Samsung is spending $1.1 billion on a new Samsung Strategy and Innovation Center (SSIC). The SSIC will be a “global engine to accelerate innovation and to drive new business creation.” The company will have three offices worldwide and will give the opportunity for the company to interface with entrepreneurs outside of the company. Samsung will also provide mentorship for new businesses.
The SSIC will specifically center on innovation around mobility, the cloud, and Internet services. Of that $1.1 billion, $100 million will go towards the Samsung Catalyst Fund, which will focus on developing components. Later this year, Samsung will host an event called the Samsung Create Challenge for innovators to create technology that improves lives.
The Samsung SSIC will be headquartered on Sand Hill Rd. in Menlo Park with offices in Korea and Israel. It will be led by Samsung President and Chief Strategy Officer of Device Solutions Young Sohn.
“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,” stated 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.”