Samsung is always looking for the ‘next big thing’ anywhere they can find it. Samsung realizes that some of the best ideas come from the minds of young entrepreneurs, so they started the Samsung Global Innovation Center – renamed to Samsung NEXT. The institution provides funding, office space, equipment, and materials these Early Stage Startups or tech entrepreneurs need to transform their idea into reality. David Eun, President and Founder of Samsung NEXT, said that “Samsung continues to embrace entrepreneurship at all levels and this Fund shows our unwavering commitment to support great startups worldwide.”
According to Brendon Kim, VP and Managing Director of Samsung NEXT Ventures, by investing in these startups it helps accelerate their growth and development, ultimately ensuring their success. This also increases Samsung’s access to the many new ideas developed by these techies – after all, this is a cooperative effort. This is also a global effort with offices already in Mountain View, New York, San Francisco, and Korea, and Samsung is opening up their newest office in Tel Aviv. Samsung promises to open more locations in 2017. Emily Becher, Managing Director of Samsung NEXT Start and head of Samsung NEXT’s international expansion says they are very passionate about their commitment to developing business relationships with startup companies. She says it helps fuel the local experts and with Samsung’s help they can develop programs or devices that we might otherwise never hear about or see.
Samsung’s idea to create an environment to foster innovative software and services started in 2013. They provide not only funding but also the expertise to help the young startup companies – often only consisting of two or three people – turn their ideas into a reality. From the early stages of development, Samsung funds the project so the company can grow and prosper. With Samsung’s size, they are often able to help leverage the maturing businesses and getting them to be a part of the Samsung ecosystem. Samsung has always been on the leading edge of innovation and spent nearly $14 billion in 2015 on Research and Development – they even have a program for employees with that next great idea. The world of electronics moves at the speed of light and Samsung wants to make sure that they are moving just as fast.