By Josh Hatton
Originally published on The Metaverse Insider
Read full article at: https://metaverseinsider.tech/2023/03/10/lg-electronics-part-2-the-grand-challenge-program-with-dr-sokwoo-rhee/
At The Metaverse Insider, we had the pleasure of interviewing a respective Senior VP of Innovation at LG Electronics – Dr. Rhee. He leads the North American Innovation Center, LG NOVA located in Silicon Valley. LG NOVA is focused on generating new businesses for LG Electronics, a company that is valued at $70 billion and known for manufacturing appliances and TVs. Dr. Rhee’s responsibility is to develop new businesses or partner with existing ones in domains that promise future growth, such as healthcare, the Metaverse, and clean tech.
In Part 1 of our conversation with Dr. Rhee, we addressed the importance of innovation, the current market for Metaverse initiatives, and the greatest barriers to user adoption. In this continuation, we address LG NOVA’s trajectory within the Metaverse space and what they are looking to achieve within the next few years.
What is LG NOVA currently doing in the Metaverse ecosystem?
Dr. Rhee explains that LG NOVA is currently working with promising startups in the industry to create joint businesses and collaborations:
“We believe startups are at the forefront of innovation. And they are the experts both in technology and the market. So, we want to work with them.”
To achieve this goal, LG created the grand challenge program. This call for proposals is meant to source, test, and invest in startups that hold potential in the Metaverse ecosystem – allowing them to work with LG and determine what type of business they want to create.
Last year, LG selected 10 companies in the first batch of the program, including a prolific startup called IQ3. Dr. Rhee highlights IQ3’s technology and how it can be used in industrial training:
“They have a very interesting technology to reduce the time to build a Metaverse, a program – [effectively speeding up] Metaverse processes.”