Telefonica : Telefónica, China Unicom and THTI form an open innovation partnership

MADRID/BEIJING, June 10, 2014 - Telefónica, China Unicom and Tsinghua Holdings Technology and Innovation (THTI) today signed a joint-agreement in Beijing to promote a global hub of open innovation, pooling together their innovation tools and resources.

This agreement will help to support cutting-edge thinking around the globe, giving the parties unique channels to access new technologies, fresh business models and skilled talent in different countries.

Prior to this agreement, Telefónica and China Unicom had already formed a strategic alliance, covering wide areas of cooperation. Separately, an alliance was established in February this year between Wayra, Telefónica's international start-up accelerator, and Virtue Inno Valley, one of the most active TMT incubators in China jointly established by THTI and Tsinghua Alumni Association of TMT, backed by the renowned Tsinghua University. The cooperation between Wayra and Virtue Inno Valley has been instrumental in creating a link between entrepreneurial communities across China, Latin America and Europe enabling the free flow of ideas and strong cooperation between start-ups in these regions.

Now, Telefónica, China Unicom and THTI have decided to build on that successful model of cooperation and establish an expanded alliance that not only covers start-up incubation and acceleration, but also integrates the other innovation resources and tools of the three parties. This includes Open Future - the global open innovation platform that integrates all of Telefónica Group's investment vehicles and initiatives - alongside the VC and incubation vehicles of China Unicom and the innovation resources operated by THTI, which includes science parks in various Chinese cities and Virtue Inno Valley in Zhong Guan Cun in Beijing, known as the Chinese Silicon Valley. 

By joining this partnership, the parties agree to collaborate and share relevant information on entrepreneurial projects, incubators, workplaces, expertise, mentoring programs, training, media, demo days, financial and commercial resources, market access as well as investment opportunities.

Through creating the first global funnel of innovation, connecting China, Latin America and Europe, the innovation initiatives and tools established by the three parties can be leveraged to foster the incubation of entrepreneurial start-ups and enhance their own strategic business transformations.

Outside of this agreement, Telefónica and the European Union founded the Start-Up Europe Partnership programme, which helps start-ups in the European ecosystem to scale their business and promote closer collaboration between Corporations, Institutions and Universities.

ABOUT TELEFÓNICA

Telefónica is one of the largest telecommunications companies in the world in terms of market capitalisation and number of customers. The company has a significant presence in 24 countries and a customer base that amounts more than 313 million accesses around the world. Telefónica has a strong presence in Spain, Europe and Latin America, where the company focuses an important part of its growth strategy.

With its best in class mobile, fixed and broadband networks, and innovative portfolio of digital solutions, Telefónica is transforming itself into a 'Digital Telco', a company that will be even better placed to meet the needs of its customers and capture new revenue growth. To this end, Telefónica has developed Telefónica Open Future, an open innovation platform that integrates all Telefónica Group's investment vehicles and initiatives such as Wayra, to foster entrepreneurship and innovation globally. The Open Future platform also includes alliances with external partners to increase the impact and reach of these initiatives worldwide.

ABOUT CHINA UNICOM

China Unicom has branches and subsidiaries in 31 provinces, municipalities and autonomous regions in China as well as a list of countries and regions abroad, it is the only Chinese telecom operator that is listed in New York, Hong Kong and Shanghai simultaneously. China Unicom has been among Fortune 500 Companies for many consecutive years, it ranks No. 258 among Fortune 500 in 2013. China Unicom mainly operates fixed line coomunication services, mobile communication services, domestic and international communication facility services, satellite international dedicated links, data communication services, network access services and various value-added telecom services, as well as system integration services related to communication and information business. China Unicom's revenue, customer base and market capitalization are all among leading telecom operators in the world.  

China Unicom has just set up a wholly owned subsidiary - China Unicom Innovation & Entrepreneurship Investment Co., Ltd. By combining its incubation services and investment platform, the company will be able to foster innovation, capture new growth opportunities, and attract innovation talents. 

ABOUT THTI

Tsinghua Holdings Technology and Innovation Holdings Co., Ltd. ("THTI") is a science and technology service provider and a science park operator, with technological innovation services as its primary business. THTI is a member enterprise and the technological innovation platform of Tsinghua Holdings Co., Ltd. Dedicated to the technological services industry, THTI focuses its strategy on regional innovation and technological company development through chain operations, network, capital and internalization, and gradually developed five main business areas, covering innovation and entrepreneurship, science parks, investment and incubation, technology related finance, and international businesses. THTI, operates 18 science parks nationwide in over 50 cities, covering more than three million square meters of science park space, providing incubation services for more than 1,000 technological enterprises, and invested in more than 100 enterprises. THTI is committed to technological services, aiming at becoming a global leading name in technological services, a platform integrating innovation resources, a science park operations expert, and the best partner for innovation and entrepreneurship services.