Abstract
Telefónica, a large multinational telecommunication company, spends billions of dollars on internal R&D and engages with startups to accelerate its digital transformation. In 2011, Telefónica created Wayra, one of the first corporate startup accelerators and an example of "outside-in" open innovation. This case follows Agustín Moro, Head of Partnerships at Wayra. First, he navigates the challenges of integrating technologies from Wayra-sponsored startups into Telefónica. Next, in 2015, he wrestles with whether Telefónica should join a joint startup accelerator created by some of Wayra's competitors. Finally, Moro faces complex questions about this decision as well as Wayra's future.