Samsung set up 100 million dollar catalytic fund to promote cloud computing and mobile innovation

local time this Monday, Samsung Electronics set up a new 100 million-dollar Samsung catalytic fund (Samsung Catalyst Fund) to boost its US influence and stimulate innovation in cloud computing and mobile privacy.

Samsung held a press conference in Monday, said the Samsung catalytic fund mainly invests in components and subsystems of the early stage of the enterprise. Its Samsung investment US fund (Anglo Ventures America Fund) amounts to $1 billion trillion, and is also used to help drive target areas such as mobility, cloud computing and IoT innovation.

"Most of our innovations in the past happened in Korea, because Korea is the birthplace of our company and the birthplace of a large number of engineers," Young Sohn, chief strategy officer of Samsung Equipment Solutions, said in a new project. ”

Samsung plans to host a samsungcreate Challenge competition later this year to launch a 100 million dollar Samsung catalytic fund. The competition encourages artists, engineers, entrepreneurs and other innovators to bring significant influence to Samsung technology, offering 10 million dollar Angel investments to the winners, and providing project incubation and support to the winners by Samsung Innovation and technology members and Samsung Research and development technicians partners.

Samsung will then disclose more details.

Samsung also talked about its new Samsung strategy and Innovation Center in Menlo, Calif., in Monday, with offices in South Korea and Israel directly headed by Sohn, but Sohn did not disclose the scale of the innovation Centre.

Samsung's operations in New Jersey and Texas are large but less influential in Silicon Valley. Samsung has been taking steps to expand its California operations, including the creation of a new research and development center in Mountain View, Calif. Samsung executives recently told CNET that the company has recruited a large number of employees in California.

A large number of technology giants set up business investment funds to invest in technology companies that develop their own areas of interest. Intel venture capital is one of the world's largest venture capitalists, and Google, Qualcomm and Microsoft are all running a sizable fund. Sohn said Samsung set up a Samsung venture capital company at the end of 1999 (Samsung Venture Investment Corp.), after which it continued to raise the number of U.S. funds. The recent investment in Silicon Valley has increased markedly.

Sohn says Samsung's venture capital is differentiated from the investment philosophies of Intel, Qualcomm and Microsoft by focusing on professionalism and small-scale creativity. He stressed that Samsung's business model was "patient" or attractive to entrepreneurs.

Recently, venture capital investment hotspots have tended to be social networks, health care or mobile, replacing hardware-related areas. In the fourth quarter of last year, VC trading in computer hardware and services was only 4%, according to market research company CB Insights, with 15% per cent in the mobile sector and 41% per cent for internet companies.

Sohn said: "A large number of VC companies have been away from the need for a longer incubation, development cycle of basic science." 100 million investment funds is just the beginning. If we have other ideas, the investment fund will be additional. ”

Samsung's new investment and Research Center will help the company to take root in Silicon Valley, driving innovation related to Samsung's own business goals.

Sohn said: "We are eager to support entrepreneurs and professional academics, and we can help them become the next Google or other well-known companies." We are part of Silicon Valley. ”

(Responsible editor: The good of the Legacy)