LG ANNOUNCES STARTUP INITIATIVE BY SPINNING OFF TWO PROJECTS
- 05, 16 2016
SEOUL, May 16, 2016 ― LG Electronics (LG) is taking its “open innovation” strategy to the next level by spinning off of two initiatives originally incubated in-house: Acanvas and Infit & Company Inc. While LG will provide use of the patented technology, both companies will be managed completely by former LG employees and will be responsible for their own fundraising and strategy.
Acanvas will focus on developing its art streaming platform into a viable business. The art streaming platform contains millions of licensed works of art displayed in cord-free customizable digital frames. Acanvas just started a Kickstarter campaign (http://bit.ly/1rYG7vj) last week to fund its completion of development. Acanvas will initially target North America with plans to expand to other markets next year.
Infit & Company Inc. is the company behind the Imaging Modular Diagnosis Machine, a medical product which employs the latest technologies to diagnose conditions such as rheumatoid arthritis. By using an affordable and safer optical imaging system instead of radiation to peer inside patients, Infit & Company Inc. hopes to revolutionize medical care.
To show its support for the venture and to alleviate a major risk associated with startups, LG has promised employees who join either of the two new companies that they will have guaranteed positions at LG if they should decide to return within three years. What’s more, LG will expand its initiatives to encourage more of the type of thinking that led to the formation of Acanvas and Infit. LG’s Idea Power Plant is one program LG has developed to identify and fund with up to 10 million Korean won the most promising employee-generated ideas that can be commercialized within five months.
“For us at LG, open innovation shouldn’t just be a motto, it should be actionable as well,” said Dr. Skott Ahn, President and CTO of LG Electronics. “By giving these two startups their own identity and freedom from the bureaucracies of a large organization, we are sending a very clear message to innovator and the public that we are not interested in maintaining the status quo.”
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About LG Electronics, Inc.
LG Electronics, Inc. (KSE: 066570.KS) is a global leader and technology innovator in consumer electronics, mobile communications and home appliances, employing 77,000 people working in 125 locations around the world. With 2015 global sales of USD 48.8 billion (KRW 56.5 trillion), LG comprises four business units ― Home Appliance & Air Solutions, Mobile Communications, Home Entertainment and Vehicle Components ― and is one of the world’s leading producers of flat panel TVs, mobile devices, air conditioners, washing machines and refrigerators. LG Electronics is a 2016 ENERGY STAR Partner of the Year. For more news and information on LG Electronics, please visit www.LGnewsroom.com
About LG Electronics Singapore Pte Ltd
LG Electronics Singapore Pte Ltd (LG Electronics Singapore) is a fully-owned subsidiary of LG Electronics Inc., the pioneer and market leader of the Korean electronics industry for over five decades. LG Electronics Singapore operates three business units – Home Entertainment, Mobile Communications and Home Appliance & Air Solution. In recognition of its vision to enrich people’s life with smart technologies and innovative design, LG Electronics Singapore has been recognized with prominent local and international accolades, such as the CNET Asia Editor’s and Readers' Choice Awards, HWM+HardwareZone.com Tech Awards, Red Dot Design, and GfK No. 1 Awards. For more information, please visit www.lg.com/sg.