LG Discovers Young Startup Entrepreneurs... Utilizing Metaverse Platform

Open Innovation Event 'LG CONNECT' Supporting Promising Young Startups

LG will hold 'LG Connect,' an open innovation event to discover and support promising young startups, on the metaverse platform Gather Town for three days from the 5th to the 7th.

[Asia Economy Reporter Kim Hyewon] LG Group announced on the 6th that it will hold 'LG Connect,' an open innovation event that discovers and supports promising young entrepreneurs, for three days from the 5th to the 7th.

This event featured 50 promising startups from Korea, the United States, Norway, and other countries with proprietary technologies in the fields of artificial intelligence (AI), digital transformation, mobility, and sustainability.

During the event, LG will provide development support funds to about 10 outstanding startups selected by an internal and external expert group consisting of LG officials, venture capitalists, and global accelerators, and offer networking opportunities with potential investors to help attract investments. Potential domestic and international global venture investment firms such as SoftBank Ventures, KDB Industrial Bank, and LG Technology Ventures were also invited.

This year's LG Connect will be held online again due to COVID-19, following last year. Notably, to add fun and a sense of presence and to expand contact and promote communication and exchange with young entrepreneurs mainly from the MZ generation, the metaverse platform Gather Town was introduced. The event was also opened to the general public.

The virtual exhibition hall includes participants such as ‘Lion Rocket,’ which creates videos that speak like humans using AI; ‘Oyster Able,’ which has built a transparent PET bottle recycling platform; ‘Unmateriality (UMR),’ which provides virtual fitting services in the metaverse; ‘Didi Case,’ which analyzes pet behavior and pattern data with AI; ‘Katchap,’ which created an integrated mobility platform for optimal route finding, transportation search, and payment; and ‘Pablo Aviation,’ a company developing logistics delivery services using drones.

Five global startups participating in the event also attracted attention, including the U.S. 'OVR Technologies,' which developed a climate change experience program by combining olfaction with virtual reality technology, and Norway’s ‘Yank Technologies,’ which possesses long-distance wireless charging technology.

Industry-academic cooperation officials from Seoul National University, Korea University, Hanyang University, and Ajou University also attended the event to communicate with participants about youth entrepreneurship activation plans, including university student startup support programs and industry-academic cooperation status.

Since 2018, LG has been promoting joint research and development (R&D), commercialization and global promotion support, providing dedicated research space open labs within LG Science Park, and making equity investments for startups discovered through LG Connect.

Over the past four years, more than 100 young entrepreneurs from about 20 startups participating in LG Connect have passed through the open labs. Currently, 55 people from 10 companies, including Pablo Aviation and Katchap, are preparing for the future in the open labs.

Park Ilpyeong, CEO of LG Science Park, said, "LG will take the lead in discovering the driving force for future preparation and presenting newly differentiated customer experiences through open innovation that crosses fields by continuously collaborating with global companies, startups, and others to create a youth startup ecosystem."

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