Qualcomm announced this weekend its intention of investing $150 million in Indian startup companies, through its financing venture arm, Qualcomm Ventures. They’re also going to support Digital India and Make in India.
The announcement came during a meeting with Prime Minister Narendra Modi at the Digital Economy event in San Jose. The idea is to fuel the innovation coming from Indian startups, that are contributing heavily to the “Internet of everything” ecosystem. This is not Qualcomm’s first ball in this field, since they’ve been investing in Indian startups since 2007, with more than 20 solid Indian companies part of its global portofolio.
Qualcomm announced the Design in India Initiative and Competition, that will encourage the creation of a local product design ecosystem and make India a sort of hub for design capabilities. Tablets and handsets will be generated from such competitions, with very original designs expected. India has a large engineering talent ready to be put to work and generate innovations.
Qualcomm will also set up an Innovation Lab in Bangalore, India, to provide technical and engineering support to Indian companies.