Samsung Electronics just unveiled a new Silicon Valley innovation center, which the company says will be an epicenter of research and development. This new center will also be aided through a 1 billion dollar investment.
Called the Samsung Strategy and Innovation Center, this new innovation hub will be an epicenter of designing new products and encouraging entrepreneurs and inventors to help Samsung create new and useful products. The center will be located in Menlo Park, California on Sand Hill Road. There will also be satellite offices located in South Korea and in Israel. Samsung’s President and Chief Strategy Officer of device Solutions, Young Sohn, will be managing the center.
"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," Sohn said in a recent press statement. "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."
Funding for the new center will come directly from Samsung’s Catalyst Fund, but according to Sohn the center has been open since August of 2012. The center would be a place where the company’s product divisions would be able work together and take advantage of the rich resources that Silicon Valley has to offer.
Sohn also said that Samsung would eventually be establishing offices in other strategic locations around the globe. He further stressed that the center would be reaching out to others in the community and possibly mentor young innovators and to even build new partnerships with special programs.
The 100-millons dollars coming from Samsung’s Catalyst Fund is aimed at what they call early stage and seed stage investments. This would be going along with the 1 billion dollar corporate venture fund, which will also be making more investments in other US-based companies. According to Sohn, Samsung is one of the three largest corporate investors on the globe.
Samsung has organized something they call the ‘SamsungCreate Challenge’ that will be set up later this year. Its purpose is to encourage engineers, artists, inventors and all manner of entrepreneurs to make use of Samsung’s technology to help promote their new ideas. If chose, innovators and entrepreneurs will receive 10 million dollars through seed investments and support from other Samsung partners.