LG Uplus Collaborates to Discover New Business Ideas for SMEs... 4 Companies Selected

Kim Young-rang, CEO of Private Technology (left), Choi Taek-jin, Head of LG Uplus Enterprise Division (center), and Yoon Jin-sung, CEO of Fit Together (right), are posing for a commemorative photo at the awards ceremony.

[Asia Economy Reporter Lim Hye-seon] LG Uplus announced on the 11th that it has selected four companies that submitted market-leading ideas in the 'Business-to-Business (B2B) New Business Idea Contest' and signed business agreements to commercialize the ideas.

Now in its second year, the idea contest received a total of 19 ideas across B2B business sectors including wireless, new business, big data, wired, and solutions in September. Among them, LG Uplus conducted an internal evaluation based on business feasibility, creativity, and practicality, selecting companies that submitted ideas capable of commercialization and technological leadership in four areas: business division, leading technology division, wireless sector, and new business sector.

The award ceremony held at the LG Uplus Yongsan headquarters was attended by Choi Taek-jin, Head of Corporate Division (Vice President) of LG Uplus, four representatives of small and medium enterprises, and other key stakeholders.

In the business division, ‘FitTogether,’ which proposed the development of a ‘High-Precision Motion Analysis System’ using ‘U+ Ultra-Precision Positioning,’ was selected as the winning company. U+ Ultra-Precision Positioning is a solution that can identify the location information of moving devices at the centimeter (cm) level. FitTogether plans to develop a high-precision motion analysis system that accumulates detailed motion data of athletes in sports such as soccer and basketball and enables customized training based on this data.

In the leading technology division, Private Technology was awarded for proposing enhanced security through a ‘Zero Trust Network Communication Service’ that only allows connections of wireless routers and routers on pre-designated communication paths.

In the wireless sector, Jeonghan Infra, which proposed the production of a ‘Disposable Cup Smart Collection Machine’ that handles everything from collecting disposable cups to refunding deposits in one process, was selected. In the new business sector, NextK was awarded for proposing an ‘Industrial Site Safety Platform’ that minimizes blind spots in factories by integrating CCTV into mobility devices.

The selected companies in the business and leading technology divisions each received 50 million KRW, and those in the wireless and new business sectors each received 20 million KRW, totaling 140 million KRW in development support funds. Additionally, LG Uplus promised to collaborate throughout the entire process from planning to product launch for the commercialization of the ideas and to cooperate in producing package products after commercialization.