Samsung to invest in support center for startups

Samsung to invest in support center for startups

Samsung Group, South Korea’s top conglomerate, said Thursday it will invest 90 billion won (US$81.3 million) to build a center at the Daegu-Samsung Creative Economy Zone in the southeastern city of Daegu that assists local startups.

The group, which holds the world’s top smartphone maker Samsung Electronics Co. under its wing, said it will build the Daegu-Samsung Creative Economy Zone in this city 302 kilometers southeast of Seoul, where the business empire first started out as a merchant selling fruits and dried seafood.

Samsung is the latest conglomerate to participate in a government’s creative economy policy that seeks to form new opportunities and jobs by integrating information technology with other industries.

“The creative economy center will lend support to new startups in the IT, software and textile firms,” Samsung said, adding it will also offer space for artists, allowing them to collaborate with venture companies.

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