LG has announced the Mission for the Future global startup challenge that seeks to unlock innovative technologies and business ideas for the future.
This is the first time LG is hosting such a competition. It is going to be hosted at LG’s new Silicon Valley Innovation Centre named LG NOVA.
The centre is basically a strategic team within LG working with startups and entrepreneur communities to build new businesses and tap innovation from outside LG.
According to LG, the competition 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 picked in March 2022. They will then 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.
The whole program will be financed by a KES 2 billion budget (USD 20 million). The funds will be used 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.
Over the exercise, leading participants with unique business ideas will have the opportunity to engage with LG and its partners through mentorship and pilot programs.
The challenge will also explore 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.
- Applications have already been opened, and will go all the way to October 25, 2021.
- Submissions should be dropped at missionforthefuture.lgnova.com.
- Winners will be named in June 2022. To learn more about the competition, one can visit www.lgnova.com.
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. 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. – Dr. Sokwoo Rhee, Senior Vice President for innovation at LG Electronics and Head of LG NOVA