The Department of Industrial Policy & Promotion (DIPP) and Qualcomm through its venture investment arm, Qualcomm Ventures, announced Thursday, the "QPrize Make in India" contest for startups, which will award $350,000 (roughly Rs. 2.3 crores) in equity investment as prize money to the winning startup.
The goal of the contest is to catalyse India's startup community to drive the entire value chain from innovation to creating a local product design and manufacturing ecosystem manufacturing in India, DIPP said.
Startups can submit their entries to the contest on the Make in India website, the 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, which will be held at the Make in India Centre, MMRDA Grounds, Bandra - Kurla Complex.
"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 Startup India and Make in India," said Amitabh Kant, Secretary, Department of Industrial Policy & Promotion (DIPP), Ministry of Commerce and Industry, Government of India in a press statement. "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," he added.
Prime Minister Narendra Modi will inaugurate the Make in India Week, which will be held from February 13 to 18. The government expects participation of over 1,000 companies and delegates from over 60 countries. The theme of the event will be innovation, design, and sustainability.