Samsung puts Silicon Valley on a plate in $100m all-you-can-eat
Nice tech you've got there, mind if we just gobble it all up?
South Korean leviathan Samsung has ring-fenced $100m to snap up early startups in IT security, mobile tech and remote computing.
The globe-spanning chaebol has already set aside a billion dollars for its Samsung Ventures America Fund subsidiary, which will be run along with the $100m "Catalyst Fund" at the new Samsung Strategy and Innovation Centre in Silicon Valley.
The centre, sitting in Menlo Park, will be led by Young Sohn, the chief strategy officer of device solutions at Sammy's electronics biz.
"We see tremendous opportunities and transformations over the next five years driven by Big Data centred around mobility, cloud, and the Internet of Things, and Samsung will be a significant part of this revolution,” he gushed.
"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."
The cash-rich electronics giant will want to hang onto its place near the top of the tech world for as long as it can, backing new ventures to make sure it gets a chance to gobble up any new tech with potential. Having seen once mighty giants fall when the world went mobile, Samsung won't want to make any of the same mistakes. ®
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