Competition Tracks
Working with LG
We're looking to accelerate business creation
Selected companies will have the opportunity to join a six to nine-month challenge program to build their business with LG. In the program, companies will go through a co-collaboration process for evaluation, testing, piloting, which will lead to 10 companies selected as the finalists. In the process:
Up to 50 companies will have access to resources to help grow their business, which may include access to basic business infrastructure support, networking opportunities with global tech leaders, mentorship, etc.
The Selected 20
The companies selected in the second stage, up to 20, will work with LG NOVA's incubation team to unlock opportunities for their business with resources from LG's global parent and affiliate organizations, which may include potential capital investments from LG or its partners.
The finalists of the competition, up to 10 companies, will get the opportunity to build their business in collaboration with LG. As the finalists, these participants will have the opportunity to be on an accelerated path to success supported by LG as they continue to move forward with the jointly developed business.
All will be joining the LG NOVA Universe, where we hope to grow a community of entrepreneurs and start-ups that are working to create a better future for us all. The NOVA Universe is your window to other opportunities.
In addition, finalists can qualify for:
Up to 100,000 USD for joint product or concept development
Opportunity to work with LG NOVA's Incubation team to scale up their business throughout the challenge program.
Resources and investments from 20 million dollars LG intends to set aside for new business development with the finalists
Sep 1 - Oct 27
Application submission process
LG NOVA announces the selection of 50 companies chosen to enter the evaluation and engagement process: The First 50
LG NOVA announces a selection of 20 companies chosen to move on to the next phase: The Selected 20
LG announces its selection of the Top 10 winners of the challenge
Oct 27 - Dec 31
Initial evaluations
Jan - Mar 2022
Engagement and evaluation period for the First 50
Mar - Jun 2022
Incubation and pilot period for the Selected 20
To be eligible for The Challenge:
Participant or, for Team Entries, a participating member of the Team, must have developed, or be in the process of developing a product or service based on a new or innovative technology, or an innovative application of an existing technology developed by Participant or the participating member of the Team ("Participant Innovation").
The Participant Innovation developed or under development has the potential to address one of the following five key focus tracks:
Energizing Mobility: Renewable Energy and EV charging
Smart Lifestyles: Intelligent and Connected Services and Devices
Innovation for Impact: Open category for solutions that improve people's lives
Participant complies with this Agreement, including the Competition Guidance.
There are no restrictions on future funding of Participant or, for Team Entries, any participating member of the Team, based on the Participant's or the Team's funding as of the date of its Entry submission.
For any Participant or Team member (for Team Entries) that is a legal entity, it (A) is organized under the laws of a Country which is not an Excluded Country (as defined herein), and (B) does not have any subsidiaries or affiliates located or incorporated in any Excluded Country (an "Eligible Country").
(A) If Participant is an individual, Participant is, or (B) if Participant is an entity, at least one founder or executive of the entity, or (C) for Team Entries, at least one Team member or founder or executive of a Team member is a legal resident of an Eligible Country, and is at least eighteen (18) years of age as of the date of Entry submission.
Participant is not, and no officer, director, manager or employee of Participant or, for Team Entries, of any Team member is subject to sanctions in the United States or listed on the U.S. Department of the Treasury's Specially Designated Nationals and Blocked Persons List or the Office of Foreign Assets Control Sanctions Lists, which may be found here.
Participant does not have, and no officer, director, manager or employee of Participant or, for Team Entries, of any Team member has, any familial or financial relationship with Sponsor or any Judge. If Participant becomes aware of any fact or circumstance that any such relationship exists or has developed prior to the judging of The Challenge, Participant agrees to notify Sponsor immediately.
Excluded Countries:
Each of the following is an Excluded Country: Crimea – Region of Ukraine, Cuba, Iran, North Korea (Democratic People's Republic of Korea), Sudan and Syria.
Challenge submission will be reviewed based on the
7 categories below:
Market Attractiveness - Market size, growth rate, competitive landscape, barriers, trends, market dynamics, etc.
Team Potential - Talent diversity, track record, domain knowledge, existing investors, external validation, etc.
Collaboration Potential with LG - Potential for new joint business with LG, complementary assets and capabilities in services, technology, channels, etc.
Innovation Unlocked with LG - Unique synergy to enable novel solutions that do not exist today and together open brand-new markets, "together greater than sum of parts," etc.
Right to Win - Unique competitive advantages, IP, differentiation, clear solution effectiveness, etc.
Traction - Business performance, user growth, product engagement, unit economics, etc.
Viability - Ability to execute, business model sustainability, long-term potential, etc.
Application can be submitted to the Mission for the Future Challenge here.
There are two parts to the application. Once you've submit part 1 you will be invited to fill out part 2. Please submit your entries to part 1 by October 27, 2021, 11:59 p.m. PT. The deadline for part 2 is November 1st, 2021, 11:59 p.m. PT.
Early entries may receive notifications of ongoing opportunities to engage with the LG NOVA team during the submission process.
The online form will provide the opportunity to share your idea and how you would like to engage with LG.
The submission will be evaluated by the LG NOVA team based on the evaluation criteria provided above. We will notify founders selected to take part in the next step of the competition in January 2022.
Contact us with questions on the challenge here.
Application must include only non-confidential and non-proprietary content.
Join us Nov 15-19, 2021 for our inaugural Mission Launch Innovation Virtual Event Series
LG NOVA
lgnova.com
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