LG remains steadfast in its commitment to actively nurture ideas with the potential to fuel the company’s future growth. By fostering a corporate culture that not only encourages challenges but also embraces failures as stepping stones to success, LG aims to embody the principles that have been at the heart of CEO William Cho’s leadership philosophy since his tenure began. CEO Cho consistently champions the ‘Brave Optimist’ mindset, inspiring everyone to boldly undertake challenges and relentlessly innovate, anchored in the belief that the customer is always the key to unlocking solutions.
A prime embodiment of this ethos is ‘STUDIO341,’ an initiative launched by LG last year. This program is designed to identify and cultivate in-house ventures that encapsulate the spirit of challenge and innovation, a mindset that has been instrumental in propelling LG from its humble beginnings as Goldstar in 1958 to its current status as a global leader in home appliances. The ‘341’ in ‘STUDIO341’ serves as a poignant reminder for LG’s ‘Brave Optimists’ to stay true to the company’s roots, symbolizing the original street address of Goldstar in Busan, Korea’s second-largest city.
The initiative welcomed anyone with a creative idea that can solve a problem worth solving and provide a new experience to customers. The response was impressive, with over 100 internal submissions received.
In the previous year, LG shortlisted the top thirteen ideas – one more than the originally intended twelve – which were further narrowed down to six during an internal IR event. This process involved evaluating the ideas based on their potential to provide unique customer experiences. The selection criteria encompassed business value, feasibility, potential impact and team capabilities.
The chosen teams were relocated to an external office to be able to fully immerse themselves in developing their in-house venture ideas. By March 2024, the top six teams had the opportunity to present their business proposals at the ‘STUDIO341 Demo Day’ in Seoul, in front of LG executives and potential investors.
After thorough deliberation, the top five teams selected for spinoff were unveiled: ‘MASKIT,’ a mobile ticketing and admission service for performing arts that removes the necessity for queuing; ‘FreshGo,’ an original cold chain transportation solution that leverages individual refrigeration technology; ‘Cucumber,’ a platform focused on local food pickup services; ‘Found Objet,’ a digital transaction platform for recycled plastic materials; and ‘X-UP,’ a solution for diagnosing and maintaining golf courses using robots and heat mapping technology.
Meanwhile, LG partnered with Bluepoint, a partnership-driven Korean startup accelerator, to leverage their ability to objectively assess the teams’ capabilities and provide more effective support. This approach has helped streamline the whole process to a year, with six months for selection and six months for development. During the process, each team will receive a joint investment from LG and Bluepoint up to a maximum of KRW 400 million.
In parallel, LG is intensifying its collaboration with global startups, as exemplified by its partnership with Amwell, a U.S. telemedicine company, to provide remote medical treatment solutions across North America. The company also aims to evaluate the viability of services in prevention, diagnosis, post-management and recovery, among others.
LG NOVA, LG’s North America Center for Innovation, launched its “Mission For the Future” by presenting the Eureka Park showcase at CES 2024 in Las Vegas. It also leveraged its influence to introduce startups operating in the digital healthcare field, such as XR Health, Mindset Medical and C.Light Technologies.
Stay tuned to LG Newsroom to see how else the company is revolutionizing the customer experience for all.
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Source: LG Pressroom
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