LG Electronics and Ministry of SMEs Collaborate to Discover 'Digital Healthcare' Startups

Ministry of SMEs and Startups Participates in 'Startup Leap Package'... Discovering New Businesses
Selected as New Growth Engine... Fostering Innovative Ideas

LG Electronics is targeting digital healthcare as a future growth engine and is partnering with the government to discover domestic startups.

On the 30th, LG Electronics announced that it will participate in the Ministry of SMEs and Startups' 2024 Startup Leap Package. This program, led by the Ministry, supports promising startups in their 3 to 7-year growth phase with commercialization funds and growth assistance. Recruitment begins today.

LG Electronics plans to select up to 10 outstanding digital healthcare startups specializing in chronic disease management, senior home care, telemedicine, and disease monitoring. Selected startups will be provided with systematic collaboration programs, pilot projects, joint commercialization, overseas expansion, and investment attraction opportunities.

In July last year, Ju-wan Cho, CEO of LG Electronics, announced a future vision to transform into a smart life solutions company, identifying digital healthcare as a new growth engine sector. The company plans to actively discover and nurture external innovative ideas and business items.

Jo Joo-wan, CEO of LG Electronics, is introducing the business strategy at a press conference held at the Conrad Hotel in Las Vegas, USA, on the 10th (local time).
[Photo by Yonhap News]

LG Electronics operates various new business programs by organization. These include 'Studio341,' which fosters promising in-house ventures in digital healthcare, artificial intelligence (AI), and smart home industries; 'Startup Open Stage,' which seeks technology-focused startups in collaboration with the Seoul Center for Creative Economy and Innovation; and 'Biznovator,' targeting B2B-related startups. The company invests in and conducts proof of concept (PoC) with startups possessing innovative solutions.

LG Electronics is also collaborating with global startups in the United States. Since the end of 2022, it has been providing non-face-to-face telemedicine solutions in North America in partnership with Amwell, a US telemedicine company. It is also exploring ways to offer new services by collaborating with startups in areas such as prevention and post-care.

LG NOVA, LG Electronics' North America Innovation Center located in Silicon Valley, set up an exhibition booth at CES 2024, the world's largest electronics and IT exhibition held last month in Las Vegas, USA, showcasing digital healthcare startups such as XR Health, Mindset Medical, and C. Light Technologies. These are companies that LG Electronics is specifically collaborating with.

Sam-soo Lee, Vice President and Chief Strategy Officer (CSO) of LG Electronics, said, "By participating in the Startup Leap Package, we will find promising domestic digital healthcare startups that can create synergy with our business. We will nurture these companies as LG Electronics' new growth engines to provide differentiated customer experiences."

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