Important Mission By LG To Reinvent Society With Future Growth

Oct 12, 2022 11:19:00 PM
By Mark Minevich
ContributorGlobal Digital Cognitive Strategist,  Digital Visionary, Artificial Intelligence expert, Venture Capitalist, Innovation CTO,  author & AI contributor to Forbes

The world of social technology and public-private partnerships has been rapidly changing, and organizations must adapt their strategies to stay ahead of the curve. UN recently announced that the Republic of Korea is one of the top leaders in the 2022 digital government ranking of the 193 United Nations Member States, scoring the highest in the scope and quality of online services, the status of telecommunication infrastructure, and existing human capacity. LG NOVA is a perfect example of a private sector enterprise constantly innovating and looking for new ways to drive growth. LG NOVA is a subsidiary of LG Electronics, one of the world's largest electronics firms headquartered in Korea. It is on a critical mission to reinvent social impact for the future. The company has been at the forefront of innovation for over five decades, and its commitment to social responsibility and sustainability has earned it a reputation as a trusted partner for businesses and organizations around the globe. In fact, LG Energy Solutions is teaming up with Honda to build the $3.5 billion battery factory and create 2,200 jobs, with an overall investment projected to reach $4.4 billion as part of a joint venture in southern Ohio. President Joe Biden recently mentioned that the Honda-LG joint venture was "committing more than $5 billion toward electric vehicle battery manufacturing and factory retooling across the state.”

To realize its vision of becoming a leading global provider of social technology solutions, LG NOVA has invested heavily in its Mission for the Future program. The program is designed to identify and invest in early-stage companies working on cutting-edge technologies with the potential to impact society positively.

In Silicon Valley and globally, LG NOVA seeks to achieve a leadership position in socially impactful technology solutions. The company is focused on investing in early-stage companies that are working on cutting-edge technologies with the potential to impact society positively. Social innovation is reinventing how we live, work, and play, and LG NOVA is committed to supporting the companies leading this charge. The organization can drive growth and create value for shareholders, customers, and partners.

According to Dr. Sokwoo Rhee, Corporate SVP of Innovation at LG Electronics and Head of the North America Innovation Center at LG NOVA, “The key industries that the LG NOVA program is seeking submissions from are digital health, electric mobility, and the metaverse. Digital Health is going to be huge. Healthcare is already huge, and you can see that many people are jumping into it right now. Electric mobility is also exploding with new solutions for electric vehicles and charging infrastructure. The government is putting money into the market, so it will only get bigger. While metaverse is still in its early stage of development, LG is continuing to explore how we can play a leading role in its development. It’s a key part of our future, and we anticipate that at some point, we'll have an excellent idea or solution that we can make commercially viable."

 2022 LG NOVA Innovation Festival

Significant trends in healthcare and electric mobility include the convergence of physical and digital health, the rise of personalized and precision medicine, the growth of the wearables market, and the increasing demand for EV infrastructure as the market for EVs grows. In the metaverse, the initiative looks for applications that can create new value for users by providing an immersive and interactive experience. Dr.Rhee, previously an Associate Director for Cyber-Physical Systems (CPS) Innovation at the National Institute of Standards and Technology, U.S. Department of Commerce, continued to emphasize that "In my opinion, healthcare is a key part of smart communities. Now, if you have to go to a hospital, it's not exactly a smart city; it's just a hospital. But when you are doing healthcare at home, also known as digital healthcare, it broadens to become a community issue. So I believe digital health indirectly contributes to the concept of a smart city." The notion of the smart city is a significant trend to watch in the industry, as it represents the future of urban living and has the potential to create substantial value for companies that can provide solutions that make cities more efficient and livable.

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Topics: Mission for the Future, Sustainability & Cleantech, News