Samsung's open innovation has a very important secret ingredient, the company announced. Startups are at the core of its innovation, driving the integration of hardware and software.
Speaking of its evolution and growth as a company, as well as its future plans, Samsung says that "cultivating deep relationships" with startups is paramount. The company wants to build stronger ties with startups in the United States and worldwide.
"The future is about the thoughtful integration of hardware and software. And that means startups," reveals David Eun, executive vice president of the Samsung Global Innovation Center (GIC).
Samsung is now betting big on the Internet of Things (IoT) and it believes that startups will play a huge role in its next IoT push. Just a few weeks ago, at IFA 2015, the company unveiled its intriguing SmartThings Hub, marking a strong push into IoT. The SmartThings Hub stems from Samsung's SmartThings acquisition back in August 2014, and the company has big plans moving forward.
While Samsung gained most of its fame due to its Galaxy line of devices, the company believes that its next major driver for its evolution as a company is IoT.
Samsung is forging strong relationships with startup ecosystems both in the United States and worldwide, planning to boost its service and software presence and build even more "compelling consumer experiences."
With this in mind, Samsung relies on four key factors to strengthen its relationships with startup ecosystems: investments, acquisitions, partnerships and its Accelerator program in New York and San Francisco.
Working with startups enables the GIC to engage with entrepreneurs in multiple ways at any stage of development, which allows for a wider set of opportunities than they would obtain from investments alone.
Samsung's appreciation and plans for startups is nothing new, however, and this newly-announced "secret ingredient" is actually just a reiteration of the company's vision in this regard. Just last week, for instance, Samsung announced plans to increase its efforts in supporting local startups in its home country of South Korea.
Bottom line, Samsung wants to drive innovation rather than simply keep up with rivals, and startups are its secret ingredient for making it happen.
