Samsung has shown its support for the United States when he donated millions of dollars to help with Superstorm Sandy, now the top smartphone maker will be supporting new businesses in the Silicon Valley.
Samsung has created a $100 million venture capital fund that will invest in startups for remote computing, cyber security, mobility and mobile privacy. The fund called the Samsung Catalyst Fund will seed investments alongside a larger Samsung Venture Fund of $1 billion. One of the first projects will be a competition, SamsungCreate Challenge to encourage artists, engineers and entrepreneurs to use Samsung technology. It will award $10 million in seed investments to winners, as well as incubation support. Samsung Innovation and Technology fellows and Samsung RAD technologists will support the winners.
Samsung will offer entrepreneurs Samsung resources including research/development, marketing and branding.
Other types of investment Samsung will support will be components and subsystems such as batteries.
Samsung also will build the Samsung Strategy and Innovation Center in Menlo Park.