LG Electronics recently won the Corporate Startup Stars Awards (CSS Awards) 2022 hosted by the International Chamber of Commerce (ISS) in London, the company said Sunday.
The CSS Awards is an annual global award held by the world’s largest private international economic organization. It selects the top 100 companies that actively supported and collaborated with startups. It picks 50 firms each from the Startup Stars and Open Innovation Challengers categories.
LG Electronics was selected as the East Asia Corporate Startup Star for achieving the best results in the open innovation category in East Asia. It was highly praised for its close cooperation with startups by finding and investing in various domestic and foreign firms through the open innovation platforms LG Future Home and the North American Innovation Center (LG NOVA), which were built in the second half of last year.
LG Future Home is created by LG Electronics’ H&A Business headquarters to discover businesses and cooperate with them in inventing future household appliances. The company’s H&A Business headquarters is a leader in the innovation of the global household appliance market. Investment experts from the company’s overseas branches in Korea, Japan, China, Israel, the United States and Germany seek opportunities to collaborate with various startups while making decisions to invest in them.
Based on these platforms, the electronics company also held the LG Future Home Global Innovation Challenge in April in order to strengthen the UP home appliance service that can be added as upgrades after the item is purchased while speeding up the creation of global startups and open innovation ecosystems.
In September, LG NOVA held the 2022 Fall Innovation Festival at The Craneway Pavilion in San Francisco and invited startup founders,investors and influencers.
There, LG Electronics revealed nine startups selected in the idea contest Mission for the Future. The company will invest up to $20 million (26.2 billion won) in the finally selected startups and carry out projects for innovation regarding customer experience in future business areas such as healthcare, mobility and the metaverse.