Expected to garner interest from around the globe, the challenge asks entrants to submit their best ideas for innovations that will improve quality of life and user experiences at home. Winners will work with LG Future Home, the company’s new venture client unit, and be given resources and funding to help further develop their concepts and take their businesses to the next stage. The newly launched initiative will also serve as an excellent opportunity for startups nearing the commercialization of their offerings to attract additional investment. The top 10 finalists will be invited to present at Wolves Summit’s flagship annual conference held from May 24 to May 27 in Wroclaw, Poland.
Submissions for LG Future Home Global Innovation Challenge should focus on solutions relating to one of four following categories:
(1) ‘New Features, Accessories or Services for LG Upgradeable Appliances’ – Solutions that customers will have the flexibility to constantly upgrade to better performing, more convenient, and engaging products, and services.
(2) ‘Home Appliances Reflecting New Lifestyle Trends’ – People have become more health and hygiene conscious after the pandemic, participating ideas should demonstrate additional features that can be geared towards single households/elderly/younger generations or added to home appliances and air conditioning systems for consumers who are more health-conscious
(3) ‘New Innovations in Home Appliance Materials, Components and Control’ – Innovative solutions to improve the performance of current existing home appliances, also help enhancing the performance, durability, recyclability and finish of appliances.
(4) ‘Future Transformation of Home Appliances’ – the digital transformation in home appliances that help support customer-centric services as well as strengthening sustainability
“We are excited to launch LG Future Home Global Innovation Challenge in partnership with Wolves Summit and look forward to working closely with the winners to create intelligent, convenient solutions for the future home,” said Oh Sai-kee, executive vice president and head of LG Electronics Home Appliance & Air Solution Company’s R&D center. “We will continue to foster open innovation and seek out like-minded partners to deliver compelling customer experiences and a better life for all.”
LG Future Home is the Venture Client Unit of LG Electronics, a global leader in Home Appliance & Air Solutions field. Its systematic Venture Client approach matches solutions from partners with real business opportunities inside LG and keeps LG on the front lines of innovation. And Alpha Wolves Summit is a special event, held on April 7 and April 8, hosted by Wolves Summit, a hybrid platform for investors and technology companies in Central and Eastern Europe (CEE). It pursues connecting established tech industry players with fund managers and promising new ventures. LG and Wolves Summit have been working closely as partners for LG Future Home Global Innovation Challenge.
Submissions for the Future Home Global Innovation Challenge will be accepted from now to May 9, 2022. To submit an entry or learn more about the challenge, visit challenges.wolvessummit.com/lg