Samsung Electronics is upping the ante on the application development front with the launch of a venture capital fund designed to lure developers to its app store.

The fund offers up to $250,000 in funding to individuals or companies with “winning ideas” for next-generation Samsung handsets. The Global Venture Fund was created in conjunction with mobile app creator and distributor Handmark.

 “We know there’s a wealth of great ideas out there waiting to be discovered,” said Chris Barnett, senior vice president of Global Sales and Strategic Partnerships for Handmark. “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.”

Samsung and Handmark say they’re searching for games that “best showcase” the features of Samsung handsets. Both current and new content ideas are encouraged, taking timing and cost into consideration. Apps can be submitted on Handmark’s Web site. The deadline for entries is Nov. 20 at 5 p.m. Central.

In addition to handling the funding, Handmark will also provide assistance with development, testing and certification, as well as distribution of the application through the Samsung Application Store.

“Samsung recognizes the importance of content and applications for today’s mobile phone users,” said Ho Soo Lee, executive vice president for Samsung Electronics’ Media Solution Center. “We are pleased to broaden our partnership with Handmark to help lead the Global Venture Fund, using their expertise to support us capturing great ideas and raise the standard of mobile innovation.”

The handset maker’s foray into the app store space will meet with some formidable competitors, including Apple’s App Store and Android Market.