MWC: Telefónica goes on hunt for Chinese IoT startups with China Unicom and Tsinghua University
The company has shared some of its internal innovations with telecoms firm China Unicom and Tsinghua Technology and Innovation (THTI) since June 2014, the technological innovation platform of Tsinghua University. Today it announced it will now start looking for startups with them too.
Telefonica hopes the initiative, being led by the company's "Open Future" department, will help it to identify the most promising startups in China, while also helping China Unicom and THTI to identify innovative companies in Europe and Latin America.
The trio have pledged to open three newly-created coworking spaces in Madrid, Beijing and Shanghai, for companies they decide to back.
Telefonica COO Jos Mara lvarez-Pallete made the announcement at the Four Years From Now (4YFN) conference, which runs parallel to Mobile World Congress in Barcelona and is aimed at the international entrepreneur ecosystem.
The alliance said it will select and support 10 projects by giving them access to the resources and scale of Telefonica, China Unicom and THTI.
Selected startups will receive a customised programme according to the degree of maturity and growth potential, said Telefonica.
The firm added that the programme will include office space, pilots in the R&D departments of the companies, access to sources of investment and networking opportunities.
Speaking at MWC in Barcelona, lvarez-Pallete said: "We have created a platform of innovation around Telefonica that allows us to detect ideas and new trends."
He added: "With the involvement of China Unicom and THTI, this is one of the most significant agreements Telefonica Open Future has signed at an international level because it brings the Chinese entrepreneurship ecosystem closer to those of Europe and Latin America.
"With this alliance, we will offer startups in these three regions the support they need to grow, think differently and take their business to new heights."
Telefonica Open Future, which includes Wayra, Amrigo, Telefonica Ventures and other company partners, already has a portfolio of more than 500 companies and 300 million under management.