SANTA CLARA, California, September 1, 2021 / PRNewswire / – LG Electronics (LG) Announces the Launch of Mission for the future, a global challenge competition for startups to identify innovative technologies and business ideas that are leading the way for the future. This inaugural competition is organized by the company’s new innovation center in Silicon Valley, LG NOVA, a strategic team within LG working with startups and entrepreneurial communities to create new businesses and bring even more innovation from outside to LG.
Mission for the future is a nine-month annual challenge program created to research the best ideas, concepts and businesses that will improve quality of life in a greener, smarter, healthier and more connected future. Selected challenge participants will start working with the LG NOVA team on their business proposals within three to six months, until the finalist selection process begins in March 2022.
The finalists of the challenge competition will have the opportunity to work with the LG NOVA team based in California to accelerate their growth and take their business to the next level, potentially starting a new business with LG. The company intends to set aside up to $ 20 million support finalists with investments, resources, concept development funding and access to LG’s global infrastructure and supply chain to create joint ventures with LG.
Throughout the process, outstanding challenge participants with unique business ideas will have the opportunity to engage with LG and its partners and access company resources, mentorship, and pilot programs to continue to grow. their business.
The 2021-2022 competition will highlight innovations for technologically advanced lifestyles for the good of people, communities and the planet through five thematic tracks:
- Connected health: Inventive approaches, access and devices to give people more control over their health care anytime and anywhere, thereby improving the health and well-being of our population;
- Energizing mobility: New services, solutions and business ideas that will help evolve electric mobility infrastructure and catapult the use of electric energy to vehicles and transportation;
- Smart lifestyles: Content, services, applications and technologies that can be deployed in the connected home space, potentially leveraging LG’s ThinQ™ platform to streamline and improve the way we live our daily lives;
- The metaverse: Innovations that will help build the next digital and internet world through games, VR, AR and XR technologies, blockchain, digital avatars and more; and
- Innovate to have an impact: An open track for revolutionary or adjacent innovations aligned with LG’s philosophy of innovate for a better life that create a positive impact on people, communities and the planet.
“The Mission for the future challenge is LG NOVA’s first step towards external innovation for LG, as it collaborates with innovators and startups around the world to develop ideas and build businesses together, ”said Dr. Sokwoo Rhee, senior vice president of innovation at LG Electronics and head of LG NOVA. “Simply put, LG wants to create a positive societal impact, and we believe that diverse perspectives can lead to better innovations for the wider global community. This means technologies for a sustainable lifestyle, environmentally friendly products and an inclusive society in general. We will innovate to save lives, save the earth and create a better life for all. ”
How it works: Mission for the future Review and selection process
Requests for Mission for the future will be accepted September 1 to October 25, 2021, on missionforthefuture.lgnova.com, and the winners will be named in June 2022. Ultimately, up to 10 companies will achieve the finalist distinction and have the opportunity to develop their business together with LG.
The start-up evaluations for the “First 50” will take place between October 25 to December 31, 2021, in which up to 50 companies have access to resources to help develop a joint venture, including critical business infrastructure, networking with global technology leaders, mentoring and collaboration opportunities. This group will also be connected to LG’s network of business partners, venture capitalists, pilots and other influential organizations to seek additional business opportunities.
The LG NOVA team will continue the engagement process with the “First 50” startups from January to March 2022 with the intention of announcing the “20 selected” at the end of March 2022. This group will be provided with opportunities to access capital investments, LG’s global infrastructure and other business resources based on the common business growth strategy and needs.
The LG NOVA team will then select the winners of the “Top 10” challenge at the end of June 2022 who will have the opportunity to develop their business in collaboration with LG and to be supported by the global organization of the company.
Find out how LG NOVA is fueling innovation for a better future at www.lgnova.com.
About LG Electronics
LG Electronics is a global innovator in consumer electronics and technology with a presence in nearly every country and an international workforce of over 75,000 people. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – combined for worldwide sales of over $ 56 billion in 2020. LG is a leading manufacturer of consumer and commercial products ranging from televisions, home appliances, air solutions, monitors, service robots, automotive components and its premium brands LG SIGNATURE and LG ThinQ smart are familiar names around the world. Visit www.LGnewsroom.com for the latest news.
SOURCE LG Electronics United States