LG Electronics announced the launch of “Mission for the Future”, a global challenge competition for startups to identify innovative technologies and business ideas that pave the way to the future. This inaugural competition is hosted by the company’s new Silicon Valley-based innovation center, LG NOVA, a strategic team within LG working with startups and the entrepreneur communities to build new businesses and bring even more innovation from the outside into LG. “Mission for the Future – the company explains – is a nine-month annual challenge program created to seek the best ideas, concepts and businesses that will improve quality of life in a greener, smarter, healthier, more-connected future. Selected challenge entrants will begin working with the LG NOVA team on their business proposals within three to six months, leading up to the finalist selection process starting in March 2022”. Finalists of the challenge competition will get the opportunity to work with the LG NOVA team based in California to accelerate their growth and take their business to the next stage, potentially launching a new business with LG. The company intends to set aside up to USD 20 million to support finalists with investments, resources, funding for concept development and access to LG’s global infrastructure and supply chain to build joint businesses with LG. The LG NOVA team will select the “Top 10” challenge winners at the end of June 2022.
