If you weren’t able to join the one-hour informational webinar on Tuesday, July 6, we welcome you to view a recorded copy below.
LG has been a leader in innovation for more than 70 years, and as our world changes, LG continues to create products and services that have a positive impact. The inaugural LG NOVA Proto Challenge turns its innovation focus toward the global startup community, entrepreneurs, developers, and big thinkers who can help conceptualize new business models and approaches to create a more seamless and accessible experience of daily life in an interconnected future society.
Through the LG NOVA Proto Challenge, LG wants to support those companies with financial assistance, mentorship, and introductions to industry partners. In doing so, it seeks innovative technologies that could provide a pathway to new business opportunities.
During this webinar, representatives from LG and TechConnect Ventures shared information about the LG NOVA Proto Challenge as well as answered questions during a live Q&A session.
You can read responses to all of the questions asked below:
Q. How important is that a proposed technology provides meaningful social impact?
A. LG is dedicated to having a positive social impact and seeks solutions with that same mindfulness. At the same time, we are open to all new business and technology ideas that fit into the context of home, work, and life. Our focus is improving quality of life, and we’re interested in hearing about a wide variety of ideas that impact social, personal well-being and/or improving consumer life and lifestyle.
Q. Is LG interested in working with non-US companies?
A. Yes. LG is a global company, and welcomes responses from around the world.
Q. Does my proposed technology have to fit within LG’s existing business units?
A. No. LG welcomes proposals that can work with LG business units, but this is not a requirement. LG wants to expand its capabilities and think outside of current business units. The intent of the LG NOVA Proto Challenge is to create new pathways and new business units.
Q. Is LG still pursuing innovations from the cell phone industry?
A. While LG did exit the manufacturing of cell phones, it’s still interested in the services aspect, such as broadband, 5G technology, and networking for applications like telehealth. Furthermore, LG continues to work with carriers regarding issues like infrastructure and applications, so it would welcome responses in this area.
Q. What form is anticipated for entries?
A. The online response form is the form to use when responding. In addition to the questions in the form, you can append a supporting document, if you choose.
Q. Can teams respond?
A. Yes. You’ll also have an opportunity to expand your team as well, if you collaborate with LG, depending on your needs: an SME, an advisor, etc. The response form will ask for details, because we want to understand who your team is and what they bring to your group.
Q. How is IP being handled?
A. All responses must be non-confidential in nature. That way, no IP changes hands. Regarding IP and engagement with LG, it will be handled on a case-by-case basis depending on the needs of the collaborating companies, the nature of the relationship with LG, the potential for new IP and more.
Q. Will LG consider technologies which would require regulatory oversight such as by the FDA?
A. Yes. The possibility for regulatory oversight would be taken into consideration when determining the best pathway forward and would be determined on a case-by-case basis.
Q. Is there a length requirement or expectation for the individual text boxes?
A. There is no minimum requirement for text boxes. We encourage you to provide as much compelling and informative detail in response to the questions as you see fit. We recommend 250 words per box to encourage a succinct and clear summary of what you’re doing, how you’re doing it, etc.
Q. What solution do you look for regarding EV (electric vehicle) charging?
A. LG is interested in many different aspects of EV charging: infrastructure, payment methods, advertising solutions that leverage the EV charging network. So, fin-tech and ad-tech are of interest. LG is interested in creating a new experience associated with EV charging.
Q. Can a university lab doing applied research in these areas respond?
A. LG is interested in start-ups, university labs, corporates, incubation teams within a corporate setting, etc. What matters most is your alignment with the evaluation criteria, rather than the type of organization you represent. LG can customize the collaboration framework on a case-by-case basis, depending on the needs of that respondent.
Q. Is there a specific stage of development required?
A. Preferably, the technology is no longer just an idea. LG seeks technologies that have advanced beyond the concept stage, so the teams can work together to refine and bring that idea to market. LG will work with the respondent to build a new solution or service.
Q. Is there a project budget or timeline that needs to be respected when proposing a project?
A. LG wants to understand the plans and needs of respondents and the reasoning behind those topics. From there, determinations regarding budget and timeline can be made on a case-by-case basis and in conjunction with the team from LG.
Q. There is mention of a grand challenge. What is this and when will it be taking place? Can we apply for both?
A. The LG NOVA Proto Challenge is the first step towards the grand challenge, taking place in the fall. The details of it are still being refined, so keep an eye out for it. Winners from the LG NOVA Proto challenge will receive awards and support and will also be invited to join the group of selected companies in the grand challenge. Respondents who are not finalists of from this Proto Challenge are encouraged to submit again when the grand challenge is announced..
Q. What is LG’s position on competing with ideas presented here?
A. It’s possible that LG may already have approaches or technologies in process that are similar to ones proposed as part of the LG NOVA Proto Challenge. LG will determine their interest in similar technologies on a case-by-case basis. Per the rules, LG is not obligated regarding the use/non-use of your proposal until such time as a contract is established.
Q. I’m interested in learning about potential investment or partnering opportunities for my start-up.
A. Participating in the LG NOVA Proto Challenge is a great way for you to potentially engage with LG. In addition to the possible financial awards, LG will also work with winners to help develop the technology and the business including mentorship and connections to business units and venture capitalists.
Q. Does scope include distributed/local energy production/utilization space?
A. LG is known for its many consumer-focused brands; but it also operates in many other industries, such as components for automotive applications. Through the LG NOVA Proto Challenge, we are interested in learning about new approaches and technologies that could represent new business opportunities for LG. If your proposed technology aligns with the categories of home work, and life and with the evaluation criteria, we welcome a response from you.
Q. I would like to know more about the focus areas for the challenge.
A. HOME is focused on the different aspects of home life such as smart products and services, education, health and wellness, and digital environments and entertainment technologies. WORK is geared toward our work lives: office building efficiency, work devices, or connectivity-enabling applications, EV infrastructure, transportation. LIFE considers ideas like eldercare, connected healthcare, and solutions that utilize telecom infrastructure, such as virtual engagement experiences. LG recognizes that these are broad categories and welcomes solutions that may occupy multiple spaces at once. In general, if your proposal focuses on providing users with greater access to services, capabilities and connections that improve daily life, it is probably of interest and within scope.