Click here to close now.

SYS-CON MEDIA Authors: Carmen Gonzalez, Liz McMillan, Kevin Jackson, Peter Silva, Greg Wind

News Feed Item

New Accelerator Seeds Core Technology Startups, Providing Each up to $1M in Combined Funding, Services and Facilities

SK Telecom Americas today launched SKTA Innovation Accelerator to fund and help create the essential data center and core technologies needed to meet modern computing demands. SKTA Innovation Accelerator pairs entrepreneurs with Strategic Partners and provides up to $1 million in combined funding, services and facilities. SK Telecom Americas is the business development and venture capital arm of SK Telecom, Korea’s largest wireless operator and a global technology leader, and has worked with some of the brightest minds in VC and angel investing—and some of the biggest technology companies in Silicon Valley—to design this novel new funding model.

Data and processing is increasingly being pushed into the cloud as mobile devices become the dominant computing platform for both work and play. There are more iPhones sold each day than people born in the world, and mobile devices are becoming as powerful as computers1. The Commodore 64 computer, once the most powerful PC, functioned on only 64kb of RAM, but Apple’s iPhone 5s has 1 GB of RAM. The corresponding semiconductor, hardware, management software and energy infrastructure required to keep up with these new developments is staggering, and growing exponentially as connected devices and wearables proliferate.

“Over the past decade, venture capital funding has swung to software and cloud services, and it’s no longer in vogue for VCs to invest in core technologies,” said Min Park, president of SK Telecom Americas. “We created SKTA Innovation Accelerator to fill this critical void in the technology ecosystem by pioneering a new funding model that brings financial velocity to IT infrastructure startups by enabling a quick path from concept to exit. Our model simultaneously de-risks the investment for initial investors and founders, and gives Strategic Partners early insight into new technologies that can rapidly fill holes in their product portfolio or empower them to enter new markets.”

The Innovation Matchmaker: How the Accelerator Works

SKTA Innovation Accelerator is an “innovation matchmaker” that offers a new way to seed and accelerate core technology startups by matching entrepreneurs with Strategic Partners. The goal of the Accelerator is to identify and cultivate tomorrow’s IT infrastructure solutions today, providing up to $1 million in funding composed of working capital, professional services, development tools and state-of-the-art facilities per venture to jumpstart the technology ecosystem needed to power the next wave of innovation. SKTA Innovation Accelerator matches each portfolio company with a Strategic Partner committed to providing technical and market guidance to rapidly develop a minimum-viable product for the right market segment. The Accelerator strives to provide everything entrepreneurs need to remain laser focused on transforming their idea into a venturable proof-of-concept.

During the Seed Phase of operation, the startup (together with the professionals and support teams at the Accelerator) develops the product, business plan, milestones and metrics to deliver the product to market. At this time, patents are filed, simulation data is collected and analyzed, and prototypes are built and tested. The Seed Phase should last between 6 and 12 months. At the conclusion of the Seed Phase, the projects that show the most potential will be selected to receive Series A funding and will progress on one of two exit paths:

1. Spin-In: Acquisition by Strategic Partner
2. Venture: Additional funding from traditional capital sources

“The pending rollout of the Internet-of-Things and the continued exponential growth of the Cloud require a seismic shift from the current infrastructure and how it is managed,” said Ken Lawler, senior advisor to SKTA Innovation Accelerator, renowned semiconductor investor and a founding partner of Battery Ventures’ Silicon Valley office. “The way in which people interact with the internet is about to undergo another evolutionary step. Delivering core technologies to make that step a reality is what the Innovation Accelerator is built to do.”

“SKTA Innovation Accelerator is helping to grow the broader technology ecosystem required to ensure innovation keeps pace with future demands,” said David Lee, venture partner to SK Telecom Ventures, founder and managing partner of SV Angel and an early investor in Twitter, Foursquare, Flipboard, Dropbox and Airbnb. “This new accelerator has flipped the VC funding model on its head to make it financially viable for entrepreneurs and VCs to grow the next wave of hardware-based technologies.”

For more information about SKTA Innovation Accelerator or to learn how to apply, please visit: http://sktainnopartners.com/f-a-q/.

About SKTA Innovation Accelerator

SKTA Innovation Accelerator is a different kind of accelerator based in Silicon Valley. We seed core technology startups by matching entrepreneurs with Strategic Partners committed to providing technical and market guidance for rapidly developing the minimum-viable product for the right market segment. SKTA Innovation Accelerator identifies and cultivates tomorrow’s IT infrastructure today, providing startups with up to $1 million in funding, professional services, development tools and state-of-the-art facilities to jumpstart the technology ecosystem needed to power the next wave of innovation. For more information please visit http://sktainnopartners.com/

About SK Telecom Americas

SK Telecom Americas (SKTA) is the business development and venture capital arm of SK Telecom, Korea’s largest wireless operator and a global technology leader serving 25 million customers with $16 billion in revenue. In 2011, SK Telecom was the first provider in the world to offer a publicly accessible 4G LTE network, and in 2013 it was first to offer an LTE-Advanced network.

Footnotes:

1. “Why Mobile Matters,” Mobile First, February 21, 2012

More Stories By Business Wire

Copyright © 2009 Business Wire. All rights reserved. Republication or redistribution of Business Wire content is expressly prohibited without the prior written consent of Business Wire. Business Wire shall not be liable for any errors or delays in the content, or for any actions taken in reliance thereon.

