With the spread of information and communication technologies, the importance of innovation is being stressed all over the world and the concept of open innovation has become more popular.
In this age of corporate innovation, large companies face a choice: innovate or disappear. this has forced the companies to reinvent themselves by working hand in hand with entrepreneurs, helping them to scale their projects.
Companies have set up an Open Innovation Team that acts as an interface between them and the entrepreneurial ecosystem, keeping them abreast with the developments around them.
Open Innovation Teams complement internal innovation and also help companies in attracting talent and adopting emerging technologies in startups, to innovate better and faster.
Telefónica, a multinational telecommunications company headquartered in Madrid, has also been working on an open innovation strategy.
The company mentions in a blog post that such teams help the company identify the most brilliant and disruptive projects in the startup environment that is incorporated into its offering and services and internal processes, completing the company’s digital transformation processes.
Telefónica Ventures
As early as the beginning of the century the company in 2006 launched Telefónica Ventures to invest directly in startups or through a network of leading VC funds. This has helped the company in building strategic partnerships with entrepreneurs and young companies that are aligned with its global strategy.
Wayra
Founded in 2011, Wayra is Telefónica’s Open Innovation Hub with a presence in 10 countries in Europe and Latin America. Wayra brings new ideas and solutions to the telecom world by investing and connecting Telefónica with the entrepreneurial ecosystem around the globe to generate collaborative business opportunities. It acts as a strategic partner and helps them scale to accelerate their business.
Open Future
Launched in 2014, Open Future is the strategic regional entrepreneurship program developed in alliance with public and private partners. Through this initiative, Telefónica supports local startups in their early stages of maturity, fosters the creation of an entrepreneurial ecosystem outside the big cities, and promotes local action with a global point of view.
Open Future Hubs offer startups a working and mentoring space where they can develop, grow and access exclusive offers from commercial partners. Any company that does not yet have a minimum viable product or generates business is a potential candidate to enter this program. There are currently 33 Hubs in 3 countries in Europe and Latin America that have accelerated more than 1,300 projects.
Going forward, the company with these vehicles aims to decentralize and democratize entrepreneurship; create growth opportunities; accelerate startups and develop innovative products with great potential.
Reach out to open-innovator@quotients.com to know more about corporate open innovation updates, programs, and collaboration opportunities.
Source: Telefónica
