Faraz Hoodbhoy (pictured), head of the startups platform at US-headquartered telecommunications firm AT&T, has joined Parc, Xerox’s famed innovation centre in California, as vice-president of commercialisation and operations.
Hoodbhoy, a GCV Rising Stars 2018 award winner, had been in charge of AT&T’s Innovation ecosystem outreach programme as well as its Palo Alto, California foundry, and was responsible for evaluating and delivering 120-plus commercial deals per year worth about $1.6bn (8% of AT&T’s capital expenditure budget).
As well as direct equity investments through Hoodbhoy, in companies such as nonprofit-focused accelerator Fast Forward, digital media platform developer Cheddar and operating system developer SnapRoute, AT&T had limited partner commitments to external funds such as the $200m Coral fund.
Xerox has been developing its own corporate venturing strategy in the past year. At the start of 2021 it set up a $250m fund and appointed Naresh Shanker, senior vice-president and chief technology officer, to lead its Parc Innovation division.
Parc’s developments have included the laser printer, and in recent years it has researched technologies including 3D liquid metal, the industrial internet of things and clean technology.
Hoodbhoy’s background developing AT&T’s 5G and edge computing strategy as well as in augmented and virtual reality, will fit with Xerox’s target for three divisions.
