Telefonica has been among the most willing of the old-style telcos to adapt to the world of digital content, over-the-top services and the internet of things. However, the pressures of its debt mountain and recession-hit home country have meant that it has not delivered on all its promises. For instance, the highly creative and autonomous Telefonica Digital unit was axed as a separate unit last year, its activities supposedly redistributed around the company – an economical move, perhaps, but defeating the original objective of allowing the division to think freely about new opportunities, unencumbered by the traditional business. One area of digital activity which has continued to prosper has been investment in start-ups. The Spanish operator is now bringing together…