EvoNexus is eager for startups to join in accelerating 5G innovation

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EvoNexus is launching an incubator program to recruit and support startups developing the 5G ecosystem. Tech giant Qualcomm has signed on to support the initiative as a sponsor.

Brian Modoff, executive vice president of strategy, M&A and venture capital at Qualcomm, said: “5G is expected to create $13.2 trillion in economic value by 2035, and we want to ensure the full potential of 5G is met. Through our sponsorship of EvoNexus, we will support early-stage companies in developing new use cases that leverage the unique capabilities of 5G.”

EvoNexus has developed a rigorous and proven incubation program that it will offer to attract new businesses focused on 5G and AI applications. Companies selected to participate can be located anywhere.

“EvoNexus will empower entrepreneurs to transform their transformative ideas into bankable, commercially viable technologies,” said Rory Moore, CEO and co-founder of EvoNexus.

Qualcomm and EvoNexus have collaborated for 10 years, primarily in developing early wireless businesses, and Qualcomm has invested in several EvoNexus portfolio companies and acquired two.

“5G will drive transformation across industries and fuel a new era of innovation. Qualcomm is developing innovative solutions across the entire 5G value chain and is committed to supporting the launch and adoption of 5G.”

Moore: “We are honored to have Qualcomm Technologies join this 5G initiative, which will attract a wide range of entrepreneurs aiming to leverage 5G and AI.”

Jim Cable, CTO of EvoNexus and former CEO of pSemi: “EvoNexus provides startups with the opportunity to launch and scale their programs with its incubator program, track record, and experience. Whether it’s 5G or beyond, EvoNexus is the fastest way to start a business.”

Since its founding in 2010, EvoNexus has launched approximately 230 technology startups with a survival rate of over 85%. EvoNexus ventures have received over $2 billion in venture funding and 28 acquisitions.

What kind of incubator is EvoNexus? Let’s find out at the end of the article.

EvoNexus: The only startup incubator in the U.S. that does not own shares in the incubated companies

EvoNexus, a project of CommNexus, a San Diego technology association, was started in 2009 to promote the growth of new local technology companies.

Like other high-tech incubators, EvoNexus provides companies with office space, entrepreneurial guidance and venture capital networks. But compared with other incubators, these companies do not need to pay any fees or receive unfair treatment.

“We believe this is the only free, no-strings-attached program in the country,” said Bailey Cunning, EvoNexus’s chief executive. “Our goal is to catalyze new technology companies in the San Diego area, and we don’t want to see startups fall by the wayside.”

EvoNexus has received more than 300 applications, and one out of every 18 applications has been accepted by EvoNexus. The incubator currently has two offices in downtown San Diego and the suburbs, with 23 startups settled in. Startups can stay for an average of six months to a year, which is much longer than the time stipulated by incubators with profit requirements. Participants in the EvoNexus incubation project can obtain office facilities, equipment, broadband and related entrepreneurial services. They can obtain venue sponsorship, operate for free with the help of venture capital, choose directions according to industry characteristics, and of course, San Diego's beaches, sunshine and Wasden Square for relaxation.

Applicants are usually shocked by the free services offered and want to apply directly after hearing about it.

Twenty-nine startups have completed their incubation period, and six have successfully "graduated," meaning they have received venture capital or strategic investment and have successfully flown out of the incubator. Graduates include EcoATM (consumer electronics recycling terminal), IO Semiconductor (fabless semiconductors), TretraVue (3D processing and imaging), Pixon Imaging (advanced real-time video processing), MicroPower Technologies (wireless monitoring) and Perminova (online cardiology software).

EvoNexus has received support from local Qualcomm, LG, Nokia and Verizon. In order to repay these companies, the EvoNexus project, a very creative project, emerged around them: it is a way to spawn new technologies and tap new technological talents. Sponsors (Qualcomm, LG, Nokia and Verizon) only need to spend $25,000 per year, which is less than some companies spend on buying a new application or hiring a few programmers.