LG Electronic company unveils a $20 million global competition for tech startups

LG company unveils extra funding for global competition for tech startups. [Image:courtesy]
LG electronics a South Korean multinational electronics company has launched a mission for the future, a global contest for startups to unlock innovative technologies and business ideas.

It is an inaugural competition that will be hosted by the company’s new Silicon Valley-based innovation center. LG NOVA, a strategic board with the LG Company 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 propels within three to six months.

According to the event planners, finalists will be selected in March 2022 and get an opportunity to work with LG NOVA 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 to support finalists with funding for concept development and access to LG’s global infrastructure and supply chain to build a joint business 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 good 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 anywhere, thereby increasing their health and wellness. Energizing mobility entails scaling up electric-powered transport.

Innovation for impact will fast-track breakthrough innovations that create a positive impact on people, communities, and the planet.