LG NOVA, the innovation center of LG Electronics, has announced a strategic partnership with the state of West Virginia to invest in tech startups and foster economic growth. The collaborative initiative aims to advance technology developments in renewable energy, healthcare, and other burgeoning industries, while also creating job opportunities in the state.
The Vision for Economic Expansion
The partnership between LG NOVA and West Virginia goes beyond job creation. It serves as a catalyst for pioneering technologies, investments, and economic expansion, with the inception of an innovation corridor across the Appalachian region. Sokwoo Rhee, the executive vice president of innovation at LG Electronics and head of LG NOVA, emphasizes the broader reach of this initiative: “It starts as a regional effort, but it’s not just regional in West Virginia. I will say that’s just the beginning of a much bigger initiative.”
“Especially the sectors that we are focusing on, digital health and clean tech, it is extremely important to work with organizations that have a broader reach.”
Rhee highlights the importance of partnering with the state government in West Virginia, particularly in the healthcare sector, where about 70% of the state’s hospitals are run by the government. By deploying advanced technologies and solutions, LG aims to contribute to the improvement of healthcare services in the state.
Investment for Growth
Aligned with LG’s jobs creation initiative, the NOVA West Virginia Investment Fund plans to invest $700 million in project investments within the state over the next five years. These substantial investments aim to nurture and foster growth, creating a better future for both the state and the planet.
Established in 2021, LG NOVA collaborates with startups and partners to cultivate innovative ventures that benefit humanity and the environment. Through their Mission for the Future and Commercial Acceleration Program, LG NOVA actively engages with the innovation community to spearhead transformative changes on a global scale.
“We’re thankful for leaders like Governor Justice and his team for welcoming us to West Virginia as true collaboration partners. LG is committed to building a better future, and through this initiative, we have great hopes for what we can accomplish in West Virginia to further deliver solutions that have an impact on the world.”
West Virginia Governor Jim Justice acknowledges the potential of the LG partnership to generate employment opportunities, stimulate technological advancements, and fortify an innovation corridor across the Appalachian region. The collaboration between business leaders, public-sector innovators, and universities seeks to fortify resilient economic growth.
Building an Innovation Hub
LG NOVA’s collaboration with West Virginia is not just limited to the state. The plan is to expand the initiative into the Appalachian region, including West Virginia, Ohio, Maryland, and Virginia. By leveraging the state’s excellent education system, technology-focused industries can thrive, creating a tech industry hub in the region.
“It is not Silicon Valley. However, it has the potential to become a Silicon Valley, especially if it is expanded into the Appalachian region.”
The partnership with West Virginia is part of LG NOVA’s broader collaboration model, aiming to create mutually beneficial partnerships that drive innovation and foster economic growth. With a long-term vision in mind, this collaboration is just the beginning of a much bigger endeavor.
