Samsung and Handmark offering $250,000 Venture fund

Samsung have announced yet another developer stimulation on top of its own Samsung App store challenge and SDK release. Samsung and Handmark will provide a new global venture fund to drive innovation in mobile game development for Samsung App Store. Companies and/or individuals selected will receive up to $250,000 each to fund the development of winning ideas for next generation Samsung mobile phones.

Samsung and Handmark will select multiple winners but the number of winners will be determined by the amount of funding required by the best applications.

To be a selected winner, the idea should be innovative, attractive and take advantage of the current Samsung Mobile phones features including touch-screen, accelerometer control, location based services, and social features.

The developer will be entitled to 20% of the net sales of the released game. If the sales of the game surpass the initial investment by Samsung, you will earn 80% of net sales thereafter.

Summary of Venture Fund Available for Developers

Initial investment: Up to $250,000
Developer payout (when total earning is below initial investment): 20%
Developer payout (when total earning surpass initial investment): 80%

You can get further information at Samsung Innovator and Handmark.