According to a Bloomberg report published June 16, 2019, South Korean tech giant Samsung is seeking to collaborate with next-generation platform firms to stay competitive in the rapidly advancing technological industry.
Keeping Pace with Time
Since the dawn of the Internet age, the pace of development in the tech space has been astronomical. Just within the last ten years, the world witnessed several impactful technological innovations in the form of smartphones, 4G and 5G networks, as well as emerging technologies like blockchain, artificial intelligence (AI), and machine learning, among others.
This period was also marked with the unprecedented rise of several tech firms like Google, Facebook, Apple, Samsung, and others that managed to stay at the forefront of their respective industries through continual innovation and R&D.
However, with intense competition the up and comers and dynamic market conditions, the margin for error for these tech conglomerates has reduced to the bare minimum. The continually thinning profits have caused quite a concern among these corporate titans and they look to be in no mood to give up their market territory just yet.
In an attempt to gain an upper hand in the tech space of tomorrow, Samsung is looking to tap into future businesses. Bloomberg reports that last week, Samsung’s de-facto leader, Jay Y. Lee held a meeting with the company’s top executives on potential collaboration with platform firms on 6G mobile networks and blockchain technology.
For the uninitiated, a platform company is essentially an initial acquisition by a private equity firm that wants to make deeper inroads within a particular sector by making further acquisitions in the future.