Samsung has announced the third round of its tech startup accelerator run in partnership with the South Korean and Brazilian governments.
The Creative Economy Promotion Program is the result of a partnership signed in 2015 between Samsung, the Brazilian Association of Science Parks and Business Incubators (Anprotec) and the Korean Center for Creative Economy and Innovation (CCEI) with the aim of identifying, selecting and supporting innovative ventures in areas of interest to the South Korean manufacturer.
Developed through rounds, each with a different group of startups, the program lasts approximately six months. During the program, the ventures will be supported by Samsung, Anprotec and incubators of pre-selected companies based in different regions of Brazil.
In this third round, up to 20 startups may be selected, with up to R$250,000 ($76,354) in funding provided to each venture. For this new stage of the program, Samsung will be also looking to foster businesses active within digital agriculture - with support of the Brazilian Agricultural Research Corporation (Embrapa) - in addition to the other areas in which it already has supported businesses, such as mobility, virtual reality, e-health and e-learning.
Brazil's agriculture sector has been attracting interest from other startup schemes run by other tech giants: last year, Monsanto and Microsoft have formed a partnership to invest in technology startups focusing on the agribusiness segment in the country.
Startups wanting to participate in the Samsung-led program can do so through its website until August 20, with projects for products and services in one of more areas of interest to the initiative. The proposals will then be reviewed by a committee formed by executives from Samsung, Embrace, Anprotec and a network of associated incubators.
The Creative Economy Promotion Program includes funding from the Brazilian government that comes from tax relief for the technology sector, as outlined in Brazil's Information Technology Law. Some $5 million of funding to the program will be provided by Samsung between 2015 and 2020.