LG Electronics Nurtures Employee Ideas... Connecting to Commercialization Through In-House Venture Support

Two Final Ideas Selected: NFT-Based Social Platform and Fitness Game

[Image source=Yonhap News]

[Asia Economy Reporter Park Sun-mi] LG Electronics announced on the 20th that it has selected the second batch of ‘LGE Adventure,’ a program that seeks new business opportunities based on ‘F·U·N experiences’ by utilizing the creative ideas of its employees. The F·U·N experience pursued by LG Electronics means an innovative customer experience that is ‘First, Unique, and New.’

Since July last year, LG Electronics has been soliciting business ideas related to new businesses, products, and services from its employees. After internal screening, employee voting, and an online public audition, two final teams were selected. About 100 ideas were proposed in this LGE Adventure contest.

The ideas of the two selected teams are based on ‘F·U·N experiences,’ including an NFT (Non-Fungible Token)-based social platform and a fitness game combining health and play. They proposed new methods that allow customers to engage in various activities virtually and communicate with many people or help with health management in line with the new normal era.

The in-house venture teams will be guaranteed autonomous work for one year starting this month, focusing solely on concretizing their ideas. They will also receive support such as separate office space, project funding, access to the company’s technology and network, and consulting from external experts. Afterwards, after reviewing the final results at the end of the year, if the projects are deemed commercially viable, they will be either commercialized within the company or given the opportunity to become independent startups.

Meanwhile, LG Electronics decided to commercialize two projects recognized for their business potential among the ideas developed by the first batch of LGE Adventure over the past year within the company. These projects involve a home fitness platform that customers can use while interacting via video calls and a smart sleep care solution using brainwaves.

Seo Heung-kyu, Executive Vice President of LG Electronics’ Business Incubation Division, said, “We will continuously pursue change and innovation by establishing an open organizational culture that discovers new customer value based on F·U·N experiences and challenges future businesses by utilizing the collective intelligence of our employees.”

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