Qualcomm and Taiwan's Ministry of Economic Affairs have signed an MOU (Memorandum of Understanding) to set up a technology lab for several million US dollars in Taiwan, reported China Times on November 7. The new lab, named Qualcomm Technology Lab, aims to incubate Taiwanese IoT (Internet of Things) startups and help them commercialize their products and services in local and worldwide markets. In addition, Qualcomm will also cooperate with Industrial Technology Research Institute (ITRI), Original Equipment Manufacturers (OEM), and Original Design Manufacturers (ODM) on the development of 5G solutions, helping accelerate Taiwan's wireless technology innovations, including IoT, 4G/5G, and connected cars.