<SUBMISSION>
<ACCESSION-NUMBER>0001170918-03-000455
<TYPE>4
<PUBLIC-DOCUMENT-COUNT>1
<PERIOD>20030814
<FILING-DATE>20030818
<ISSUER>
<COMPANY-DATA>
<CONFORMED-NAME>NOVATEL WIRELESS INC
<CIK>0001022652
<ASSIGNED-SIC>7370
<IRS-NUMBER>860824673
<STATE-OF-INCORPORATION>DE
</COMPANY-DATA>
<BUSINESS-ADDRESS>
<STREET1>9255 TOWNE CENTRE DR
<STREET2>SUITE 225
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
<PHONE>8583208800
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>9255 TOWNE CENTRE DR
<STREET2>SUITE 225
<CITY>SAN DIEGO
<STATE>CA
<ZIP>92121
</MAIL-ADDRESS>
</ISSUER>
<REPORTING-OWNER>
<OWNER-DATA>
<CONFORMED-NAME>CORNERSTONE EQUITY INVESTORS IV LP
<CIK>0001027117
<STATE-OF-INCORPORATION>DE
</OWNER-DATA>
<FILING-VALUES>
<FORM-TYPE>4
<ACT>34
<FILE-NUMBER>000-31659
<FILM-NUMBER>03854003
</FILING-VALUES>
<BUSINESS-ADDRESS>
<STREET1>717 FIFTH AVENUE
<STREET2>SUITE 1100
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
<PHONE>2127350901
</BUSINESS-ADDRESS>
<MAIL-ADDRESS>
<STREET1>171 FIFTH AVENUE
<CITY>NEW YORK
<STATE>NY
<ZIP>10022
</MAIL-ADDRESS>
</REPORTING-OWNER>
<DOCUMENT>
<TYPE>4
<SEQUENCE>1
<FILENAME>nwi03-026_ex.xml
<DESCRIPTION>FORM 4 - CORNERSTONE (081403)
<TEXT>
<XML>
<?xml version="1.0"?>
<!-- - EDGAR Ease Plus 1.0                                   07/25/03  TT    -->
<ownershipDocument>
    <schemaVersion>X0201</schemaVersion>

    <documentType>4</documentType>
   <periodOfReport>2003-08-14</periodOfReport>
   <notSubjectToSection16>0</notSubjectToSection16>
    <issuer>
        <issuerCik>0001022652</issuerCik>
        <issuerName>NOVATEL WIRELESS INC</issuerName>
        <issuerTradingSymbol>NVTL</issuerTradingSymbol>
   </issuer>
   <reportingOwner>
        <reportingOwnerId>
            <rptOwnerCik>0001027117</rptOwnerCik>
            <rptOwnerName>CORNERSTONE EQUITY INVESTORS IV LP</rptOwnerName>
        </reportingOwnerId>
        <reportingOwnerAddress>
            <rptOwnerStreet1>717 FIFTH AVENUE</rptOwnerStreet1>
            <rptOwnerStreet2>SUITE 1100</rptOwnerStreet2>
            <rptOwnerCity>NEW YORK</rptOwnerCity>
            <rptOwnerState>NY</rptOwnerState>
            <rptOwnerZipCode>10022</rptOwnerZipCode>
            <rptOwnerStateDescription></rptOwnerStateDescription>
        </reportingOwnerAddress>
            <reportingOwnerRelationship>
         <isDirector>1</isDirector>
         <isOfficer>0</isOfficer>
         <isTenPercentOwner>1</isTenPercentOwner>
         <isOther>0</isOther>
      </reportingOwnerRelationship>
   </reportingOwner>
 <derivativeTable>
   <derivativeTransaction>
      <securityTitle>
         <value>Series B Convertible Preferred Stock</value>
      </securityTitle>
      <conversionOrExercisePrice>
         <value>0.70</value>
      </conversionOrExercisePrice>
      <transactionDate>
         <value>2003-08-14</value>
      </transactionDate>
      <deemedExecutionDate>
         <value>2003-08-14</value>
      </deemedExecutionDate>
      <transactionCoding>
         <transactionFormType>4</transactionFormType>
         <transactionCode>J</transactionCode>
         <equitySwapInvolved>0</equitySwapInvolved>
      </transactionCoding>
      <transactionAmounts>
         <transactionShares>
           <value>67</value>
            <footnoteId id="F1"/>
         </transactionShares>
         <transactionPricePerShare>
           <value>1000</value>
         </transactionPricePerShare>
         <transactionAcquiredDisposedCode>
           <value>A</value>
         </transactionAcquiredDisposedCode>
      </transactionAmounts>
      <exerciseDate>
         <value>2003-08-14</value>
      </exerciseDate>
      <expirationDate>
            <footnoteId id="F2"/>
      </expirationDate>
      <underlyingSecurity>
         <underlyingSecurityTitle>
           <value>Common Stock</value>
         </underlyingSecurityTitle>
         <underlyingSecurityShares>
           <value>95714</value>
            <footnoteId id="F3"/>
         </underlyingSecurityShares>
      </underlyingSecurity>
      <postTransactionAmounts>
         <sharesOwnedFollowingTransaction>
           <value>612</value>
         </sharesOwnedFollowingTransaction>
      </postTransactionAmounts>
      <ownershipNature>
         <directOrIndirectOwnership>
           <value>D</value>
         </directOrIndirectOwnership>
      </ownershipNature>
   </derivativeTransaction>
 </derivativeTable>
   <footnotes>
      <footnote id="F1"> Represents conversion into Series B Convertible Preferred Stock of $67,000 principal amount of Secured Subordinated Convertible Notes. The holder of record of these securities is Cornerstone Equity Investors, IV, L.P., the managing general partner of which is Cornerstone Equity Investors, LLC (&quot;CEI&quot;).  Two of our directors, Mark Rossi and Robert Getz, are managing directors of CEI and may be deemed beneficially to own these securities.</footnote>

      <footnote id="F2"> The Series B Stock has no expiration date.</footnote>

      <footnote id="F3"> Represents number of shares of common stock issuable upon conversion of 67 shares of Series B Preferred Stock if conversion had occurred on 8/14/03.</footnote>
   </footnotes>
   <ownerSignature>
      <signatureName>/s/ Patrick T. Waters, Attorney-in Fact</signatureName>
      <signatureDate>2003-08-18</signatureDate>
   </ownerSignature>
</ownershipDocument>

</XML>
</TEXT>
</DOCUMENT>
</SUBMISSION>
