Samsung looking to invest in app developers

Consumer electronics giant offering up to $250,000 for mobile game developers

Apple has proven with its App Store there's a huge market for mobile gaming.  Samsung launched its own application store last month and is hoping to spark some interest among potential game developers to get to work and build it out.  

The consumer electronics giant has partnered with mobile app company Handmark to form a Global Venture Fund.  Samsung is looking to invest in companies or individuals with killer mobile gaming application ideas which best showcase its next generation mobile phones.  Some of these features include touch screen, accelerometer control, location based services, and social features.

What's in store for somebody with a good idea?  Samsung said companies or individuals selected will receive up to $250,000 just to develop their ideas.  So by the sounds of things, you don't have to have a working version of a game to get selected, just some really good ideas.  Handmark said it would provide assistance in development, testing and certification of the games.

Once selected and the game gets placed in the application store, developers will be entitled to 20% of the net sales of their game. If the sales of the game surpass the initial investment by Samsung, they will earn 80% of net sales thereafter. 

"This is a fantastic opportunity for anyone, including big brands, mobile developers or any individual with a unique, creative idea to make it a reality," said Chris Barnett, SVP of Global Sales and Strategic Partners for Handmark.

Some well-known games released on Samsung's application store so far include Guitar Hero and Space Invaders.

Aspiring mobile game developers intersted in submitting can find more information here.  Deadline is November 20, 2009 at 5PM CT.