Samsung
The Samsung Group is a South Korea-based conglomerate that involves several sub companies. It is one of the largest businesses in Korea producing almost one-fifth of the country’s total exports. They focus heavily on electronics, heavy industry, construction, defence and many more.
“An enterprise’s vital assets lie in its design and other creative capabilities.”
1938
The Founding chairman Byung-Chul Lee started a business in Korea with 30,000 won. He started Samsung as a trading company based in Taegu, a city in 1938. He had 40 employees working for his company, which started as a grocery store, trading and exporting goods produced in and around the city. They sold dried Korean fish, vegetables, and noodles.
1947
The company expanded and moved to Seoul in 1947 but left when the war broke out in Korea. After the war, Lee started a sugar refinery in Busan before moving into expanding and building textiles, which became the largest woollen mill in the country.
After the war, Samsung started to focus more on industrialization. In 1950, Samsung expands into areas such as department stores, the Joongang Ilbo daily newspapers, and a chemical firm.
1960-80
In the 1960s, Samsung entered the electronics industry with the commencement of several divisions.
- Samsung Electronics Devices
- Samsung Electro-Mechanics
- Samsung Corning
- Samsung Semiconductor and Telecommunications
During this period, Samsung acquired DongBang Life Insurance and launched Joong-Ang Development, aka Samsung Everland. Moreover, there was a partnership between Samsung and Sanyo for the production of TVs, microwaves, and other consumer products.
In 1970, Samsung-Sanyo produced its first black and white TVs and moved to shipbuilding, aircraft engines, etc. Samsung also produced color TVs, refrigerators, air conditioners, and many more. By 1978, the company had produced 5 million TVs.
1980-00
In 1980, the company joined the telecommunications hardware industry by purchasing Hanguk Jeonja Tongsin. They extended to countries like Germany, Portugal, and New York. In 1982, Samsung Printing Solutions was founded. They started delivering digital solutions to the printing industry.
The next year, the company started producing personal computers, and the sales reached one trillion won in 1984.Samsung expanded to Tokyo and the United Kingdom and positioned itself as a leader in semiconductor manufacturing industries.
In 1987, founder Lee Byung-Chul passed away, and his son, Lee Kun-hee, continued with his father’s legacy. Later, Samsung Semiconductor and Telecommunications merged with Samsung Electronics. The merged company focused on home appliances, telecommunications, and semiconductors.
The following decade brought additional growth and reached their milestone.
Samsung became a world leader in chip production. They formed Samsung Motors and began producing digital TVs.
The company started to invest heavily in the design and manufacture of components for other companies. It soon became the world’s largest consumer electronics manufacturer.
In 1999, Samsung Ventures was founded to invest in startup companies.
2000– Present
Samsung entered the phone market with the SPH-1300, which was released in 2001. They sold the World’s largest LCD TV in 2004.
Samsung also developed the first speech-recognition phone in 2005.
In the late 2000s and early 2010s, the company acquired organizations that developed technologies for electronic devices. They sold the world’s slimmest TV in 2009. The following year, they introduced the world’s first multi-device application store service.
In 2011, they released Galaxy S2. In the upcoming year, Samsun released Galaxy S3. They became the world’s largest mobile phone maker.
The company also made other acquisitions in the following years, including organizations that helped in smart TVs, OLED displays, printing solutions, artificial intelligence, etc.
In September 2014, they announced the Gear VR, a virtual reality device for Galaxy Note 4. By 2015, Samsung had more U.S. patents approved than any other company, with over 7500 utility patents by the end of the year.
In 2017, Samsung was given Governmental permission to test a self-driving car. In 2018, they announced that they would expand their renewable energy plans and recruit 40,000 employees over the next three years.
In 2019, Samsung was the first ever company to release foldable smartphones by introducing Galaxy Z Fold. They pioneered the Object Eraser Function in the Galaxy S21 in 2021 which is a photo editing tool that has artificial intelligence. In 2023, there were 1.03 billion active Samsung smartphone users.
In 2024, Samsung announced the global release of Galaxy S24, which was much anticipated due to its AI capabilities.
Infographics
- 1938 – Founding chairman Byung-chull lee started a business in Korea with 30,000 won
- In 1950, Samsung expands into areas such as department stores, the Joongang Ilbo daily newspapers, and a chemical firm.
- In 1972, it produces its first black-and-white TV.
- In 1983, Samsung Electronics starts manufacturing personal computers.
- In 1998, they produced the world’s first digital TV.
- In 1999, Samsung Ventures was founded to invest in startup companies.
- They sold the World’s largest LCD TV in 2004.
- They sold the world’s slimmest TV in 2009.
- They introduced the world’s first multi-device application store service in 2010.
- In 2014, they announced the Gear VR, a virtual reality device for Galaxy Note 4.
- In 2017, Samsung was given Governmental permission to test a self-driving car.
- In 2018, they announced that they would expand their renewable energy plans.
- In 2019, Samsung was the first ever company to release foldable smartphones by introducing Galaxy Z Fold.
- They pioneered the Object Eraser Function in the Galaxy S21 in 2021 which is a photo editing tool that has artificial intelligence.
- In 2023, there were 1.03 billion active Samsung smartphone users.
- In 2024, Samsung announced the global release of Galaxy S24, which was much anticipated due to its AI capabilities.
