Alberto Onetti, Chairman of Mind the Bridge, sits down with Agustin Moro, Director of Innovation Services at Telefónica, for a deep dive into the dynamic world of open innovation. In this insightful conversation, they discuss Telefónica's journey in open innovation, tracing back to the launch of Telefónica Open Innovation in 2006 and the subsequent development of initiatives like Wayra and Telefónica Ventures.

“We are obsessed with showing the results of our Innovation activities both outside and inside Telefónica.” says Agustin Moro, Director of Innovation Services at Telefónica. Thus far they have produced over 700 million in revenue and 200 million in cost savings.

Here are the 5 tips of Agustin to Open Innovation managers:

1. Set clear goals and expectations and socialize/communicate them internally
2. Be relevant
3. Be consistent and keep up also when results are not coming
4. Don’t take shortcuts
5. Be ready to hack the system since “doing Open Innovation is not just investing. It is changing the corporate culture”.