Australia-based phone operator Telstra will next month set up a corporate venturing unit to invest in broadband businesses.
Deena Shiff (pictured) will become head of Telstra Applications & Ventures Group on August 1 when she leaves her role as group managing director of Telstra Business after five years.
David Thodey, chief executive of Telstra, said: "As faster broadband becomes available to more Australians, we expect an explosion in innovation and the development of new locally developed media-rich applications.
"Telstra’s Applications & Ventures Group will invest and partner with other companies and government agencies at the forefront of innovation to provide a new range of digital services for business and consumers, including in health and education."
The ventures division will be a team of 20 and its creation follows last month’s A$11bn deal with broadband network NBN to use Telstra’s network and infrastructure. Telstra said it would invest A$2bn upgrading its infrastructure and migrating customers to the NBN.