Qualcomm has announced that their wholly owned subsidiary, Qualcomm Labs, will be partnering with local incubator EvoNexus to help support innovation in the San Diego area. Qualcomm Labs is Qualcomm’s wireless business incubator and serves as an internal incubator focused on addressing new market and product opportunities in wireless.
Qualcomm Labs’ partnership with EvoNexus will be called QualcommLabs@EvoNexus (yes, very creative). Since both EvoNexus and Qualcomm Labs are incubators, we believe that this new venture will likely be very similar to Qualcomm Labs but likely with more freedom because they are not within the confines of Qualcomm itself.
EvoNexus’ goal is to provide companies with free office space and mentoring as well as networking to help those companies get funded or bought out. They currently have 22 companies in incubation and claim to have helped create over 300 jobs. They have already graduated six companies from their incubation program and raised a total of $82 million in venture funding since their inception.
Qualcomm Labs in partnership with EvoNexus have extended an invitation to companies to apply for this opportunity which starts today and goes through July 3rd. There are no real limitations on companies that can apply for this opportunity, but the companies that Qualcomm and EvoNexus are looking for are generally companies with interesting technologies in wireless technology. The admissions team will be paying close attention to companies that have ideas or products in the areas of connected objects and machine to machine communications as well as wireless health and education platforms. Additionally, they are interested in low cost backhaul solutions and sustainability and green technologies for portable computing devices.
Judging by the technologies that Qualcomm Labs appears to be looking for, many of these technologies appear to be areas where Qualcomm is interested in expanding their business or becoming a bigger part of the ecosystem. The biggest potential for growth for Qualcomm and any potential inventor or company really lies within the area of mobile health. Currently, mobile health is a huge industry that is starting to grow at a very fast pace especially with the movement towards more affordable healthcare. This move towards more affordable healthcare means more wireless and mobile communication between patients and their doctors.
We believe that this announcement, to us, telegraphs what areas Qualcomm is most interested in and sees the most potential. Watch this space in the coming years to see how Qualcomm and their competitors fight for these new growth opportunities in the wireless technology industry. Hopefully this new venture will also help feed more jobs into the San Diego economy and perhaps convince more people to move here even though the weather itself is generally enough. Interestingly, this Thursday there will also be an event organized by EvoNexus at UCSD which will try to bring young inventors together with venture capital and angel investors to help them get their ideas off the ground. One of the participating investor groups is Qualcomm Ventures, one of Qualcomm’s business units created to make strategic investments in early-stage high-technology ventures. Needless to say, there is no shortage of companies (including Qualcomm) willing to help spur innovation in the San Diego area.