This report discusses the importance of open innovation with start-ups for telecom operators. The authors suggest that operators should seek start-ups with a clear value proposition, provide scale to the engagement beyond sponsorship, and ensure a fit between the partnership and corporate objectives. The report also emphasizes the need for strong governance and a steering function to drive collaboration between operators and start-ups. The authors thank their client contacts and representatives from the start-up ecosystem for their insights and feedback. Overall, the report highlights the potential for start-ups to drive growth and innovation for telecom operators.