Open Innovation: A pioneering initiative from Telefónica - Telefónica Innovation Day 2020

TL;DR

Telefonica's open innovation journey, from investing in startups to fostering local entrepreneurship, has led to significant success and growth.

Transcript

we're going to do that because i'm going to talk about open innovation that's the innovation where we're seeking innovation from outside in the world of startups and universities because i have to acknowledge to hear to you today though that we absolutely adore the entrepreneurial spirit out there and you may not know but we have been uh working wi... Read More

Key Insights

• 🤗 Telefonica's open innovation journey started in 2006 with Telefonica Ventures investing in tech startups.
• 🌐 Wayra, launched in 2011, became a global ecosystem supporting entrepreneurial startups.
• ❓ Open Future, established in 2014, focuses on fostering local entrepreneurship through regional incubators.
• 💗 Telefonica has invested over 175 million euros in startups, helping them grow and attract additional investors.
• ☢️ More than 500 startups are active in Telefonica's portfolio, with successful exits and acquisitions.
• 🤗 Telefonica's open innovation efforts have attracted significant investment into the startup ecosystem.
• 🤗 The company's vision for the future involves continuing to evolve and expand its open innovation strategy.

Questions & Answers

Q: What is Telefonica's approach to open innovation?

Telefonica focuses on seeking innovation from outside through partnerships with startups and universities, investing in tech startups that align with their strategic goals, and fostering local entrepreneurship through incubators.

Q: How has Wayra contributed to Telefonica's open innovation journey?

Wayra, launched in 2011, has become an ecosystem of entrepreneurial startups globally, helping startups develop their businesses with Telefonica's support and resources.

Q: What impact has Telefonica's open innovation initiatives had on the startup ecosystem?

Telefonica's open innovation efforts have resulted in over 500 active startups in their portfolio, with successful exits and acquisitions, attracting significant investment into the startup ecosystem.

Q: What is the vision for Telefonica's open innovation strategy in the future?

Telefonica aims to continue evolving their open innovation approach, seeking more partnerships, investments, and opportunities to drive innovation and growth in the startup ecosystem.

Summary & Key Takeaways

• Telefonica started its open innovation journey in 2006 with Telefonica Ventures, seeking to invest in mature tech startups.

• In 2011, Wayra was launched to invest in growing startups globally, and in 2014, Open Future was created to support regional incubators in over 130 countries.

• Telefonica has invested over 175 million euros in startups, helping them grow and attracting additional investors.