LG Electronics Internal Venture Challenges Spin-off... Various Fields Including MyData and Smart Order

Final Spin-off Verification Scheduled for March Next Year

Six teams have been selected through LG Electronics' in-house venture selection program, 'Studio341.' These teams will enter a roughly three-month race to validate their business potential, aiming for a final spin-off.

On the 23rd, LG Electronics announced that it had selected six teams qualified for spin-off after conducting an internal IR event to assess and verify the business viability of in-house venture items developed to provide new customer experiences. Initially, five teams were planned to be selected, but the selection scale was expanded to open up broader spin-off opportunities.

In this selection process, criteria such as the business value of the proposed items, the validity of the solutions, the expected level of change, and the team's capabilities were considered. As a result, the following were chosen: 'Maskit,' which enables all companies to easily use MyData services; 'SinsunGO,' a modular refrigerator for cold chain transportation; 'Qcumber,' a smart order solution for university students and self-employed individuals; 'FoundObject,' a regenerative material connection platform for a sustainable future; 'TungKit,' an AI solution for energy split measurement; and 'X-Up,' a smart sensor-based golf course green management and putting solution.

Starting next month, these teams will separate from their current departments and undergo a process to enhance business competitiveness at external offices, with the final spin-off decision to be verified in March next year. Teams that decide to spin off will receive up to 400 million KRW in startup funding per team, jointly invested by LG Electronics and startup accelerator Bluepoint Partners.

Earlier, in June, LG Electronics launched the Studio341 program to foster in-house ventures that inherit the spirit of challenge and innovation from the founding of Geumseongsa. Studio341 is named after the address 341 Yeonji-dong, Busanjin-gu, Busan, where Geumseongsa, the predecessor of LG Electronics, was first established in 1958.

To respond swiftly to rapidly changing market trends during the Studio341 process, LG Electronics partnered with the external specialist company Bluepoint Partners. Bluepoint Partners collaborated with LG Electronics from the initial selection stage to verify the market suitability of in-house ventures and closely nurture them for successful commercialization.

Kang Sung-jin, Executive Vice President of Business Planning at LG Electronics, said, "The in-house venture program will go beyond widely spreading the spirit of challenge and entrepreneurship within the company to foster new technologies, products, and business models, spin off items with high success potential, and provide innovative customer experiences."

Since 2020, LG Electronics has been seeking new business opportunities that can innovate customer experiences based on employees' ideas, experiences, and capabilities through in-house venture systems and company-in-company (CIC) initiatives. This effort also aims to promote a culture of challenge within the organization.