SK Telecom (NYSE:SKM) today opened a new wave of TIP Ecosystem Acceleration Center (TEAC) program applications to develop new growth drivers through innovative 5G edge services to prepare for the post-COVID-19 era.
TIP Ecosystem Acceleration Center (TEAC, https://telecominfraproject.com/teac) is a global ecosystem that attracts both startups and investors to work together to achieve breakthroughs in the telecom industry. SK Telecom has been operating TEAC in Korea since 2017, while DT and BT are operating TEACs in Germany and the UK respectively.
The global spread of the COVID-19 pandemic is pushing the demand for non-face-to-face solutions –e.g. online learning, cloud games, online concerts, etc. – that require ultra-low latency enabled by 5G edge cloud. To accelerate its innovations in 5G and edge computing, the company invites aspiring startups with expertise in 5G edge services/infrastructure and non-face-to-face solutions.
SK Telecom will enable the recruited startups to test and advance their new technologies on its commercial mobile networks; identify business opportunities in the global market; and attract investment from venture capitals. In addition, the company plans introduce these startups later this year, and provide opportunities for them to collaborate with TIP member companies.
SK Telecom has so far supported a total of six startups through its TEAC program and contributed to their success. For instance, Optella, an optical network solutions company, successfully developed 5G Optical Engine and became a subsidiary of Cosemi Technology Inc. in 2018; and Transceletial, a Singapore-based startup, is in the process of closing a Series A investment and signed contracts with global companies to provide its wireless optical communication solution in 2018.
Startups can apply for the program at https://openapi.sk.com (Click ‘Tech Event’ under ‘Community’ menu.) Applications for the program will close on June 30, 2020.
“Through the new wave of the TEAC program, SK Telecom aims to recruit startups with brilliant ideas and potential,” said Kim Jihn-woo, Vice President and Head of Service Integration Group of SK Telecom. “This year, a special focus will be given to startups with expertise in 5G edge cloud based non-face-to-face solutions as we need to prepare for the post-COVID-19 era”