Samsung Electronics Establishes Strategy and Innovation Center in Menlo Park, California To Inspire Technological Innovation
The firm will invest $100 million from its Samsung Catalyst Fund, $1 billion Samsung Ventures America Fund, along with assistance from its Samsung’s international R&D centers,“to 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 company said.
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.”
Samsung said its newest initiative 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. To inspire the latest in technological advances, entrepreneurs and innovators will gain access to Samsung’s unique ecosystem and resources. The company said it will provide 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.
Its $100 million Samsung Catalyst Fund will focus 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.
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.
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