You didn't think Samsung would rest on its smartphone laurels, did you? The company has had a profitable year, to say the least, and today it announced plans to put some $1.1 billion toward an effort to build a "global engine to accelerate innovation and to drive new business creation." A new Samsung Strategy and Innovation Center (SSIC) with three offices worldwide will allow the company's own R&D departments to interface with entrepreneurs outside the company, in addition to providing mentorship for new businesses. According to Sammy, the SSIC will center on innovation in "mobility, cloud and the Internet of Things." Where exactly is that $1.1 billion going, you ask? A $100 million Samsung Catalyst Fund will focus on developing components, while $1 billion will go toward funding new technologies and business models. Later this year, the SamsungCreate Challenge will call for innovators to create technology that improves lives -- using the company's own device solutions architecture platform, of course.
MENLO PARK, Calif.--(BUSINESS WIRE)--Samsung Electronics Co., Ltd., a global leader in digital convergence technologies and advanced semiconductor solutions, today introduced its vision for a global engine to accelerate innovation and to drive new business creation for Samsung's Device Solutions businesses. The new Samsung Strategy and Innovation Center (SSIC), new $100 million Samsung Catalyst Fund, $1 billion Samsung Ventures America Fund, and Samsung's international R&D centers create a powerful platform for igniting global innovation. Samsung Electronics will leverage these organizations in global innovation hotspots to create new businesses and build open ecosystems through research and development, investments, strategic alliances, and M&A.
"We see tremendous opportunities and transformations over the next five years driven by Big Data centered around mobility, cloud, and the Internet of Things, and Samsung will be a significant part of this revolution"
The new Samsung Strategy and Innovation Center headquartered on Sand Hill Road in Menlo Park and with offices in Korea and Israel is led by Young Sohn, President and Chief Strategy Officer of Device Solutions, Samsung Electronics. "We see tremendous opportunities and transformations over the next five years driven by Big Data centered around mobility, cloud, and the Internet of Things, and Samsung will be a significant part of this revolution," said Sohn. "This is an exciting opportunity for us to engage with entrepreneurs and innovators and empower them to leverage Samsung's technology and global brand presence to bring our collective visions to market."
This new model creates a mutually beneficial foundation for Samsung and innovators to explore new opportunities and drive future growth related to Samsung's components businesses. Initial focus areas include cloud infrastructure, mobile privacy, Internet of Things, human interface, and mobile health. Entrepreneurs and innovators will gain access to Samsung's unique ecosystem and resources including:
Strategy and technology mentorship from SSIC Innovation and Technology Fellows, along with other industry experts within Samsung R&D centers, to advance their developments and businesses
Samsung's global technology and product platforms, and opportunities 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. The early-stage $100 million Samsung Catalyst Fund focused on components and subsystems together with the $1 billion Samsung Ventures America Fund, to fuel innovative technologies and business models through all stages of business
Strategic alliance and merger and acquisition opportunities throughout Samsung Electronics' Device Solutions businesses
To jumpstart the $100 million 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. Aimed at identifying and nurturing visionaries seeking to use technology to improve our lives, the contest will award $10 million 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. Additional details on the SamsungCreate Challenge will be announced at a later date.