Samsung Electronics launched a new innovation strategy based on the new Samsung Strategy and Innovation Center, and a new $100m Samsung Catalyst Fund.
They will complement the existing $1bn Samsung Ventures America Fund and international R&D centers.
Led by Young Sohn, President and Chief Strategy Officer of Device Solutions, Samsung Electronics, the Samsung Strategy and Innovation Center is headquartered in Menlo Park with offices in Korea and Israel. It will be initially focused on areas such as cloud infrastructure, mobile privacy, Internet of Things, human interface, and mobile health. Entrepreneurs and innovators will access to strategy and technology mentorship to advance their developments and businesses, the company’s global technology and product platforms, as well as the opportunity to partner with Samsung’s Device Solutions business units and Samsung’s international R&D centers for product development, go-to-market strategies, and channel development. They can also receive support from the early-stage $100m Samsung Catalyst Fund focused on components and subsystems along with the $1bn Samsung Ventures America Fund, as well as strategic alliance and merger and acquisition opportunities throughout Samsung Electronics’ Device Solutions businesses.
To start up the Samsung Catalyst Fund, SSIC is holding a competition, SamsungCreate Challenge, launching later in 2013. The program will encourage artists, engineers, entrepreneurs, and other innovators to leverage Samsung’s Device Solutions Architecture Platform. The contest will award $10m in seed investments for winners and will also include incubation and support from SSIC’s Innovation and Technology Fellows and partnerships with Samsung R&D technologists.
For additional information about the Samsung Strategy and Innovation Center and the Samsung Catalyst Fund, contact [email protected]