New Process Supports Year-Round LG NOVA Collaboration with Startups, with the Goal to Accelerate New Ventures Aimed at Creating a Better Future
SAN FRANSCISCO, Oct. 25, 2023 - LG NOVA, LG Electronics' North American Innovation Center, has launched the next version of its Mission for the Future program designed to discover, build and grow highly impactful mission-driven new businesses in collaboration with startups and entrepreneurs. The program, accumulating more than 3,500 submissions from startups over the last two years, is shifting to a year-round process to increase its ability to deeply engage with selected companies to advance technology innovations and build new ventures that will help create transformational positive change in the world.
Now starting its third year, the program is designed to drive the growth of innovative ideas across the key market areas that have positive impact on people and the planet, including digital health, cleantech, futuretech and the smart life. The cleantech category includes companies working on software and platform for efficient energy management, sustainability, ESG initiatives for better planet health. While futuretech is focus on the convergence of new emerging tech such as artificial intelligence, virtual and augmented reality, robotics, automation, sensor technologies and others to create innovative applications that solve for challenges that people face every day. LG's objective is to find new market opportunities by collaborating with companies to create innovative solutions and business ideas, build and test them in the open markets and accelerate market growth with support from LG's global brand and resources.
The call for submissions opens today. Startups, companies and entrepreneurs are invited to submit their ideas to work and grow their company with LG, a global brand leader in consumer electronics, at www.lgnova.com/join-the-mission. If selected, the companies will have the opportunity to work closely with the LG NOVA team in a multi-month Corporate Accelerator Program to accelerate business growth, receive recommendations for investments through LG NOVA's capital partners (including the NOVA Prime Fund and the NOVA Capital Alliance), and explore the potential of creating new businesses underneath the LG brand and portfolio. Studies have shown after five years, businesses nurtured in a business incubator have a survival rate of 87 percent compared to a rate of 44 percent for startups without support.
"Over the past two years, we've built a great community of innovators, established a strong network of capital partners and made new strides in collaborating with companies outside of LG to build new businesses. In this third year, we've created a new process that will enable us to be more agile at addressing changing market needs and launching solutions that address real-world problems to drive transformational change for a better tomorrow," said Dr. Sokwoo Rhee, LG Electronics senior vice president of innovation and head of LG NOVA.
The Mission for the Future initiative is also set to broaden its scope to grow innovation by creating more opportunities for idea sharing and collaboration with the wider innovation community through discussions taking place this week at LG NOVA Innovation Festival at the Hibernia in San Francisco, Oct. 25-26.
Rhee said LG NOVA's program has demonstrated "remarkable success in fostering interest, innovation and collaboration across industries." Last year, LG received more than 2,100 applications, with 756 applications focusing on digital health, 783 applications in futuretech and 574 applications in cleantech. Several companies that have participated in the program have not only accelerated their business growth but have also made notable contributions to digital health, cleantech and futuretech.
By joining the Mission for the Future initiative, the companies will join a community of innovators working to create innovative technological solutions to advance and improve people's lives. In this initiative, spearheaded by LG NOVA, companies will have opportunities to collaborate, come together to discuss key topics for entrepreneurs and innovators and network with investors, corporate partners and institutions to find opportunities for business growth.
The call for submissions open today. Learn more about the opportunity at https://www.lgnova.com/join-the-mission.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $68 billion global innovator in technology and manufacturing. In the United States, LG sells a wide range of innovative home appliances, home entertainment products, commercial displays, air conditioning systems, energy solutions and vehicle components. LG is a 10-time ENERGY STAR® Partner of the Year. The company's commitment to environmental sustainability and its "Life's Good" marketing theme encompass how LG is dedicated to people's happiness by exceeding expectations today and tomorrow. www.LG.com.
About LG NOVA
LG NOVA, the North American Innovation Center for global innovation leader LG Electronics, is a team focused on bringing innovation from the outside to LG. LG NOVA is based in Santa Clara, Calif. The center's mission is to build, nurture and grow innovations that impact the future. Learn more about LG NOVA at www.lgnova.com.
Media Contact:
LG Electronics USA
Linda Quach
+1 408 903 3045
linda.quach@lge.com
SOURCE LG Electronics (LG)
