Telefonica’s Open Future innovation initiative signed a partnership agreement with Korea Telecom and the G-CEIC, a public body responsible for promoting ICT innovation in South Korea, which will see “the mutual sharing of entrepreneurial, investment and external innovation expertise”.
The agreement follows the launch of a programme by the South Korean government to partner with leading Korean companies to accelerate entrepreneurship and promote innovation across the country. The initiative is primarily focused on start-ups making the most of new technologies that want to expand internationally.
The aim is to boost the programme in the Gyeonggi province, near the country’s capital, Seoul, which is one of the most developed areas in South Korea when it comes to ICT.
“The agreement opens up new opportunities for existing Open Future and Korean start-ups to access new markets and enjoy multiple services such as workspaces present in established Open Future centres and also a new innovation centre created by the South Korean Government and Korea Telecom,” Telefonica said in a statement.
“For Telefonica Open Future the signing of this agreement represents an extension of its footprint in Asia where it has already formed an alliance with China Unicom and Tsinghua Holdings,” it added.
The start-ups selected by the programme will also have access to support from each of the partners to aid with commercial development and will be able to take advantage of Telefonica and the South Korean government’s investment vehicles.
Telefonica’s open innovation programme, present in 18 countries, is designed to connect entrepreneurs, start-ups, investors and public and private organisations worldwide.
It has committed over €310 million across 500 companies.