Innovation has been a part of Telefónica’s DNA since its early days. We understand that the capacity of anticipating to the future, understanding the needs of the Company and working to continue being pioneers in the digital world is fundamental for Telefónica. That’s why, from the different innovation areas we do work hard to execute our core business with excellency and consistence through time, while we explore and integrate successfully new projects and business.
The different innovation areas are organized following the model 80/20. This means that 80% of our work is focused on identifying future opportunities and developing projects from our core business; and the other 20% is focused on finding new spaces where the Company can be reinvented through disruption. This way, we ensure our capacity to anticipate to the needs our Company will have in a close future, both in the developing of our own services and platforms, and the research of new and yet unknown opportunities.
All of these are supported by Internal Innovation (which we call Core Innovation), External (Open Innovation) and scouting and investments that go along with both of them. Core Innovation Works to innovate over the assets of Telefónica, such as the networks, the data or the video. Open Innovation, through our Wayra Hubs, searches for this innovation in the entrepreneur ecosystems all over the world. Finally, our Scouting and Innovation Investments searches for potential partners and companies that could be interesting to invest in because of them being a potential source of innovation.
This way, through our different approaches to innovation, and the talent and continuous work of our teams, in Telefónica we are positioned as pioneers of the innovation, without which the digital world in which we live could not be understood.