New low-cost phone company

Tosa (meaning ‘talk’) is the name of a new company which is seeking to revolutionise the Faroese telecoms industry. By keeping running costs to a minimum, the Tosa founders believe they can compete with the two existing providers Føroya Tele and Hey.

“We regard a phone plan as a ‘must have’ product these days, and we want to offer these services at a lower price than our competitors,” says Tummas við Skipá, CEO of Tosa.

Low expenses, low prices

Instead of creating its own network, Tosa aims to buy the network space it needs from the existing providers. This will keep expenses to a minimum as the capital requirements will be significantly lower, according to Tosa’s head of finance, Tróndur Hentze Sørensen.

“The existing providers have made huge investments in their networks and their buildings. We only use laptops and phones, so we are confident that our business model will work,” says Sørensen.

Customer transparency

The young entrepreneurs are keen to point out that customer transparency is a core value for the new company.

“With many of the bills people get these days, you often don’t know what you’re paying for. We want to show our customers exactly what they are getting for their money,” says Skipá.

Looking for investors

Initially, the company plans to offer mobile phone and mobile broadband plans. Most contracts have been signed, and the founders are currently looking for investors.

“Our dream is to make this company fully Faroese, so we are hoping to find Faroese investors,” says Skipá, adding that once they have the required starting capital, it should take no more than 3-4 months before the services are up and running.

Translated by prosa.fo