Résumé
The case explores Telefónica’s engagement with startups and the hurdles large companies often face in attracting, funding, and engaging with startups. Casual observation might suggest that having a large company engage with a startup can provide the best of both worlds: the energy and initiative of a startup, with the resources of an established company. Yet there are significant challenges to overcome and continuous innovative practices to explore before the promise of this combination can be realized.1 Telefónica’s experience with startups illustrates both their potential and these issues. Wayra was one of Telefónica’s innovative ideas to engage with startups (and one of the first corporate startup programs worldwide that was cross-industry). The case explores (1) Telefónica’s thinking behind its corporate startup programs, (2) the surprising reactions from both its internal business units and from the external startups to its programs, and (3) the new ways of attracting and funding startups for corporate partners, as shown by Wayra or by Go Ignite, which collaborates with other telcos.