05 February 2013

Samsung Opens New Strategy and Innovation Center in Silicon Valley

- New $100 million Samsung Catalyst Fund 
- $1 billion Samsung Ventures America Fund 

Menlo Park, Calif. - 04 February 2013 - Samsung Electronics Co., Ltd. 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. 

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 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. 

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 

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. 

Samsung Electronics Co., Ltd. is a global leader in consumer electronics and the core components that go into them. It employs 227,000 people across 75 countries with annual sales exceeding US$143 billion. 

Source: Samsung Electronics