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.