Samsung Silicon Valley innovation center and "Next Big Thing"

While Samsung has been one of the world's largest consumer electronics company, and has become the leading seller of smartphones, Young Sohn, Samsung's president and chief strategy officer, formally unveiled a new Silicon Valley innovation center (SSIC) and two funds worth $1.1 billion, which are intended to help find the "next big thing" in tech. Initially, the center will focus on big data, cloud infrastructure, mobile privacy, the Internet of Things, human interface, and mobile health, according to LA Times.

In addition, the SSIC will be a place where entrepreneurs can build partnerships with Samsung's nine product divisions as they seek to develop their own ideas and turn them into products. The center will also be part the company's strategy to expand its mergers and acquisitions activity by identifying companies and technologies that can fill various product gaps.  The innovation centers seem in part meant to address the company's practical needs to tap more innovative ideas, but also to enhance its reputation as a place that innovates.

Later this year, Samsung will host a competition for artists, engineers, entrepreneurs, and other innovators to pitch their best ideas for how to improve lives with technology,  called as "$10-million SamsungCreate Challenge".

Young Sohn started at Samsung in August 2012. He has spent a long career leading several successful Silicon Valley semiconductor and storage companies after founding Intel’s PC chipset business, including Oak Technologies Inc which was acquired by Zoran Corp, then CSR PLC. Samsung bought CSR's wi-fi and bluetooth mobile chip tech last summer.