Welcome!

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
With major technology companies and startups seriously embracing Cloud strategies, now is the perfect time to attend 21st Cloud Expo October 31 - November 2, 2017, at the Santa Clara Convention Center, CA, and June 12-14, 2018, at the Javits Center in New York City, NY, and learn what is going on, contribute to the discussions, and ensure that your enterprise is on the right path to Digital Transformation.
21st International Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, will feature technical sessions from a rock star conference faculty and the leading industry players in the world. Cloud computing is now being embraced by a majority of enterprises of all sizes. Yesterday's debate about public vs. private has transformed into the reality of hybrid cloud: a recent survey shows that 74% of enterprises have a hybrid cloud strategy. Me...
DevOps at Cloud Expo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is no time to w...
SYS-CON Events announced today that CA Technologies has been named "Platinum Sponsor" of SYS-CON's 21st International Cloud Expo®, which will take place October 31-November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA. CA Technologies helps customers succeed in a future where every business - from apparel to energy - is being rewritten by software. From planning to development to management to security, CA creates software that fuels transformation for companies in the applic...
@DevOpsSummit at Cloud Expo taking place Oct 31 - Nov 2, 2017, at the Santa Clara Convention Center, Santa Clara, CA, is co-located with the 21st International Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The widespread success of cloud computing is driving the DevOps revolution in enterprise IT. Now as never before, development teams must communicate and collaborate in a dynamic, 24/7/365 environment. There is ...
"When we talk about cloud without compromise what we're talking about is that when people think about 'I need the flexibility of the cloud' - it's the ability to create applications and run them in a cloud environment that's far more flexible,” explained Matthew Finnie, CTO of Interoute, in this SYS-CON.tv interview at 20th Cloud Expo, held June 6-8, 2017, at the Javits Center in New York City, NY.
In 2014, Amazon announced a new form of compute called Lambda. We didn't know it at the time, but this represented a fundamental shift in what we expect from cloud computing. Now, all of the major cloud computing vendors want to take part in this disruptive technology. In his session at 20th Cloud Expo, Doug Vanderweide, an instructor at Linux Academy, discussed why major players like AWS, Microsoft Azure, IBM Bluemix, and Google Cloud Platform are all trying to sidestep VMs and containers wit...
In his session at @ThingsExpo, Eric Lachapelle, CEO of the Professional Evaluation and Certification Board (PECB), provided an overview of various initiatives to certify the security of connected devices and future trends in ensuring public trust of IoT. Eric Lachapelle is the Chief Executive Officer of the Professional Evaluation and Certification Board (PECB), an international certification body. His role is to help companies and individuals to achieve professional, accredited and worldwide re...
Amazon started as an online bookseller 20 years ago. Since then, it has evolved into a technology juggernaut that has disrupted multiple markets and industries and touches many aspects of our lives. It is a relentless technology and business model innovator driving disruption throughout numerous ecosystems. Amazon’s AWS revenues alone are approaching $16B a year making it one of the largest IT companies in the world. With dominant offerings in Cloud, IoT, eCommerce, Big Data, AI, Digital Assista...
When growing capacity and power in the data center, the architectural trade-offs between server scale-up vs. scale-out continue to be debated. Both approaches are valid: scale-out adds multiple, smaller servers running in a distributed computing model, while scale-up adds fewer, more powerful servers that are capable of running larger workloads. It’s worth noting that there are additional, unique advantages that scale-up architectures offer. One big advantage is large memory and compute capacity...
Both SaaS vendors and SaaS buyers are going “all-in” to hyperscale IaaS platforms such as AWS, which is disrupting the SaaS value proposition. Why should the enterprise SaaS consumer pay for the SaaS service if their data is resident in adjacent AWS S3 buckets? If both SaaS sellers and buyers are using the same cloud tools, automation and pay-per-transaction model offered by IaaS platforms, then why not host the “shrink-wrapped” software in the customers’ cloud? Further, serverless computing, cl...
You know you need the cloud, but you’re hesitant to simply dump everything at Amazon since you know that not all workloads are suitable for cloud. You know that you want the kind of ease of use and scalability that you get with public cloud, but your applications are architected in a way that makes the public cloud a non-starter. You’re looking at private cloud solutions based on hyperconverged infrastructure, but you’re concerned with the limits inherent in those technologies.
The taxi industry never saw Uber coming. Startups are a threat to incumbents like never before, and a major enabler for startups is that they are instantly “cloud ready.” If innovation moves at the pace of IT, then your company is in trouble. Why? Because your data center will not keep up with frenetic pace AWS, Microsoft and Google are rolling out new capabilities. In his session at 20th Cloud Expo, Don Browning, VP of Cloud Architecture at Turner, posited that disruption is inevitable for comp...
Internet of @ThingsExpo, taking place October 31 - November 2, 2017, at the Santa Clara Convention Center in Santa Clara, CA, is co-located with 21st Cloud Expo and will feature technical sessions from a rock star conference faculty and the leading industry players in the world. The Internet of Things (IoT) is the most profound change in personal and enterprise IT since the creation of the Worldwide Web more than 20 years ago. All major researchers estimate there will be tens of billions devic...
IoT solutions exploit operational data generated by Internet-connected smart “things” for the purpose of gaining operational insight and producing “better outcomes” (for example, create new business models, eliminate unscheduled maintenance, etc.). The explosive proliferation of IoT solutions will result in an exponential growth in the volume of IoT data, precipitating significant Information Governance issues: who owns the IoT data, what are the rights/duties of IoT solutions adopters towards t...