LG Electronics Launches Internal Venture Idea Contest to Explore New Business Opportunities

[Asia Economy Reporter Kim Hyewon] LG Electronics is promoting the in-house venture program 'LGE Adventure' this year as well, following last year, to explore new business opportunities by utilizing the creative ideas of its employees.

LG Electronics announced on the 11th that from August 30 to September 1, it will solicit various ideas related to new businesses, products, and services from its employees.

After about two months of document screening and in-depth interviews, five teams will be selected, and then the final in-house venture teams will be chosen through employee voting and an online public audition in November.

LG Electronics plans to increase the number of selected teams compared to last year (2 teams) to provide more opportunities to employees and further spread a culture of challenge. This year, the recruitment target areas have been expanded to include overseas subsidiaries in North America and Europe.

The final selected in-house venture teams will focus solely on project development for one year starting from the end of the year. If the final results are judged to have business viability, the project may proceed within the company or become independent as a startup.

LG Electronics guarantees autonomous work for the in-house venture teams and supports them with separate office space, funding for project progress, various technologies and networks owned by the company, and consulting from external accelerators.

Kim Sungwook, Executive Director of LG Electronics Business Incubation Center, said, "We will utilize the collective intelligence of employees to discover new customer value and further spread a culture of challenge."

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