EvoNexus Teams with Qualcomm & Verizon to Accelerate 5G Use Case Innovations

Rhea-AI Summary

EvoNexus, a prominent nonprofit technology incubator in California, has partnered with Verizon Communications to foster the development of innovative 5G solutions. This collaboration aims to support early-stage startups in harnessing 5G technology for various applications. Startups in the 5G & AI program can benefit from resources like Verizon 5G Labs and Verizon Ventures.

Positive

• Collaboration with Verizon enhances the incubation of startups focusing on 5G technology.
• Access to Verizon 5G Labs accelerates product development for participating startups.
• EvoNexus has a high survival rate of over 85% among the startups launched.

Negative

• None.

SAN DIEGO, April 6, 2021 /PRNewswire/ -- EvoNexus, California's leading nonprofit technology incubator, and Verizon Communications Inc., have joined forces to develop innovative 5G use case solutions. Verizon is positioned to take advantage of this partnership through the incubation of startups that uniquely leverage 5G to enable smart networks, to commercialize novel 5G relevant use cases, applications, and technologies. Early-stage ventures admitted into the 5G & AI program will have the opportunity to benefit from Verizon 5G Labs and direct introductions to Verizon Ventures.

Verizon 5G Labs provides startups the opportunity to test their prototypes and accelerate the development of their minimum viable product that leverages the 5G network. Through Verizon Ventures, early-stage startups will have an opportunity to engage with the venture team at Verizon as they search for innovation using devices, content, commerce, data, and cloud that leverages 5G. 

EvoNexus 5G & AI program launched on July 15th, 2020, now co-sponsored by Qualcomm and Verizon, has been yielding startup applications from all over the globe with the first company admitted being a promising early-stage venture addressing mmWave 5G backhaul. Following the outreach success of the 1st and 2nd cohorts, applications are now open for the 3rd EvoNexus 5G/AI cohort.  

"Verizon is at the forefront of 5G innovation and we are excited about this partnership because we know that 5G will be a key platform for 21st-century innovation. We recognize with technology this transformative landscape for consumers, businesses, and society can be completely reimagined," said Nicki Palmer, Chief Product Development Officer at Verizon. "We are enthusiastic about working with EvoNexus to further accelerate innovation in IoT, mobile edge computing, and other key 5G use cases through early-stage companies entering this incubation program." 

"5G is the foundation that will create a large number of new use cases and open a new realm of possibilities for 5G expansion across mobile broadband, compute, XR, industrial IoT, 5G private networks, and fixed wireless access," said Dr. Quinn Li, SVP & Global Head Qualcomm Ventures. "As with every generation of cellular technology, 5G will provide early-stage companies the opportunity to create new services and technologies, leveraging the promise of 5G which includes multi-gigabit data rates, massive capacity, enhanced coverage, and lower latency. Through EvoNexus, we hope to support startups in their development of the most promising 5G use case." 

"5G will provide early-stage companies an opportunity to develop products and services that are significantly enhanced or fundamentally enabled," said Rory Moore, CEO & Co-Founder of EvoNexus. "As is proven over and over again, startups are the catalyst for change. They do not avoid risk, they view it as their protection and advantage over their more risk-averse competition. In the short ten-year history of EvoNexus, the organization has launched new companies that have significantly impacted genomics, healthcare, security, communications, and consumer products."

EvoNexus aims to bring together startups and organizations working to explore the boundaries of 5G network technology and rethink more possibilities through new applications and hardware. Exploring to develop innovative 5G use case solutions enhanced by low latency, massive bandwidth, and high speeds of 5G connectivity in IoT, healthcare, security, AR/VR, gaming, industrial automation, autonomous vehicles, as some of the potential use cases.  For more information about the 5G & AI program click here. To apply to the EvoNexus incubator program click here.

About EvoNexus

EvoNexus is California's leading non-profit technology startup incubator with locations in San Diego, Orange County, Silicon Valley, and a virtual program. EvoNexus has successfully launched around 230 technology startups with a survival rate of over 85%. since the incubator's formation in 2010. EvoNexus Ventures have secured over $2B in venture funding and outcomes, $6B in pre-exit valuation, and 29 acquisitions. EvoNexus is supported by corporate investors. For more information, please visit evonexus.org.

About Verizon

Verizon Communications Inc. (NYSE: VZ) was formed on June 30, 2000, and is one of the world's leading providers of technology, communications, information, and entertainment products and services. Headquartered in New York City and with a presence around the world, Verizon generated revenues of $128.3 billion in 2020. The company offers data, video, and voice services and solutions on its award-winning networks and platforms, delivering on customers' demand for mobility, reliable network connectivity, security, and control.

About Qualcomm

Qualcomm is the world's leading wireless technology innovator and the driving force behind the development, launch, and expansion of 5G. When we connected the phone to the internet, the mobile revolution was born. Today, our foundational technologies enable the mobile ecosystem and are found in every 3G, 4G, and 5G smartphone. We bring the benefits of mobile to new industries, including automotive, the internet of things, and computing, and are leading the way to a world where everything and everyone can communicate and interact seamlessly.

Qualcomm Incorporated includes our licensing business, QTL, and the vast majority of our patent portfolio. Qualcomm Technologies, Inc., a subsidiary of Qualcomm Incorporated, operates, along with its subsidiaries, substantially all of our engineering, research, and development functions, and substantially all of our products and services businesses, including our QCT semiconductor business.

Contact:
Neha Chauhan
nchauhan@evonexus.org   

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SOURCE EvoNexus

FAQ

What is the partnership between EvoNexus and Verizon about?

The partnership focuses on developing innovative 5G solutions and supporting early-stage startups to leverage 5G technology.

When was the EvoNexus 5G & AI program launched?

The EvoNexus 5G & AI program was launched on July 15, 2020.

How does the EvoNexus 5G program benefit startups?

Startups gain access to resources such as Verizon 5G Labs and opportunities to engage with Verizon Ventures for development and commercialization.

What is the survival rate of startups launched by EvoNexus?

EvoNexus boasts a survival rate of over 85% for the startups it has launched.

How does this partnership impact Verizon's stock (VZ)?

The collaboration could enhance Verizon's innovation pipeline, potentially leading to long-term growth and positive impacts on stock performance.