Start-up incubator EvoNexus is launching an incubator program to recruit and support early-stage companies that will develop the 5G ecosystem. Qualcomm has signed on to support the initiative as a sponsor.
“5G is poised to produce $13.2 trillion in economic value by 2035, and we want to ensure that the full potential of 5G is met,” said Brian Modoff, the executive vice president for strategy, M&A and ventures at Qualcomm. “Through our EvoNexus sponsorship, we will be supporting early-stage ventures developing new use cases that leverage 5G’s unique capabilities.”
EvoNexus has developed a rigorous and proven incubation program, which it will offer to attract new ventures focused on 5G and AI applications. Companies selected to participate can be located anywhere.
“EvoNexus enables motivated entrepreneurs to turn their transformative ideas into fundable, commercially-viable companies,” said Rory Moore, CEO and cofounder of EvoNexus.
Qualcomm and EvoNexus have collaborated for 10 years to develop early-stage wireless ventures. Qualcomm has invested in several EvoNexus portfolio companies and acquired two of them.
“5G will drive transformation across industries, fueling a new era of innovation. Qualcomm companies are developing innovative solutions across the entire 5G value chain and are committed to support the roll out and adoption of 5G,” said Modoff.
“We are honored to have Qualcomm’s involvement with this 5G initiative, which will attract numerous entrepreneurs aiming to leverage 5G and AI,” said Moore.
Jim Cable, CTO of EvoNexus and formerly the CEO of pSemi, said, “With its incubator program, track record and experience, EvoNexus provides start-ups with a jump-start to launch and scale their plans. Whether it’s 5G or beyond, EvoNexus is the fastest way to launch a startup.”
Since the incubator’s formation in 2010, EvoNexus has launched around 230 technology start-ups with a survival rate of greater than 85 percent. EvoNexus ventures have secured more than $2 billion in venture funding and outcomes and 28 acquisitions.