LG Display Launches '2020 Dream Project' Contest to Foster Startups and Ventures

[Asia Economy Reporter Dongwoo Lee] LG Display announced on the 1st that it will hold the ‘2020 Dream Project’ contest to foster startups and in-house ventures. Starting from the 2nd, this project is conducted to agilely discover new growth engines and build a creative and challenging organizational culture among employees.

The selected startups and in-house ventures will be nurtured through an accelerating program in collaboration with Mark & Company, a specialized open innovation firm, and will be supported with various benefits for commercialization.

Since its launch in 2018, the Dream Project has consisted of ‘Dream Play’ to foster startups and ‘Dream Challenge’ to foster in-house ventures. So far, two rounds of startup contests and one round of in-house venture contests have been held.

This year’s ‘Dream Play’ for startups focuses on pioneering and revitalizing new businesses. It invites early-stage startups (established for 3 to 7 years) with innovative display-related technologies as well as new display, alternative display, and various collaborative ideas to apply.

Startups wishing to participate can apply by the 22nd through the Dream Play website. Selected startups will receive various benefits to accelerate commercialization, including ▲prizes ▲business development funding ▲use of LG Display’s internal infrastructure ▲business/research and development collaboration ▲equity investment, among others.

The ‘Dream Challenge’ for fostering in-house ventures targets employees with more than two years of service and accepts ideas without restrictions to discover a wide range of innovative ideas.

In-house venture challengers will be provided with various support such as dedicated spaces to focus on venture activities, business development funding, performance rewards, and spin-off opportunities.

In particular, for in-house ventures, to build an organizational culture of bold challenges without fear of failure, LG Display guarantees re-employment even if the business fails after spin-off, ensuring stable employment.

Through the Dream Project, LG Display has discovered and nurtured 18 startups and 4 in-house ventures so far. Successful spin-offs include Luxon, a game content developer that released a VR escape room game, and Byeolddareo Gaja, which developed a precision control system for micro-mobility and launched a motorcycle-exclusive black box.

Kang In-byeong, Chief Technology Officer (Vice President) of LG Display, said, “We will strengthen new business development by fostering startups and in-house ventures equipped with agility, creativity, and a challenging spirit, and continue to promote win-win management by supporting small and medium enterprises with the know-how and funds of large corporations.”