LG Electronics In-house Venture 'LGE Adventure' Selects First Participant... 250 Ideas Flood In

[Asia Economy Reporter Kim Hyewon] LG Electronics announced on the 16th that it has introduced an in-house venture program called 'LGE Adventure (LGE+VENTURE)' to explore new business opportunities by utilizing employees' ideas, experiences, and capabilities, and has selected its first participants.

Since September, LG Electronics invited ideas from employees on future new businesses as well as products and services, and after document and interview evaluations, selected five teams. Then, through employee voting and an online public pitching event, two final teams were chosen.

Many unique ideas emerged during this first LGE Adventure program. Despite being the inaugural program, more than 250 ideas were initially proposed.

The final two teams' ideas focus on personalized life care coaching services and online fitness, proposing new methods to help customers manage their health in line with the new normal.

The selected teams will focus solely on project development for the next year. LG Electronics guarantees autonomous work for these team members and provides separate office space, project funding, and accelerators who act as mentors offering consulting to accelerate startup growth.

If LG Electronics determines that the final results have business potential, it plans to offer the in-house venture teams the opportunity to commercialize the projects within the company or to spin off as independent startups, depending on the teams' wishes.

LG Electronics expects that the inaugural LGE Adventure will encourage employees' new attempts and drive innovation, contributing to the formation of a positive and creative organizational culture.

Meanwhile, LG Electronics announced an organizational restructuring at the end of last month focusing on future readiness and diversification of growth engines. It established the North America Innovation Center to collaborate with industry-leading companies and discover new business models, and the Biz Incubation Center under the Chief Strategy Officer (CSO) division to nurture and support various forms of new businesses. Additionally, to develop innovative technologies related to new businesses, it created iLab directly under the Chief Technology Officer (CTO) division.

LG Electronics CSO Vice President Cho Joo-wan said, "Employees actively proposing ideas and exploring new business opportunities by leveraging collective intelligence is a great nutrient for the company's growth," adding, "We will actively support LGE Adventure so that the company and individuals can envision their future together."

This content was produced with the assistance of AI translation services.