San Diego’s Free EvoNexus Tech Incubator Gains Qualcomm Expertise
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provide to companies admitted to the program.
“With Qualcomm, the reach we’ll have throughout the region and beyond to get companies to come to this will be phenomenal,” says CommNexus CEO Rory Moore. “It provides a great deal of credibility, but we also have the expectation that this incubator will return high dividends for the region.”
CommNexus manages the EvoNexus incubators and pays the bills. CommNexus, in turn, is supported chiefly by Qualcomm and about 35 other major technology companies in the San Diego area that each pay about $25,000 each as venture sponsors, Moore says. The group’s biggest financial support, however, comes from The Irvine Co., the privately held commercial real estate developer, which provides the office space used by CommNexus and EvoNexus at no cost. The value of that comes close to $1 million a year, says Moore, who estimates The Irvine Co. provided another $1 million in custom tenant improvements for the downtown EvoNexus incubator. “They are the ‘uber’ venture sponsor,” he quips.
Startups will be admitted into the QualcommLabs program for as long as two years. Experienced Qualcomm Labs employees will serve as mentors, and the startup CEOs also will have access to the EvoNexus network of industry experts and investors. In their statement today, Qualcomm and EvoNexus say, “Over time we expect QualcommLabs@EvoNexus companies to graduate the incubator as they secure venture funding or interest from strategic investors.”
Qualcomm Labs maintains a robust pipeline of … Next Page »