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Samsung is already becoming one of the big heavy hitters in tech, but it’s looking to make more investments to ensure its place as the so-called “fifth horseman” alongside Amazon, Apple, Facebook, and Google. Samsung announced today that it is committing to investments in new technology, with the launch of its new Samsung Strategy and Innovation Center (SSIC), as well as a $100 million commitment to a new Samsung Catalyst Fund, to fund development of components and subsystems. That’s all alongside the $1 billion that Samsung is investing through its Venture Americas Fund and its existing R&D centers around the world.
The new Innovation Center will be headquartered at Sand Hill Road in Silicon Valley, and will be led by Samsung Electronics president and chief strategy officer Young Sohn. Today at a press conference, Sohn laid out the company’s strategy for investing in innovation over the next several years.
By 2020, Samsung expects there to be 120 billion connected devices around the world, according to Sohn. And the company wants to connect all of those devices, hopefully capturing an ever-larger portion of the electronics market in the process. Samsung hopes to double its revenue between now and 2020, to grow to a $400 billion company by that time.
The new Catalyst Fund will be kicked off to focus on components and subsystems, and to support it, Samsung is holding a competition. The SamsungCreate Challenge, which the company will launch later this year, will be run through the SSIC and will be focused on promoting innovation through Samsung’s Device Solution Architecture platform. Samsung will award $10 million in seed investments to winners of the contest and will provide incubation and support through its new Silicon Valley location and through partnerships with various R&D technologists.
Samsung is one of the largest super-multinational companies in the world. It’s possibly best known for it’s subsidiary, Samsung Electronics, the largest electronics company in the world.
Samsung is one of the largest super-multinational companies in the world. It’s possibly best known for it’s subsidiary, Samsung Electronics, the largest electronics company in the world.
Source : feedproxy[dot]google[dot]com
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