Rewarding Innovation
Qualcomm is investing US$90 million for start-ups in South Korea. On June 30, during an open luncheon meeting at the Seoul Grand Hyatt Hotel, Paul Jacobs, Qualcomm's Chairman of the board, said, “Given the highly competitive nature of the industry, Qualcomm is on the lookout for new ideas providing support for start-ups.” The luncheon meeting was organized by the American Chamber of Commerce in Korea (AMCHAM).
Recently, Qualcomm has also invested 3.15 billion won (US$2.82 million) via a specialized venture capital subsidiary of Qualcomm into Mango, a local venture that provides recommendations for local restaurants. Being a son of Qualcomm founder Irwin Jacobs, Paul Jacobs has been in charge of the US-Korea Business Council since 2012.
He is on two-day business trip to Korea. During the luncheon, president Jacobs spoke with Amy Jackson, head of the AMCHAM, on the theme of “innovation, cooperation and prosperity.” In particular, they discussed the history of Qualcomm’s innovations and the IT industry in Korea. Jacobs added, “In order to foster an innovation-friendly business environment, the roles of government and businesses are critical.” Jacobs also expressed that he highly valued the current Korean government policy related to launching creative economy centers across the country.
Meanwhile, Qualcomm, SK, and the municipal government of Seoul signed a memorandum of understanding to spread the use of “keeper phones.” Designed to counter the rising numbers of missing seniors with dementia, the phone enables family and guardians to know the real-time location of seniors with dementia. The phone also sends alert messages to guardians when seniors stray away from safe areas.