LG NOVA, the North American Innovation Center of LG Electronics, has announced the latest iteration of its Mission for the Future program. The program aims to foster collaboration between startups and the electronics giant. With a focus on creating highly impactful mission-driven businesses, LG NOVA aims to deepen its engagement with selected companies and accelerate technology innovations that drive positive transformation in the world.
Entering its third year, the program is centered around key market areas that have a positive impact on people and the planet. These areas include digital health, cleantech, futuretech, and the smart life. By collaborating with innovative companies, LG aims to identify new market opportunities, develop solutions, and test them in open markets. The goal is to accelerate market growth with the support of LG’s global brand and resources.
A Multi-Month Corporate Accelerator Program
The call for submissions is now open, inviting startups, companies, and entrepreneurs to submit their ideas for collaboration with LG. Selected companies will have the opportunity to participate in a multi-month Corporate Accelerator Program, working closely with the LG NOVA team to accelerate business growth. They will also receive recommendations for investments through LG NOVA’s capital partners and explore the potential of creating new businesses under the LG brand and portfolio.
Studies have shown that businesses nurtured in a business incubator have a significantly higher survival rate compared to startups without support. Sokwoo Rhee, LG Electronics’ senior vice president of innovation and head of LG NOVA, expressed excitement about the program’s progress. “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,” Rhee said.
He further added, “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.”
Promoting Innovation and Collaboration
LG NOVA’s Mission for the Future initiative will expand its scope by facilitating idea sharing and collaboration with the wider innovation community. This includes discussions and networking opportunities at the LG NOVA Innovation Festival taking place in San Francisco today. The program has already achieved remarkable success in fostering interest, innovation, and collaboration across industries.
Last year, the program received over 2,500 applications, with a significant number focused on digital health, futuretech, and cleantech. Participating companies not only experienced accelerated business growth but also made notable contributions to these fields. By joining the Mission for the Future initiative, companies become part of a community of innovators dedicated to advancing technological solutions that improve people’s lives. Interested parties can learn more about the opportunity here.
Over the last two years, the Mission for the Future program has received over 3,500 submissions from startups. Last year alone, LG received 2,500 applications, including 756 applications focusing on digital health, 783 applications in futuretech, and 574 applications in cleantech.
