Various tech companies fund startups in order to bring innovation and creativity to the forefront. For instance, Google has introduced the Black and Latino Founders fund. Similarly, the South Korean firm is interested in a similar thing, it is looking up to Israeli companies for advanced technologies. The company has introduced a tech accelerator program. The company is going to fund Israeli startups. Reportedly, the startups will be funded with a grant of $50,000 each.
Besides the funding, the company will provide technical support to the startups as well. The entrepreneurs will benefit from Samsung’s world-class R&D units for a period of six months. The applicants applying for Samsung Mobile Advance (SMA) program needed to build a pilot. The pilot will feature the company’s prowess in innovation and technology. In addition to this, the pilot should establish how Samsung products will be complemented and how Samsung’s products will stand out from others.
Samsung is focusing on a particular range of areas with the tech accelerator program in Israel. The selected areas are cameras (optics, algorithms, electronics), power, audio, on-device AI, metaverse/augmented reality (XR), and sensors. It also consists of foldable technology, wearables, health, connectivity, environment and sustainability (ESG), and advanced materials.
The timeline for the tech accelerator program in Israel is from July 2023 to February 2024. The company will declare the winners a month before i.e., in June. It will be followed by the pitch of their proof of concept (POC) proposal. It will be addressed to Samsung’s Korean development team and the Israeli mobile team. Reportedly, the program is going to be held for the second time in Israel. On the other hand, it has been introduced in other regions as well like the US, Japan, India, Europe, and Canada.
Lior Yekoutieli, the Samsung Research Israel director of Open Innovation said, that Israeli companies should participate in this program. As it is going to present them with a lot of opportunities.
Brian is the news author at Research Snipers which mainly covers Technology News, Microsoft News, Google News, Facebook, Apple, Huawei, Xiaomi, and other tech news.