Participation in the 12th K-BIC Venture Cafe
Sharing CIC Case of Signature Product 'Breeze'
Discussion on Startup Business Development Strategies
LG Electronics participates in a government-led event to share know-how on fostering and collaborating with startups in the healthcare industry. No Seung-pyo, CEO of the in-house independent company (CIC) 'Sleepwave Company,' which launched LG Electronics' mind and sleep health product 'Brid.zzz,' will share exemplary startup management cases.
An LG Electronics model wore 'Breeze,' a sleep and mental health electronic device created by LG Electronics' in-house independent company (CIC), Sleepwave Company. [Photo by LG Electronics]
On the 31st, LG Electronics announced that it will share successful in-house venture nurturing strategies with startups at the '12th K-BIC Venture Cafe' hosted by the Ministry of Health and Welfare. Along with management know-how, it will introduce an organizational culture that challenges without fear and encourage exchanges between startups and investors to contribute to fostering a venture startup culture.
The 'K-BIC Venture Cafe' is a regular meeting started last year by the Ministry of Health and Welfare to create a platform where startups in the healthcare industry, investors, and government agencies can share ideas and collaborate. It provides expert mentoring in finance, investment, marketing, and market analysis to promising technology startups. It also offers investors opportunities to discover potential companies.
At this event, LG Electronics will share startup support cases from its participation earlier this year in the 'Startup Leap Package' led by the Ministry of SMEs and Startups. It will reveal operational know-how nurtured from the early stages of business by partnering with external professional accelerators through the in-house venture program 'Studio341.' The Startup Leap Package is a program that supports commercialization funds for startups in their 3rd to 7th year. LG Electronics will introduce the collaboration process for joint commercialization with startups, plans to support overseas expansion, and investment attraction. Additionally, LG Electronics plans to present business items from seven outstanding digital healthcare startups selected through the Startup Leap Package to provide investment opportunities.
LG Electronics will share the case of Sleepwave Company, an in-house venture that successfully spun off last July and is pioneering the digital healthcare market. CEO No Seung-pyo will participate to introduce the process leading to the spin-off, methods of conveying product differentiation through customer experience, market analysis, marketing techniques, and other business know-how.
Sleepwave Company launched Brid.zzz last year, a product that measures real-time brainwaves and provides sounds that stabilize them to reduce stress. It has secured corporate clients such as Megastudy, Kyobo Life Insurance, Seoul Lotte Hotel, and Busan Paradise Hotel, achieving results in the business-to-business (B2B) market as well as among general consumers.
Furthermore, LG Electronics will present the case of the LG North America Innovation Center, which fosters startups overseas. Notably, the healthcare-specialized startup 'Prime Focus Health' recently spun out with a solution that uses augmented reality (AR), virtual reality (VR), and camera sensor technologies to assess patient conditions and assist with remote diagnosis, post-treatment management, and recovery.
Lee Sam-su, Vice President and Chief Strategy Officer (CSO) of LG Electronics, said, "I hope this will be an opportunity for startups to gain useful information for commercialization," adding, "We will actively support the sustainable growth of the domestic healthcare business sector."
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