Samsung starts $100 million venture funds for start ups in Silicon city

Posted on Feb 6 2013 - 12:00pm by Sunny

Samsung Logo on Wall

There are a lot of start up companies coming up on a daily basis in the Silicon Valley. If you have an idea that can revolutionize, or even change some aspect of our daily life, you can turn that into reality by hiring a few engineers who will be willing to work for a start up. There are in fact more such engineers than one would expect.

But one of the major factors which matters
for a start up is funds. Not all awesome ideas originate in the minds of millionaires. And it is not so easy to find an investor who would be happy and willing to invest in your ideas, and ready enough to lose or profit millions of dollars.

Now, we all know Samsung. The South Korean consumer electronics company which has changed the world of electronics in so many ways that it is in turn changing the world. We have a number of Samsung in our lives, starting from TVs, to refrigerators, to smart phones, to tablets, to what not. The company has already become a market leader. Now, it wants to ride a different horse.

The South Korean tech giant wants to become an investor for Silicon Valley start ups. Yes, you read it right. The company now has a $1 million venture fund that it will invest in early stage start ups in the Silicon Valley. The funding will concern remote computing, cyber security, mobility, and mobile privacy. “The fund, known as the Samsung Catalyst Fund, will function more like a seed investment fund and will work alongside the larger $1 billion Samsung Venture Fund in providing partnership opportunities and guidance to startup companies,” writes Boy Genius Reports.

Young Sohn, the president and chief strategy officer of Samsung’s device solutions unit says, “Our role is not to be an incubator. We are going to be bringing expertise to these companies.” This is a good news for a lot of start up companies who are looking for funding.

Source: Boy Genius Reports

tags:

 Subscribe to our newsletter!

We respect your email privacy

About the Author