Samsung sets up Strategy and Innovation Center to innovate and create new businesses

In a bid to innovate and drive new business creation, Samsung has announced to setup a Strategy and Innovation Center (SSIC). The SSIC will be headquartered in USA and will work in tandem with the newly created $100 million Samsung Catalyst Fund, $1 billion Samsung Ventures America Fund and existing R&D centers.

Samsung says the combination of all these will help them to fuel R&D, investment, alliances and M&A.

Also, to push the Catalyst Fund, SSIC will hold a competition later this year inviting artists, entrepreneurs and will award $10 million as seed investment to winners along with incubation and support.