LG Successfully Attracts Results from 'Startup Discovery' with a 5year, 120 Billion Won Investment
- 관리자
- 2023.12.27
LG Successfully Attracts Results from 'Startup Discovery' with a 5year, 120 Billion Won Investment
LG employees are taking a commemorative photo with startup officials who attended LG's 'Alumni Day,' held by LG on the 5th. (Provided by LG)
According to Financial News, it has been identified that the investment attracted by LG for startups nurtured over the past 5 years since Koo Kwang-mo took office as chairman of LG Group has exceeded 120 billion won. In particular, last year, 25 startups that received support from 'Super Start,' which LG announced it would invest 150 billion won over the next three years to foster 300 startups, achieved an investment of over 50 billion won in just a year and a half.
Over the past 5 years, more than 40 startups discovered and supported through LG Science Park, such as Pablo Air, Wayne's Bryant AI, Checker, and Debu, have attracted over 120 billion won in investments. Among them, the 25 startups supported through Super Start, launched by LG as a group-level open innovation platform last June, attracted investment of over 50 billion won.
LG announced plans last year to launch Super Start and support 300 startups over the next three years with 150 billion won.
Super Start serves as a platform connecting promising startups with LG group companies and external partners such as venture capitals (VCs), accelerators (ACs), public institutions, and universities in the fields of electronics, chemistry, and telecommunications and services. Last year, 18 startups were selected as the first batch of Super Start Incubator, and LG provided support in various ways such as business verification, collaboration with group companies, and advisory services by LG employees.
Collaboration between startups participating in Super Start and LG group companies is also actively underway through LG's support. UzuRacompany, a pet tech startup based on Internet of Things (IoT) technology, has advanced its products and services through business verification (PoC) involving 200 LG employees. After the PoC project, it is collaborating with numerous pet tech-related practical departments within the LG group on the development of related services and products. Maysa Planet, a satellite image data analysis platform company, has contracted with LG CNS and is providing crop management index analysis services using satellite image analysis at the unmanned automated agriculture production demonstration site in Naju City.
An LG Science Park official said, "Innovation can only be born when novelty meets and connects," and "We will spare no effort to expand the intersection between startups and LG, and create innovation together to make a better future for all."
Transferring startup know-how...Expanding LG ecosystem
LG recently held '2023 Alumni Day' at Seoul's Magok LG Science Park. It was an event to congratulate six startups, including UzuRacompany, graduating from the Super Start Lab this year, and to welcome new startups.
The event held at Super Start Lab, a dedicated space for nurturing and supporting startups at LG Science Park, brought together about 50 people, including around 30 startup officials and about 20 LG employees, to empathize and communicate about the need for the development and activation of the startup ecosystem.
Over the past year, achievements and cases achieved through collaboration between startups and LG were introduced, and know-how on overcoming various obstacles encountered during entrepreneurship, such as experiences in attracting investment and overcoming various difficulties during business, were shared.
Lee Min-seong, CEO of the eco-friendly packaging solution company Liberation, which is the first batch of Super Start Incubator, said, "I started a business based on technology, but there were too many areas to learn about, such as legal affairs, marketing, finance, and personnel, which was overwhelming," "Through various nurturing programs of LG Super Start, I not only advanced my business but also received a lot of help in operating the company, and I was able to succeed in attracting external investment during the investment downturn," expressing gratitude.