'Model Startups Fostered by LG': Partnership Agreements with Over 40 Startups to Expand Support

‘2024 Alumni Day’ Held at Magok LG Science Park
Commitment to Continued Support for ‘Superstart Incubator’ Startups Beyond the Program Duration

LG announced on the 18th that it recently hosted the '2024 Alumni Day' event at LG Science Park in Magok, Seoul, inviting over 40 startups. During the event, LG signed partnership agreements (MOUs) with the startups and reaffirmed its commitment to enhancing support for them.

The event was attended by over 50 participants, including 18 startups selected for the third cohort of the highly competitive ‘Superstart Incubator’ program (which had a 100-to-1 acceptance ratio), representatives from the first and second cohorts, and LG employees. Attendees shared insights and recognized the importance of fostering and energizing the startup ecosystem.

Initiated in 2022, the ‘Alumni Day’ celebrates graduating startups that have utilized the dedicated incubation space at LG Science Park, known as the ‘Superstart Lab.’ The event also welcomes newly admitted startups, providing a platform for networking and collaboration.

This year, LG introduced the ‘Alumni’ program to broaden its startup support. The program not only includes the newly selected third cohort but also extends to startups from the first and second cohorts that require continued collaboration with LG. These startups were invited to the Alumni Day event.

Key Benefits of the ‘Alumni’ Program

The newly launched ‘Alumni’ program offers a variety of benefits, including:

• One year of free access to office space at the ‘Superstart Lab’ within LG Science Park.
• Opportunities for internal LG promotions and connections with relevant departments for new product or technology launches.
• Networking support with LG affiliates' investment teams or external venture capital partners when seeking funding.
• Collaboration opportunities with internal and external partners through consortiums and joint projects.
• Participation as speakers in ‘Superstart Day’ events.
• Access to ‘Demo Day’ for funding rounds.

The core of the program is LG’s commitment to providing sustained support even after the one-year incubation period ends, ensuring startups receive assistance whenever needed.

Partnership Agreements with Startups

To formalize this commitment, LG signed partnership agreements with over 40 startups during the event.

Expanded Startup Support Programs

LG also highlighted its various startup support initiatives under the ‘Superstart’ platform, including:

• Lab: Dedicated startup incubation space.
• Agora: In-depth discussions with LG affiliates.
• PoC: Validation of technology, products, or services.
• Crew: Collaborative community for LG and startups.

The programs were explained in detail to third-cohort startups, outlining how to utilize these resources while working with LG affiliates over the next year.

Testimonials from Alumni Startups

• Minseong Lee, CEO of ‘REVATION,’ an eco-friendly packaging solutions provider and a first-cohort graduate, shared, “Through LG’s Superstart Incubator program, we validated our packaging technology at LG Science Park and connected with external venture capital partners. This enabled us to successfully complete two funding rounds.”
• Eunji Kim, COO of ‘Nania Labs,’ a second-cohort startup specializing in generative AI solutions for manufacturing, said, “The Agora program allowed us to have in-depth discussions with LG affiliates, which were incredibly beneficial. We plan to collaborate extensively with LG affiliates next year and encourage the third-cohort startups to actively seek LG’s support.”

LG’s Ongoing Open Innovation Efforts

Since 2018, LG has hosted annual open innovation events such as ‘LG Startup Tech Fair’ (2018–2019), ‘LG Connect’ (2020–2021), and ‘Superstart Day’ (2022–).

Over 320 startups have participated in these events, engaging in networking opportunities with LG affiliates, venture capitalists, accelerators, and academic experts. The events have also drawn international participants from 28 countries, including the U.S., Canada, the UK, France, Germany, Israel, China, and Japan, totaling approximately 26,000 attendees.

Original Article

https://www.getnews.co.kr/news/articleView.html?idxno=706910