LG unveils $20 million global competition for tech startups
LG Electronics has launched Mission for the Future, a global contest for startups to unlock innovative technologies and business ideas into the future.
This inaugural competition will be hosted by the company’s new Silicon Valley-based innovation center, LG NOVA, a strategic team within LG working with startups and entrepreneur communities to build new businesses and tap innovation from outside LG.
Mission for the Future will be a nine-month annual challenge seeking the best ideas, concepts, and businesses for a greener, smarter, healthier, more connected future. The selected startups will begin working with the LG NOVA team on their business proposals within three to six months.
The finalists will be selected in March 2022 and will get an opportunity to work with the LG NOVA team based in California to accelerate the growth of their business, potentially launching a new business with LG.
LG plans to set aside up to USD 20 million (Ksh 2 billion) to support finalists with funding for concept development and access to LG’s global infrastructure and supply chain to build joint businesses with the company.
Throughout the process, outstanding participants with unique business ideas will have the opportunity to engage with LG and its partners through mentorship and pilot programs.
The 2021-22 competition will highlight innovations for technologically advanced lifestyles for the good of people, communities and the Planet across five focus tracks: Connected Health, Energizing Mobility, Smart Lifestyles, Metaverse, and Innovation for Impact.
Connected Health focuses on inventive approaches and devices that will provide people with more control over their healthcare anytime and anywhere, thereby increasing their health and wellness. Energizing Mobility entails scaling up electric-powered transport.
Smart Lifestyles will drive content, services, applications and technology that can be deployed in the connected home space using LG’s ThinQ™ platform. Metaverse revolves around internet gaming, virtual reality, augmented reality and extended reality technologies.
Innovation for Impact will fast track breakthrough innovations that create positive impact on people, communities and the planet.
“The Mission for the Future challenge serves as LG NOVA’s first step towards outside-in innovation for LG. It involves collaboration with innovators and startups all around the world to grow ideas and build businesses together,” said Dr. Sokwoo Rhee, senior vice president for innovation at LG Electronics and head of LG NOVA.
“LG wants to create a positive social impact. This means technologies for sustainable living, eco-friendly products and an inclusive society overall. We will innovate to save lives, save the earth and create a better life for all.” He added.
Applications for Mission for the Future will be accepted starting September 1 to October 25, 202. Winners will be named in June 2022.