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Telefónica Open Future_, the open innovation network of Telefónica, will join forces with Korea Telecom and G-CEIC, an ICT innovation body in South Korea to promote innovations within startup companies 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. This partnership, which sees the mutual sharing of entrepreneurial, investment and external innovation expertise is primarily focused on startups that are making the most of new technologies and are aiming to expand internationally.
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The agreement opens up new opportunities for existing Open Future_ and Korean startups to access new markets and enjoy multiple services such as workspaces present in established Open Future_ centers and also a new innovation center created by the South Korean Government and Korea Telecom. The startups selected by this program will also have access to support from each of the partners to aid with commercial development and will be able to take advantage of the Telefónica and South Korean Government’s investment vehicles.
For Telefónica 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. Telefónica said that the open innovation programme currently reaches 18 countries and has, to date, committed over 310 million euros across 500 companies creating more than 5,000 jobs.
