Cloud technology is one of those words that are in a never seen before momentum in the entrepreneurial sector, as more startups rely on it to provide innovative solutions with disruptive applications across various industries.
Can things go further than that? It seems that Telefonica and Wayra think that is possible.
To promote innovation and leverage the potential of new cloud technologies, Telefónica, in collaboration with Altostratus (part of Telefónica Tech) and the open innovation initiative Wayra, has initiated the inaugural ‘Startup Cloud Competition’.
The primary goal of this competition is to recognize the technical talent within participating startups, highlight novel product or service solutions, and ultimately reward companies that bring a disruptive approach with a strong technological foundation.
Fast tracking innovation
Startups interested in competing can submit their proposals until May 31.
To be eligible for the ‘Startup Cloud Competition’, companies should be in the seed stage or beyond, possess a developed product, have been established for at least a year, have a capable and cohesive team, and demonstrate proficiency in utilizing cloud technology for projects related to Data, Artificial Intelligence, and Machine Learning.
On June 2, the panel will announce the five finalists, who will have the opportunity to present their projects in person during the Startup TechDay event on June 14 in Madrid.
The ultimate winner will be chosen at this event.
The winning startup will receive support from Wayra, including a Fast Track option for potential investment, free access to their workspaces, and an invitation to the Wayra 2023 Retreat.
Additionally, they will be awarded professional services valued at 10,000 euros from the specialized consulting firm Altostratus, Part of Telefónica Tech.
Moreover, this accolade offers the opportunity for startups to connect with the Telefónica Group, providing access to broader technological and business prospects aligned with the company’s strategic direction.