Govt woos startups

Govt woos startups

 In support of the ‘Make in India’ week, the Department of Industrial Policy & Promotion (DIPP) and chip maker Qualcomm on Thursday announced India’s largest startup contest ‘QPrize Make in India’ awarding $350,000 (Rs 2 crore) in equity investment as prize money for the winning company.

 The goal of this contest is to catalyse Indian entrepreneurs and startup community to drive the entire value chain from innovation to manufacturing in India.

 “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 DIPP Secretary Amitabh Kant.

 “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,” he said.

 With over $5 billion worth investment in 2015, and three to four startups emerging every day, India has the third largest number of startups in the world.

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