LG and the hunt for the next-gen corporate incubator – TechCrunch - Digitren Indonesia
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Whatever you do, do not refer to the LG Nova LG Inva as a Corporate Venture Capital (CVC) garment.

The LG Nova Corporation is the ultimate test point for the company. With the help of a relatively large – and fast-growing – team and a healthy budget, the LG Nova is spinning its iconic handle and exploring future versions.

Below is an interview with Soco Ray, LG Corporate SVP and North American Innovation Center Head – LG Nova. The interview is about clarity and length.

“Are we CVC? The answer is no. It’s not hell,” said Rhee. “CVC is a venture capital game. And when we are concerned about the growth of the companies, we will see more of how the business we can create together will grow. CVC is a very lucrative business; we are a more entrepreneurial game.

“You may be tired of hearing about metavers every day,” your reporter honestly criticized.

“LG Electronics is one of the largest manufacturers of electronics and the like. We are doing very well, and we want to see areas where we believe the future is ripe, especially in the future, where LG does not necessarily work today. We set up a center to find out what these things are and to grow new businesses in new growth areas.

With five different focus areas, LG has expanded its creative work by leveraging its platform and ecological strength to focus on market segments. The areas are Digital Health, Meters, EV Infrastructure and a “smart lifestyle”. The latter is a smart home, smart home automation and smart technology. In addition, the LG Nova highlights the overall power of representation in the categories used.

“We want to help low-income communities and products and services that can improve the quality of life in communities,” Rhee said. “Enterprise innovation has happened before, but most of it started from within. You take a lot of R&D centers and innovations, and you spend a lot of time in the lab to create something new in the existing structure. Nova R&D is incompetent, and that is done intentionally. We want to know how to create.

“When I talk about new businesses, that can mean a lot of different things. We are willing to create a new business unit if the ideas, suggestions and partnerships reach the home run.

So far, that looks like any company incubator. Still, Devil is in the details, and the LG Nova brings a lot of exciting twists to the corporate instant mix. Implementing how it works with beginners is much broader than the “Write a Check and Hope for Many” approach that many other organizations are taking and “Good luck to some customers”.

Announcing the launch of LG Nova – Head of Sokwoo Rhee, LG’s corporate SVP and LG Nova. (Image black LG Nova)

The process and its benefits

He started his career in what he called the Nova Grand Challenge Program. The so-called “Future Mission”, which began in September, was much sought after by beginners; He told me that the LG team had received over 1,300 ideas from over 100 countries.

LG Nova differs from other incubators in that it does not take the approach of corporate venture capital or does not require technological proposals. Instead, the incubator is looking for presentations on how beginners want to market their products using LG Electronics access and impact.

Out of 1,300 proposals, they list 50 or more companies. At this point, each company is assigned an entrepreneur in a residential area (EIR), collaborating with beginners to generate ideas and make proposals, identifying things that can be combined with LG’s great drawing strategy and strengths. And the opportunities brought about by startups.

Sumber artikel : https://techcrunch.com/2022/01/14/lg-and-the-hunt-for-the-next-gen-corporate-incubator/

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