Samsung to Spend $1.3bn on Future Technology

The Samsung Group recently announced its plan that it will establish a new foundation in which it will invest 1.5trillion won($1.3billion) over the next decade from this year as a way of fostering future science technology. The new foundation, to be set up this month, will implement three programs dedicated to fostering future technology in line with current administration’s the so-called “creative economy” agenda.

 
The three programs include: 1) producing Nobel science prize winners in the fields of basic science(physics, chemistry, life science and math); 2) promoting materials technology; and 3) supporting the convergence of information and communication technology(ICT) industry.

 
“Abundant human resources and high technology are the only assets that Korea can rely on for future growth. Thus, in order to grow into an advanced country, it is vital to continue our investment in basic science, a foundation of innovative technology, such as materials technology and ICT convergence,” said Samsung, adding “Our aim is to produce Nobel science winners and inject new vitality into the science and technology industry by offering research support for the four fields of basic science without any red tape.”

 
In the first phase, Samsung will select 100 to 200 projects for college faculty, state think-tanks and researchers at mid-to small enterprises, providing 250 billion won for each program, a total of 750billion won over the next five years.

 
In its later phase, Samsung will provide financial assistance based on feasibility evaluation and research outcome. The research in basic science will be offered up to 10-year support while that in ICT convergence and materials technology will receive assistance for commercialization. The foundation will announce the program list upon the completing of its construction in June. And it will accept projects by July and select them in October to begin full-fledged support in November.

By Kim Min-su : Here