5G Open Innovation Lab Announces Second Cohort of Sixteen Companies Selected to Join Its Growing Ecosystem of Business, Technology Leaders
SEATTLE, Sept. 16, 2020 /PRNewswire/ -- The 5G Open Innovation Lab (5G OI Lab), a global ecosystem of developers, enterprises, academia and government institutions, today announced the selection of its second cohort of early- and later-stage start-ups representing diverse markets and aimed at improving 5G network performance, reducing latency and enabling application innovation in both hardware and software platforms in the cloud and at the edge.
The Lab launched its inaugural program on May 4, 2020 with the strategic and financial support of founding partners Intel, NASA and T-Mobile. Founding partners provide engineering, technology, mentorship and industry resources to founders and their companies to help them develop, test and bring to market new use cases that unleash the potential of 5G networks. The program has been adapted to a virtual format in response to the COVID-19 pandemic.
According to a study conducted by analyst firm IHS Markit, 5G is expected to generate $13.2 trillion of new market value by 2036 funded largely by enterprise IT spending. Said Jim Brisimitzis, general partner of the 5G Open Innovation Lab, "It's clear that both enterprise and carrier networks are opening up new opportunities for innovation harnessing the connectivity of 5G with the proximity of edge computing. As an open ecosystem program, we focus on helping both early- and later-stage companies remove technical friction, connect founders with industry mentors and provide unparalleled market access backed by the generous support of our partners. We're running a marathon together. Once a member of the community, always a member of the community."
iUNU (https://iunu.com/), an emerging leader in precision agriculture leveraging AI to provide data analytics to farmers and greenhouse growers, is a graduate of the Lab and participated in the inaugural program this Spring. By adopting 5G technology standards, the company was able to build out several new features for their customer base. Said Adam Greenberg, CEO of iUNU, "The 5G Open Innovation Lab was instrumental in our business development efforts with large technology companies, bringing farmers better outcomes. The Lab focused on helping us connect to the right decision makers by cutting through the entire search phase. I would definitely recommend participating!"
"We are encouraged by the innovation we are seeing from the first cohort resulting from the collaboration between the Lab and members, and we look forward to what this new group of start-ups will bring," said Caroline Chan, vice president, Data Platforms Group and general manager, Network Business Incubation Division at Intel. "Fostering a strong developer ecosystem helps further accelerate adoption of 5G solutions by both enterprises and the telecom industry, and the Lab is an effective way to make this a reality."
"This is a fantastic program giving entrepreneurs and developers – the folks that make the magic happen – direct access to our engineers and business leaders," said Neville Ray, President of Technology at T-Mobile. "Only T-Mobile has a network that serves all use cases for 5G and with our launch of the world's first Standalone 5G network, now is the time to develop the applications that will unleash the potential of 5G."
The Lab has selected 16 companies as members of the second cohort that will participate in the 12-week program. The Lab does not take an equity position in the start-up companies, rather, companies collaborate with 5G technology experts and business advisors through CEO and CTO roundtables, private working sessions, virtual networking and social events, and opportunities to meet with the Lab's extensive partner network of venture capital firms. The following companies are the newest members selected to join the 5G ecosystem and Lab:
The 5G Open Innovation Lab is also a founding member of Washington's newest Innovation Partnership Zone (IPZ), a statewide initiative, sponsored by the City of Bellevue and administered by the Washington State Department of Commerce. The IPZ is designed to stimulate regional economic growth by providing access to intellectual capital, and to accelerate the development of new technologies, marketable products, company formation, and job creation. This unique public-private partnership includes members Pacific Northwest National Laboratories, Snohomish County, T-Mobile, Washington State University (WSU), and the University of Washington.
Said Brisimitzis, "We are not a traditional incubator or accelerator. Equity isn't the program's end goal. Working with standout founders solving big enterprise problems is what we, and our partners, get excited about. We are accomplishing our long-term goals by building a global community. Our unique approach to fostering innovation will enable us drive real-world applications and solutions that are economically viable, marketable, and fundable."
About the 5G Open Innovation Lab
The 5G Open Innovation Lab (5G OI Lab) is a global ecosystem of corporate enterprises, academia and government institutions working together with early- and later-stage start-ups to fuel the development of new 5G capabilities and market categories that will transform the way we work, live and play both now and in the future. The Lab provides developers at all stages unparalleled access to open platforms and markets needed to create, test and deploy new use cases and innovations for 5G. To learn more about the Lab and its ecosystem of companies, please visit https://www.5GOILab.com/ or follow us on Twitter at @5GOILab.
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SOURCE 5G Open Innovation Lab
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