LG NOVA puts startups in touch with tech giant’s resources
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LG is one of the world’s biggest tech companies, but it is making efforts to stay in touch with the innovations of startups with its LG NOVA incubator program.
The LG Electronics North American Innovation Center (LG NOVA) kicked off in the fall of 2021 with a pledge to pour $20 million into companies accepted for the accelerator. And it recently showcased a set of new startups at the Eureka Park exhibition at CES 2023. This kind of activity can bring in fast-moving technologies such as generative AI into one of the world’s biggest companies.
Sokwoo Rhee, corporate senior vice president of innovation at LG Electronics and head of LG NOVA, said in an interview With VentureBeat that the company sifted through more than 2,400 submissions (up from 1,300 submissions the first year) before choosing the companies that it believes are advancing a better way of living while improving the planet.
This means it supports technologies for sustainable living, eco-friendly products and an inclusive society. All told, about 40 startups are in the second class, up from 10 in the first year.
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“The general philosophy is what is called ‘outside in,'” said Rhee. “I think about a lot of corporate innovation and how it is organized. And what they want to do is usually is add more value to their existing business. And that’s how they work with startups.”
He added, “In our case, yes, we want to add value to our business. But by creating new business with
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