LG Electronics Seeks New Business 'Ideas'... Partnership with KITA to Foster Startups

Operating a Startup Incubation Program for B2B New Business Sectors in Partnership with the Trade Association

LG Electronics has signed a business agreement with the Korea International Trade Association to discover and nurture future growth engines for its B2B business. At the MOU signing ceremony held on the morning of the 19th at COEX in Gangnam-gu, (from left) Jang Ik-hwan, Head of the BS Business Division at LG Electronics, and Shin Seung-kwan, Executive Director of the Korea International Trade Association, are posing for a commemorative photo.

[Asia Economy Reporter Park Sun-mi] LG Electronics is accelerating the discovery and nurturing of new growth engines in its B2B (business-to-business) operations by collaborating with promising startups and future talents.

On the 19th, LG Electronics announced that it signed a business agreement at COEX in Seoul with the Korea International Trade Association for startup incubation in the B2B future new business sector. Utilizing networks held by various domestic support organizations and accelerators such as the Korea International Trade Association, the Korea Institute of Startup & Entrepreneurship Development, and the Seoul·Gyeonggi Center for Creative Economy & Innovation, LG Electronics plans to discover and nurture partners for future new businesses by conducting startup contest programs specialized in B2B business.

LG Electronics selected five startups possessing technologies and ideas specialized in B2B business as partners and will provide up to 20 million KRW in support funds necessary for business verification along with LG Electronics’ technology and know-how. Depending on the performance of these companies, continuous support or additional investment will also be considered.

Applications for the startup contest can be submitted through the Korea International Trade Association’s global open innovation platform, InnovBranch. The recruitment fields include existing businesses of the BS Business Division such as ▲ID (signage, commercial TVs, etc.) ▲IT (monitors, laptops, etc.) ▲robots, as well as convergent and complex solutions and various future technologies expected to create synergy from a B2B business perspective, such as digital healthcare.

Meanwhile, LG Electronics also plans to operate a creative talent program in collaboration with university business strategy societies and startup clubs. This program supports the process of performing various tasks related to B2B new businesses, linking the perspectives and ideas of the MZ generation to customer experience, and developing them into actual business models. Jang Ik-hwan, head of LG Electronics’ BS Business Division, said, “To proactively respond to rapidly changing customer and market needs, we will actively collaborate with capable startups and future talents.”

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