SK Telecom launches TEAC applications to support 5G startups

SK Telecom, a South Korean telecommunications firm, has recently launched TEAC (TIP Ecosystem Acceleration Center) program applications to produce new and advanced growth drivers with the help of next-gen 5G edge services to aid businesses as they come out of the COVID-19 phase. 

For the record, TEAC is a global ecosystem that appeals both investors and startups to join forces to attain substantial breakthroughs in the telecom sector. The company has been running TEAC since 2017 in Korea, while BT and DT are functioning TEACs in the UK and Germany respectively. 

As a result of the COVID-19 pandemic, the market is experiencing a heavy surge in demand for non-face-to-face solutions like cloud gaming, online learning and concerts. These activities usually require ultra-low latency which is enabled by 5G edge cloud.

To boost its developments in edge computing and 5G networking, the South Korean firm is inviting several aspiring startups that either have expertise in non-face-to-face solutions or 5G edge services/infrastructure. 

SK Telecom would allow the selected startups to develop and test new solutions on its commercial mobile networks while identifying new business opportunities as well as attracting fresh investment from venture capitals.

Additionally, the company intends to introduce these enterprises at the TIP Summit 2020, which is planned to happen somewhere in the fourth quarter of 2020. This summit would offer exciting opportunities for startups to collaborate with TIP member firms. 

As of now, SK Telecom has managed to back a total of six startups via its TEAC program while helping them to reach success. Optella is one firm that has successfully created 5G Optical Engine and managed to become a subsidiary of Cosemi Technology Inc.

Meanwhile, Singapore based startup, Transceletial is nearing to close a Series A funding round and has inked multiple contracts with global firms in 2018 to deliver its wireless optical communication technology.

Source Credit: https://www.sktelecom.com/en/press/press_detail.do?page.page=1&idx=1463&page.type=all&page.keyword=