LG Announces Proto Challenge Winners
SANTA CLARA, Calif., Oct. 20, 2021 /PRNewswire/ -- LG Electronics has named the winners of the LG NOVA Proto Challenge, the preliminary startup competition that sets the stage for LG NOVA's global challenge program – Mission for the Future. The Proto Challenge was a short submission and pitch competition designed to give LG's North American innovation center a way to quickly engage the startup and entrepreneur community prior to the official launch of its global challenge competition.
The eight winners and four runner-up companies of the LG NOVA Proto Challenge were selected based on their proposed solutions for a better life in the areas of connected health, energizing mobility, smart lifestyle, the metaverse and innovation for impact. These are key market areas that LG NOVA is addressing in its 2021-22 Mission for the Future global startup challenge program.
As a part of the rewards, the winners and runners-up have been invited to join the "First 50" businesses selected in the global challenge program – creating the first cohort of companies that LG NOVA will work with to build for the future. If they opt to join the program, the companies will work with LG NOVA's incubation team to refine their business and engagement ideas and potentially unlock resources and funding for proof-of-concept development. In addition, there will be networking and marketing opportunities to share their business proposal with global tech leaders from LG and its corporate partners. Proto Challenge winners also each received a $10,000 prize.
LG NOVA is currently taking applications for the Mission for the Future Challenge at www.missionforthefuture.lgnova.com. LG NOVA intends to provide up to $20 million in funding and resources to support joint business creation with the top 10 chosen businesses from the challenge. Deadline to submit is Oct. 25, 2021, at 11:59 p.m. PT. Following the application submission process, LG NOVA will be hosting a virtual event series: Mission Launch on November 15 – 19, 2021. All applicants are invited to join LG NOVA and experts across the industry to discuss the key topic areas that will impact our future. Register for the event at missionlaunch.lgnova.com.
"The LG NOVA Proto Challenge was designed to discover startups and entrepreneurs with new ideas and technology to create and grow new innovation with LG that offers real impact on society," said Dr. Sokwoo Rhee, senior vice president for innovation at LG Electronics and head of LG NOVA. "The Proto Challenge and its winners are unique, because we selected the best companies to work with to accelerate the development of innovative ideas for a better future across sustainability, accessibility and mobility."
LG NOVA Proto Challenge winners were selected based on the following criteria: a clear vision to growing business with LG, a convincing pathway to commercialization, and the uniqueness of the proposed solution or product.
Innovation for Impact:
"Through the Proto Challenge, we've identified businesses that are meeting the challenge of building for the future," said Limor Schafman, director of strategy and operations at LG NOVA. "We congratulate these entrepreneurs on their selection as a Proto Challenge Winner and Runner-ups. We are eager to see their progress and impact as they continue to grow their business," she said.
The Proto Challenge competition was powered by TechConnect Ventures, Plug and Play Tech Center and gener8tor.
To learn more about the LG NOVA Proto Challenge winners, visit www.lgnova.com/proto-challenge-winners
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