Telefónica, China Unicom and Tsinghua Holdings Technology and Innovation (THTI) have signed a joint agreement to pool together their “innovation tools and resources”.
The three companies claimed the agreement would foster the incubation of entrepreneurial start-ups and enhance their own strategic business transformations.
For example, they have agreed to share access to new technologies and business models in different countries.
In addition, they will collaborate on a range of initiatives including mentoring programmes, training, demo days and media in a bid to share the best talent from each company.
Open Future, the global open innovation platform that integrates all of Telefónica Group’s investment vehicles and initiatives, the VC and incubation vehicles of China Unicom and the innovation resources operated by THTI, were cited as examples of resources that would be shared.
THTI operates 18 science parks in over 50 cities in China, providing incubation services for more than 1,000 technological enterprises.
The initiative builds on the existing strategic alliances between Telefónica and China Unicom and between Wayra, Telefónica’s start-up accelerator, and TMT incubator Virtue Inno Valley, which was jointly established by THTI.
The Spain-based operator’s involvement comes as it launches a range of digital services and its latest financial results show it is slowing the decline of its revenue loss.
In the first three months of this year, Telefónica saw revenues fall 13.5 percent year-on-year to €12.2 billion.
During Mobile World Congress, the operator revealed its Telefónica Digital business was to be reintegrated into the Group as part of a wide ranging "digital restructure".