Samsung has partnered with mobile app developer Handmark, to launch the Global Venture Fund, a contest/investment fund aimed at getting indie game developers to create jazzy new apps for the next generation of Samsung phones. Participants are encouraged to build features that use location-aware technology, the accelerometer, the touch screen, as well as social media into their games; if accepted, they’ll earn up to $250,000 as a “development advance fee.” They’ll also get app development, testing and certification assistance from Handmark, as well as guaranteed distribution in the Samsung app store.
The caveat? Once the game goes live in the store, the developer will only get 20 percent of the sales. If sales surpass Samsung’s initial investment, the rev-share bumps up to 80 percent. Samsung also gets exclusive access to the game for six months, and then a cut of all future sales (the specific amount not disclosed) if the developer does take the game to another platform like the iPhone. It is not clear whether Handmark, which will manage the fund from its Kansas City and London offices, will share in any of the revenues or brand the games. Samsung also did not disclose the total value of the Global Venture Fund pool. Release.
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