LG just recently announced its Mission for the Future Global Startup Challenge that seeks to unlock innovative technologies and business ideas for the future.
The competition which is to be hosted at LG’s new Silicon Valley Innovation Centre named LG NOVA, is the first of competition of its kind to be hosted by LG. LG’s new Silicon Valley Innovation Centre is basically a strategic team within LG, working with startups and entrepreneur communities to build new businesses and tap innovation from outside LG.
As planned by LG, the competition will last for 9 months, once every year, as it seeks to develop the best ideas, concepts and businesses for a greener, smarter, healthier and more connected future.
To start, the selected startups will begin with LG NOVA team on their business proposals within 3-6 months. The finalists will be picked in March 2022. From there, the LG NOVA team based in California will get to work with the finalists to accelerate their business growth, and most likely launch a new business with LG.
The budget for the program is set on a KES 2 billion (USD 20 million). The funds will be used to support finalists with funding to develop their concept, and have access to LG’s global infrastructure and supply chain to build joint businesses with the company.
During the program, participants with innovative business ideas will be opportune to engage with LG and its partners through mentorship and sub pilot programs.
The challenge is also looking at gaining solutions to technologically advance life through areas of connected health, energizing mobility, smart lifestyles, metaverse, and innovation for impact.
The Mission for the Future Challenge is LG NOVA’s first step towards outside-in innovation for LG. It involves collaborations with startups around the world to grow ideas and build business together. As Dr. Sokwoo Rhee, Senior Vice President for Innovation at LG Electronics and Head of LG NOVA puts it: “we will innovate to save lives, save the earth and create a better life for all
To read more about the competition, visit www.lgnova.com