June 16, 2024

Mikayla Macfarlane

Serving technology better

LG NOVA broadens its Mission For the Future initiative

3 min read
LG NOVA broadens its Mission For the Future initiative



LG NOVA has announced the latest iteration of its Mission for the Future program, where it fosters collaboration between startups and the big electronics firm.

LG NOVA is the North American Innovation Center of LG Electronics, the South Korean electronics giant.

The initiative aims to foster collaboration with entrepreneurs to create highly impactful mission-driven businesses. With a shift to a year-round process, LG NOVA aims to deepen its engagement with selected companies and accelerate technology innovations that drive positive transformation in the world.

Entering its third year, the program focuses on key market areas that have a positive impact on people and the planet, including digital health, cleantech, futuretech, and the smart life.

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 Sokwoo Rhee is corporate senior vice president of innovation at LG Electronics and head of the LG NOVA incubator. He spoke at Transform 2023.
Sokwoo Rhee is corporate senior vice president of innovation at LG Electronics and head of the LG NOVA incubator.

LG aims to identify new market opportunities by collaborating with innovative companies, developing solutions, and testing them in open markets. The goal is to accelerate market growth with the support of LG’s global brand and resources.

The call for submissions is now open, inviting startups, companies, and entrepreneurs to submit their ideas for collaboration with LG. Selected companies will have the opportunity to participate in a multi-month Corporate Accelerator Program, working closely with the LG NOVA team to accelerate business growth.

Additionally, they will receive recommendations for investments through LG NOVA’s capital partners and explore the potential of creating new businesses under the LG brand and portfolio. Studies have shown that businesses nurtured in a business incubator have a significantly higher survival rate compared to startups without support.

“Over the past two years, we’ve built a great community of innovators, established a strong network of capital partners and made new strides in collaborating with companies outside of LG to build new businesses,” Sokwoo Rhee, LG Electronics senior vice president of innovation and head of LG NOVA, said in a statement. “In this third year, we’ve created a new process that will enable us to be more agile at addressing changing market needs and launching solutions that address real-world problems to drive transformational change for a better tomorrow.”

As part of its efforts to promote innovation and collaboration, the Mission for the Future initiative will expand its scope by facilitating idea sharing and collaboration with the wider innovation community. This includes discussions and networking opportunities at the LG NOVA Innovation Festival taking place in San Francisco today.

LG NOVA’s program has already achieved remarkable success in fostering interest, innovation, and collaboration across industries. Last year, the program received over 2,500 applications, with a significant number focused on digital health, futuretech, and cleantech. Participating companies not only experienced accelerated business growth but also made notable contributions to these fields.

By joining the Mission for the Future initiative, companies become part of a community of innovators dedicated to advancing technological solutions that improve people’s lives. This initiative, led by LG NOVA, provides opportunities for collaboration, discussions on key topics, and networking with investors, corporate partners, and institutions to foster business growth.

The call for submissions is now open. Interested parties can learn more about the opportunity at this link.

Over the last two years the Mission for the Future program has received over 3,500 submissions from startups. Last year, LG received 2,500 applications including 756 applications focusing on digital health, 783 applications in futuretech and 574 applications in cleantech.

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