Muheop and LG Electronics Launch Open Innovation Program for 5G Specialized Networks... Selected Companies Receive 25 Million KRW Support

'Biznovator 2023' Jin... 6 Companies Receive 25 Million Won Each in Support

The Korea International Trade Association (KITA) announced on the 22nd that it will conduct the open innovation program 'Biznovator 2023' in collaboration with LG Electronics.

The recruitment fields include 5G specialized networks, robotics, digital healthcare, digital signage solutions, mobile and IT devices, electric vehicle (EV) charging, and edu-tech. Selected companies will receive support of 25 million KRW each. Applications can be submitted through the KITA open innovation platform, Innovranch, until the 2nd of next month.

Last year, 6 out of 132 applicant companies were supported. Since signing a business agreement in April last year, support for technology proof of concept (PoC) costs has been provided.

Jang Ik-hwan, Vice President and Head of LG Electronics BS Business Division, inspecting startup technologies at the 'Biznovator 2022' performance sharing event held on November 2 last year at Magok Science Park, Gangseo-gu, Seoul.
[Image source=Yonhap News]

In November last year, LG Electronics held a performance sharing meeting to review cooperation matters.

Startup AgosVision applied its wide-angle 3D camera and sensor technology to LG Electronics' robots to enhance autonomous driving performance. The inaudible ultrasonic data transmission technology developed by iSynapse is currently undergoing technology verification to be applied to LG Electronics' large signage and commercial TVs.

Lee Myung-ja, head of KITA's Digital Innovation Division, stated, "To overcome high interest rates and inflation and for companies to survive, innovation that breaks the existing mindset is essential," adding, "We will support innovative startups to achieve good results with LG Electronics through this program."