By Mark Minevich, Contributor
Global Digital Cognitive Strategist , Digital Visionary, Artificial Intelligence expert, Venture Capitalist, Innovation CTO, author & AI contributor to Forbes.com
The logo of South Korea's LG Electronics is seen in front of the company's headquarters in Seoul AFP VIA GETTY IMAGES
As the world increasingly embraces Web3, corporations are turning to metaverse applications to stay ahead of the curve. Based on Verified Market Research, the Metaverse market is anticipated to expand at a CAGR of 39.1 percent from 2022 to 2030, reaching USD 824.53 Billion in 2020 and USD 27.21 Billion in 2020. This is due to the increasing demand for AR/VR content and gaming and the need for more realistic and interactive training simulations.
Recently, LG Electronics North American Innovation Center (LG NOVA) has announced the “Selected 20” startups advancing to the next stage of its Mission for the Future global startup competition. The top 20 (selected from a pool of over 1,300 applicants) received $100,000 each and $2 million overall for 20 proof-of-concept projects. The entrepreneurs are now collaborating with LG NOVA counterparts to create a business framework for working with the rest of the LG company. The Top 10 will have to show that their business concept is realistic and profitable and that their technology serves to advance LG and LG NOVA's broader mission of innovating for a better life.
Of the group, strong companies are exploring a variety of applications with the intent to drive broader adoption of new immersive, interactive technologies and create more significant business opportunities. These companies show great promise in the Metaverse category – an area where LG is pursuing numerous possibilities for growth. Startups that win the competition will have the opportunity to further develop their product offerings with the help of LG mentorship and resources. But beyond that, these companies also have the potential to change the way we interact with technology and each other on a global scale.
Before we dive into the companies, let’s first understand the strategic basis of the metaverse for innovation and business. The metaverse can be defined as a 3D virtual world that is created by humans and exists on the internet. It is a shared, persistent space where people can interact with each other and digital objects using avatars. In many ways, the metaverse is the next evolution of the internet – a more immersive, interactive, and realistic way to connect with others and digital content. Several metaverse applications are already being developed and used by businesses and consumers alike. These include AR/VR content and gaming and training simulations that can be used for everything from employee onboarding to product development.