Last year, the Telefónica accelerator Wayra Germany dared to make a fresh start — apparently with success: Now the Munich model is being rolled out internationally.
The original concept behind the Telefónica subsidiary was to invest in startups that would later be sold at a profit. The German branch in Munich also worked in this direction, selling shares in Foodora, Neokami, and Parkpocket, among others, to strategic investors.
At the end of last year, Wayra Germany announced a change of course. Instead of distributing venture capital, the startup division now sees itself as an intermediary between Telefónica and innovative young companies. The startup solutions are to be tested in specialist departments within the communications group. Instead of capital, the young companies receive advice, space, and access to specialist departments. This venture client model is now being adopted at the other global locations.
“With the reorientation of Wayra Germany last year, we wanted to trigger an important innovation impulse for the entire company,”
says Markus Haas, CEO of Telefónica Deutschland.
"We already see clear added value. The fact that the entire Telefónica Group is now following our example is further evidence that we are pursuing the right strategy."
Wayra opens up to other companies
How Business Week Founder Wayra also offers parts of its service to other companies that want to work with startups, as reported. The Telefónica division supports, for example, in the search for suitable founding teams. The team led by Wayra Germany Managing Director Christian Lindener also advises other companies on how to approach startups. However, only the parent company continues to benefit from the full service:
"Once we've placed a startup, that's it. Unlike Telefónica, we don't take on any project-phase tasks for third-party companies,"
so Christian Lindener to Wirtschaftswoche founders.
