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Samsung invites startups to win $10,000 in flexible display innovation competition

During its CES keynote this year, Samsung showed off a new flexible display technology, dubbed Youm, that could one day allow smartphone users to bend their screens back and forth with ease.

Now, the South Korean tech giant is calling on innovators to submit ideas for future start-ups that would use flexible display technology.

Dubbed the Samsung Create: Flexible Future Business Plan Contest, the competition is offering up to $10,000 (£6,450) in prize money to those who come up with the best idea for how to change lives via flexible tech.

The contest is being run by the Samsung Strategy and Innovation Center, which opened earlier this year in Silicon Valley and is intended to help find the "next big thing" in tech.

Proposals must include flexible displays as a key part of the proposed gadgets. They must also address the feasibility of bringing the product to market.

Samsung has asked participants to "focus on the value your product creates and then calculate your desired cost for the flexible display component which makes your business plan viable and attractive to venture investors."

Entrepreneurs can start submitting their business plans on 29 August. The deadline for early feedback is 15 September, while the final deadline is 6 October.

Unfortunately for us in the UK, applicants must be US residents over the age of 18.

Samsung will award a $10,000 grand prize, $5,000 (£3,200) first prize, and $2,500 (£1,600) second prize.

For more, check out the contest's official rules.