This archive report was first published on 3 September 2021.
LG Electronics has launched Mission for the Future, a global competition for startups to drive innovation and unlock new technologies and business ideas. The competition is hosted by LG's Silicon Valley-based innovation center, LG NOVA, which works with startups and entrepreneur communities to build new businesses and tap into outside innovation.
The competition will be a nine-month annual challenge, seeking the best ideas, concepts, and businesses for a greener, smarter, healthier, and more connected future. The selected startups will begin working with the LG NOVA team on their business proposals within three to six months.
LG plans to set aside up to USD 20 million (Ksh 2 billion) 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.
Applications for Mission for the Future will be accepted starting September 1 to October 25, 2021, at missionforthefuture.lgnova.com. Winners will be named in June 2022.
LG's senior vice president for innovation, Dr. Sokwoo Rhee, said, "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 aims to create a positive social impact through this competition, focusing on technologies for sustainable living, eco-friendly products, and an inclusive society. The company wants to innovate to save lives, save the earth, and create a better life for all.
