LG Nova Starts Preparing for the Future... New Business Idea Contest for Startups

Ten Teams Selected in June Next Year... Up to $20 Million Invested for Project Execution

(Photo by LG Electronics)

[Asia Economy Reporter Jeong Hyunjin] LG Electronics' North America Innovation Center (LG NOVA) announced on the 2nd that it has launched an idea contest called "Challenges for the Future" targeting global startups to discover innovative technologies and ideas for future readiness.

From the 1st of this month until the 25th of next month, LG Electronics is collecting ideas through the contest website that help achieve an environmentally friendly, healthier, and smarter life. This contest, held for the first time this year, is planned to be conducted annually going forward. Teams whose ideas are selected through a multi-stage evaluation process will work with the North America Innovation Center to concretize their ideas. LG Electronics will select up to 10 teams by the end of June next year.

LG Electronics plans to invest up to $20 million (approximately 23 billion KRW) to carry out projects with the final selected teams. The selected teams will have opportunities to interact with LG Electronics and its partners, participate in mentoring and pilot programs, and grow their businesses. They will also be able to utilize LG Electronics' global infrastructure and supply chain.

The contest is conducted around five themes: ▲ Connected Health for managing health anytime and anywhere ▲ Expansion of e-mobility infrastructure and activation of electrification ▲ Smart lifestyle related to connected homes based on the LG ThinQ platform ▲ Metaverse ▲ New innovations that positively impact people, society, and the planet and align with LG's innovation philosophy.

To prepare for the future from a company-wide perspective, LG Electronics established the North America Innovation Center under the CSO division at the end of last year. Located in Silicon Valley, USA, the center is led by Executive Director Seokwoo Lee, who previously served as Deputy Director of the U.S. National Institute of Standards and Technology (NIST). Executive Director Lee is recognized as a business development expert in the Internet of Things (IoT) field and has served as a Presidential Innovation Fellow for the IoT sector at the White House.

Executive Director Lee said, "This contest is the first step for the North America Innovation Center to nurture ideas and build new businesses by collaborating with innovators and startups," adding, "We will strive to achieve positive social change through innovation via collaboration across various fields."

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