Latest Stories
The WebRTC Summit 2014 New York, to be held June 9-11, 2015, at the Javits Center in New York, NY, announces that its Call for Papers is open. Topics include all aspects of improving IT delivery by eliminating waste through automated business models leveraging cloud technologies. WebRTC Summit is co-located with 16th International Cloud Expo, @ThingsExpo, Big Data Expo, and DevOps Summit.
Temasys has announced senior management additions to its team. Joining are David Holloway as Vice President of Commercial and Nadine Yap as Vice President of Product. Over the past 12 months Temasys has doubled in size as it adds new customers and expands the development of its Skylink platform. Skylink leads the charge to move WebRTC, traditionally seen as a desktop, browser based technology, to become a ubiquitous web communications technology on web and mobile, as well as Internet of Things...
SYS-CON Events announced today that robomq.io will exhibit at SYS-CON's @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. robomq.io is an interoperable and composable platform that connects any device to any application. It helps systems integrators and the solution providers build new and innovative products and service for industries requiring monitoring or intelligence from devices and sensors.
Hosted PaaS providers have given independent developers and startups huge advantages in efficiency and reduced time-to-market over their more process-bound counterparts in enterprises. Software frameworks are now available that allow enterprise IT departments to provide these same advantages for developers in their own organization. In his workshop session at DevOps Summit, Troy Topnik, ActiveState’s Technical Product Manager, will show how on-prem or cloud-hosted Private PaaS can enable organ...
DevOps tasked with driving success in the cloud need a solution to efficiently leverage multiple clouds while avoiding cloud lock-in. Flexiant today announces the commercial availability of Flexiant Concerto. With Flexiant Concerto, DevOps have cloud freedom to automate the build, deployment and operations of applications consistently across multiple clouds. Concerto is available through four disruptive pricing models aimed to deliver multi-cloud at a price point everyone can afford.
Today, IT is not just a cost center. IT is an enabler and driver of business. With the emergence of the hybrid cloud paradigm, IT now has increasingly more capabilities to create new strategic opportunities for a business. Hybrid cloud allows an organization to utilize multi-tenant public clouds, dedicated private clouds, bare metal hosting, and the associated support and services for the right use cases through an on-demand, XaaS model. This model of IT creates tremendous opportunities for busi...
Docker is an excellent platform for organizations interested in running microservices. It offers portability and consistency between development and production environments, quick provisioning times, and a simple way to isolate services. In his session at DevOps Summit at 16th Cloud Expo, Shannon Williams, co-founder of Rancher Labs, will walk through these and other benefits of using Docker to run microservices, and provide an overview of RancherOS, a minimalist distribution of Linux designed...
Business as usual for IT is evolving into a “Make or Buy” decision on a service-by-service conversation with input from the LOBs. How does your organization move forward with cloud? In his general session at 16th Cloud Expo, Paul Maravei, Regional Sales Manager, Hybrid Cloud and Managed Services at Cisco, discusses how Cisco and its partners offer a market-leading portfolio and ecosystem of cloud infrastructure and application services that allow you to uniquely and securely combine cloud busi...
Businesses are looking to empower employees and departments to do more, go faster, and streamline their processes. For all workers – but mobile workers especially – utilizing the cloud to reconnect documents and improve processes without destructing existing workflows can have a dramatic impact on productivity. In his session at 16th Cloud Expo, Mark Grilli, vice president of Acrobat Solutions marketing at Adobe Systems Incorporated, will outline new ways that the cloud is changing the way peo...
Wearable technology was dominant at this year’s International Consumer Electronics Show (CES) , and MWC was no exception to this trend. New versions of favorites, such as the Samsung Gear (three new products were released: the Gear 2, the Gear 2 Neo and the Gear Fit), shared the limelight with new wearables like Pebble Time Steel (the new premium version of the company’s previously released smartwatch) and the LG Watch Urbane. The most dramatic difference at MWC was an emphasis on presenting we...
SYS-CON Events announced today that Vitria Technology, Inc. will exhibit at SYS-CON’s @ThingsExpo, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY. Vitria will showcase the company’s new IoT Analytics Platform through live demonstrations at booth #330. Vitria’s IoT Analytics Platform, fully integrated and powered by an operational intelligence engine, enables customers to rapidly build and operationalize advanced analytics to deliver timely business outcomes ...
Are your applications getting in the way of your business strategy? It’s time to rethink your IT approach. In his session at 16th Cloud Expo, Madhukar Kumar, Vice President, Product Management at Liaison Technologies, will discuss a new data-centric approach to IT that allows your data, not applications, to inform business strategy. By moving away from an application-centric IT model where data integration and analysis are subservient to the constraints of applications, your organization will b...
SYS-CON Events announced today that MangoApps will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY., and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. MangoApps provides private all-in-one social intranets allowing workers to securely collaborate from anywhere in the world and from any device. Social, mobile, and eas...
WSM International has launched a DevOps services division that offers assessment, consulting and implementation to large enterprises and organizations with complex infrastructures. The concept of DevOps is to blend information technology (IT) software development with operations to optimize the computing infrastructure according to the specific needs of the organization. According to a recent press release from Gartner, "By 2016, DevOps will evolve from a niche strategy employed by large cloud ...
SYS-CON Events announced today that Solgenia will exhibit at SYS-CON's 16th International Cloud Expo®, which will take place on June 9-11, 2015, at the Javits Center in New York City, NY, and the 17th International Cloud Expo®, which will take place on November 3–5, 2015, at the Santa Clara Convention Center in Santa Clara, CA. Solgenia is the global market leader in Cloud Collaboration and Cloud Infrastructure software solutions. Designed to “Bridge the Gap” between Personal and Professional S...