Top contenders were awarded $100,000 each, $2 million total for 20 proof of concept projects. As they proceed forward, the startups will be working on a business model with LG NOVA counterparts to create a business framework.
"Over the last few months, our work with the First 50 startups has helped us continue to refine our vision for the future as we look at new areas of growth for LG," said LG Electronics Senior Vice President for Innovation Dr. Sokwoo Rhee, head of LG NOVA. "We're inspired by all of those who have participated to date with groundbreaking, thoughtful tech innovations to drive and contribute to our collaborative community and guiding principle of 'outside-in' innovation. With this announcement, we're sharing the results of our ongoing work in engaging with the startup and entrepreneur community to create impactful technologies that will lead society into the future."
Chosen from a group of more than 1,300 applicants, the Selected 20 will continue in the process to develop their ideas at the incubation and pilot level, while working closely with LG NOVA's team of innovation and entrepreneurial experts over the next couple of months—with the goal of being chosen as a Mission for the Future challenge "Top 10" finalist. To be named in August 2022, the Top 10 will have the opportunity to build their business in collaboration with LG on an accelerated path to success, with full access to LG expertise, mentorship, and from NOVA Capital Alliance and investments from LG.
Read the full press release here.