LG Electronics has launched a global competition for startups to unlock innovative technologies and business ideas into the future, dubbed Mission for the Future. Startups have been encouraged to apply for a chance to access funding and support.
The competition is 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 tap innovation from outside LG.
Mission for the Future is a 9-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 competition finalists will be selected in March 2022 and will get an opportunity to work with the LG NOVA team based in California to accelerate their growth of their business.
LG plans to set aside up to Ksh. 2 billion ($20 million) 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, participants with unique innovations 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 the following five focus tracks.
1. 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.
2. Energizing Mobility: entails scaling up electric-powered transport.
3. Smart Lifestyles: will drive content, services, applications and technology that can be deployed in the connected home space using LG’s ThinQ platform.
4. Metaverse: revolves around internet gaming, virtual reality, augmented reality and extended reality technologies.
5. 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. LG wants to create 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,” said Dr. Sokwoo Rhee, senior vice president for innovation at LG Electronics and head of LG NOVA.
Deadline for applications for Mission for the Future is October 25, 2021. Winners will be named in June 2022.