Fledgling technology startups – including those focused on music – may have a new source of funding in mobile operator group Telefonica. It’s opening a ‘Wayra Academy’ startups incubator in London, with plans to invest up to €50k for a 10% stake in 20 startups, who’ll be able to work out of its central London office for six months, as they get their services off the ground and prepare to seek follow-on funding. Telefonica gets first rights of refusal to buy the startups, but if it’s not interested, it will sell its stake back to them for €1 after the initial six months. Wayra isn’t just a London thing either: there will also be similar incubators in Berlin, Dublin and Prague, adding to existing ones in Spain and Latin America.

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