SANTA CLARA, Calif., Sept. 1, 2022 /PRNewswire/ — The LG Electronics North American Innovation Center (LG NOVA) has launched its second annual Mission for the Future global search/
Following last year’s successful program introduction, LG NOVA invites companies of all sizes and stages to propose their business ideas for the opportunity to grow and work with LG. Qualifying companies will have access to resources and potential investments from LG and the Capital Alliance to support the joint business model, as well as resources and funding for concept development and support from LG’s global infrastructure and supply chain. The call for submissions opens today.
The 2022 call for submissions focuses on the next generation of business ideas in emerging industries that will not only improve quality of life, but change it for the better—for the good of people, communities and the planet. The program is looking for joint business ideas that the companies can develop and build together with LG NOVA and participating LG business units.
This year’s focus tracks broaden the field of business ideas to include Digital Health, Metaverse & Gaming, Environmental-Social-Governance (ESG) & Electric Mobility, Display Solutions, Smart Lifestyle and Open Innovation. Within the Smart Lifestyle track, LG is looking for breakthrough solutions across the home, work and play. The Open Innovation track is an open category for any emerging fields, including personal 5G, the next personal device, and digital media.
The 2022 Mission for the Future search brings in new opportunities to work with LG Home Appliances & Air Solutions, Home Entertainment and Business Solutions, a part of LG Electronics. In addition, LG Display has signed on to Mission for the Future 2022 to create new opportunities to innovate with startups in its business. Both LG Display and LG Electronics are subsidiaries of LG Corporation in Korea.
“We’re seeking companies, entrepreneurs and innovators with bold ideas that challenge the status quo to submit their concepts to us,” said Dr. Sokwoo Rhee, LG Electronics Senior Vice President of Innovation and head of LG NOVA. “As a technology company with a global footprint, we see the potential for a positive, vibrant society built around communities that enable people to prosper – all through the power of technology and innovation.”
Submission forms open today, Sept. 1, 2022, and the final deadline is Thursday, Oct. 6, 2022 at 11:59 p.m. Pacific Time. This initial application is the starting point for the LG NOVA team’s internal evaluation process, which will kick off the three- to six-month joint business collaboration and growth program.
LG NOVA and the selection team will choose up to 40 companies to join the LG NOVA program across the seven focus tracks, initially. Throughout the three- to six-months co-collaboration process, the team will continue to work with these companies, providing resources and support, and developing new areas for business collaboration and growth. Final selected businesses will have the opportunity to build their business in collaboration with LG. Throughout the process, qualifying companies may receive:
- Up to $100,000 USD for a joint product or concept development,
- Resources and potential investments from LG Electronics, LG Display, and other LG NOVA affiliates that could total in the millions of dollars; and
- Co-collaborate with LG for potential opportunities to develop multi-million-dollar engagements as new businesses within LG’s global innovation portfolio.
All who qualify will be joining the LG NOVA Universe, where the NOVA program is actively growing a community of entrepreneurs and startups working to create a better future for all.
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.
About LG Electronics USA
LG Electronics USA, Inc., based in Englewood Cliffs, N.J., is the North American subsidiary of LG Electronics, Inc., a $63 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 2022 ENERGY STAR® Partner of the Year-Sustained Excellence. 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.
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SOURCE LG Electronics USA