Samsung to Launch New Open Innovation Center in Silicon Valley
Multinational conglomerate Samsung is going to launch a new open innovation center in Silicon Valley.
The announcement was made on Monday at the D: Dive Into Media conference by the man charged with running the operation, Samsung EVP David Eun.
Samsung wants to give the software side of its business a giant-sized boost, and grab a larger share of a market.
“It’s no secret that you have to get the hardware and the software right,” Eun said. “It’s not just about putting software onto hardware. It’s about a thoughtful integration between the two.”
Engaging with External Expertise
The conglomerate believes that it can achieve its innovation aims more effectively by setting up camp in Silicon Valley and forging strong relationships with external partners.
The new open innovation center will focus its resources in four key areas:
• An “accelerator” division to help small startups get their products off the ground
whilst giving them access to Samsung’s products and plans.
• A venture-capital wing to give Samsung the ability to invest in early-stage start-ups
that are trying to deliver the next breakthrough technology products.
• A partnerships sector to help Samsung find ways to work alongside start-ups.
• A mergers and acquisitions team that will seek relationships with firms that want to
work with, not necessarily for Samsung.
Open for Business in June
Currently, Samsung’s open innovation hubs are located in temporary residences in the US. However, by early summer the company aims to have permanent residences in Palo Alto and in New York.
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