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SK Telecom Co. and Facebook to Launch a Telecom Startup Incubation Center in S. Korea

By November 7, 2016 at 8:36 am
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South Korean wireless telecommunications operator SK Telecom Co. and global social network company Facebook Inc. will be opening an incubation center in South Korea, one of the most wired countries in the world, to assist startup firms in the telecom infrastructure industry.

SK Telecom Co. is the largest wireless telecommunications company in South Korea. Founded in 1984, it now leads the local market with 50.5% share as of 2008. Facebook, on the other hand, was the most popular social networking website in the world as of April 2016, boasting a staggering 1.65 billion active users as of March 31, 2016.

SK Telecom announced its plan to launch a center for telecom startups at the Telecom Infra Project (TIP) summit held at the social networking giant's headquarters in Menlo Park, California on Wednesday.

An organization founded under the leadership of Facebook founder and Chief Executive Officer Mark Zuckerberg, the TIP aims to develop the next generation of networks technology as well as improve the connectivity in developing countries. Choi Jin-sung, SK Telecom's Chief Technology Officer, is currently serving as chairperson of the TIP.

According to SK Telecom, the upcoming telecom startup incubator will be the first of its kind created by TIP. Facebook's selection of South Korea as the first location for a startup center in the field of telecom infrastructure shows that the social networking giant has acknowledged South Korea's advancement in telecom technology, Choi stated.

The telecom infrastructure industry is considered to be one of the toughest fields for emerging startups with limited capital to flourish since developing and testing a new technology typically requires three to seven years before commercializing the technology.

Catering to the needs of startups, the South Korean telecom operator will furnish business facilities and technological supports to mentor the young ventures, while Facebook will look for promising startups and help them lure venture capitals in Silicon Valley. The incubation center will also offer the startups with opportunities to collaborate with the world's leading telecom companies affiliated with TIP.

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