follows:
- 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
The grand finale will be held at the Make in India Centre, MMRDA Grounds, Bandra – Kurla Complex and will be televised With over $5 billion worth investment in 2015 and 3 to 4 startups emerging every day, India has the third largest number of startups in the world. The QPrize Make in India special edition challenge is aimed at celebrating the entrepreneurship spirit of country’s youth and will be attended by CEOs and founders of top Start-ups from across the country that are attending the Make in India Week.