LG Display Holds '2020 Open Innovation Forum Idea Contest' for 5 Months
Final Selected Startups to Receive 100 Million KRW Government Commercialization Support Fund
A family-customized exercise prescription service developed by a startup selected in the '2020 Open Innovation Forum Contest' is being demonstrated in a showroom set up at LG Science Park in Magok.
A senior care platform developed by a startup selected in the '2020 Open Innovation Forum Contest' is being demonstrated on a smart bed in the showroom set up at LG Science Park in Magok.
[Asia Economy Reporter Ki-min Lee] LG Display is actively working on developing new content based on organic light-emitting diode (OLED) technology that will realize smart homes in collaboration with startups.
LG Display announced on the 26th that it has been conducting the ‘2020 Open Innovation Forum Idea Contest’ under the theme ‘Home Life’ for about five months since July to find startups that will lead innovative lifestyles based on next-generation OLED technology.
The 2020 Open Innovation Forum Idea Contest was held to increase the utilization value of OLED through new ideas, find future growth engines, and support the growth of excellent startups by large corporations for win-win cooperation.
More than 80 startups participated in this contest, engaging in fierce competition. Among these companies, eight startups including Loha Co., Ltd., The Family Lab, Allblanc Co., Ltd., Versys Co., Ltd., Yes Studio, V-Touch, Visual Co., Ltd., and Vola Co., Ltd. were selected after document screening and an online hackathon for proposing innovative content that makes life more convenient and enriched.
LG Display assigned dedicated mentors to the selected startups to actively cooperate by holding consulting meetings at least once a week and verifying feasibility for productization of their ideas. In the future, LG Display plans to support business activation such as full-scale product launches, participation in domestic and international exhibitions, and market development.
Additionally, LG Display aims to establish a foundation for mutual growth through collaboration with startups and pioneer new markets. The three startups finally selected will each receive development support funds of 100 million KRW from the Ministry of SMEs and Startups.
At the demo day held on the same day, smart home content based on OLED was demonstrated, including a senior care platform that checks users’ health status on a smart bed with an OLED display and provides an interactive communication channel, customized exercise prescription services for each family member, and personalized 1:1 health care content linking exercise and diet.
Jung-hoon Jeon, Executive Director of Business Development at LG Display, said, "The innovative value of OLED will be further realized through content that can create new user experiences. Especially, with the recent high interest in non-face-to-face technology and consumers’ increased understanding of OLED technology, we expect the commercialization of the content introduced this time to proceed rapidly."
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