LG NOVA teams with West Virginia to invest $700M in tech startups and other projects
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LG NOVA has formed a strategic partnership with the state of West Virginia to invest in tech startups that could drive economic growth.
West Virginia and LG Electronics, the parent firm of LG NOVA — LG Electronics’ North American Innovation Center — have announced a strategic initiative aimed at fostering new business ventures. This collaborative endeavor intends to advance technology developments in renewable energy, healthcare, and burgeoning industries.
Spearheaded by LG NOVA, these upcoming enterprises are projected to bring 275 job opportunities to West Virginia. That’s not a lot, but it is significant in that the state doesn’t have many tech startups jobs at present, as its economy is built on coal and other industries.
Beyond job creation, the initiative is slated to serve as a catalyst for pioneering technologies, investments, and economic expansion, marking the inception of an innovation corridor sprawling across the Appalachian region.
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“It starts as a regional effort, but it’s not just regional in West Virginia,” said Sokwoo Rhee, executive vice president of innovation at LG Electronics and head of LG NOVA, in an interview with VentureBeat. “I will say that’s just the beginning of the much bigger initiative. The way we see this, especially the sectors that we are focusing on digital health and clean tech, which includes renewable energy and so on, it is extremely important to work with organizations that have a broader reach.”
Rhee noted that the state of West Virginia has about 70% of its
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