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.”
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.
Moreover, according to Joshua Di Frances, Head of Incubation and Senior Director, Healthcare Strategy & Enterprise Business Development, “I focus primarily on healthcare and digital health. Some companies are hospital- and consumer-facing, but they’re all looking at the patient and trying to improve health. But I think some companies in that area, like Digbi Health, are exciting. They’re looking at personalized health using DNA, genetics, and microbiome to understand better what each person needs. Personalizing medicine represents a huge area of growth. Medicine is going that way; we’ve seen it for several years. LG has a screen presence at hospitals and a hardware presence, but we also have a powerful consumer brand, and healthcare is moving to the home. And I think there’s an opportunity when you think about connected devices, remote patient monitoring, and empowering patients to understand their health better where we could play a significant role. I think our leadership sees that, and that’s why health is a big area of focus for us.”
According to Maria Patterson, Director of New Ventures, LG Electronics, and LG NOVA Entrepreneur in Residence, Electric Vehicles are a priority in the near future due to their lack of emissions and ability to be powered by renewable energy sources. However, there are concerns about the potential for EVs to overload the electrical grid, as they require a significant amount of power to charge. One way to address this issue is by using AI to model people’s behavior and better understand when and how they will use their EVs. This information can then be used to manage the charging of EVs in a way that does not overload the grid. Additionally, it is essential to ensure that these new technologies are accessible to everyone. Those who cannot afford EV chargers should not have to pay for infrastructure improvements that primarily benefit those who can. She states, “Using AI to model people’s behavior is very interesting because it makes us realize everything is very much interconnected, especially with electrification.”
Based on the above information, it is evident that LG Electronics is focusing on emerging industries to stay ahead of the curve and create value for their shareholders, such as healthcare and electric vehicles. This aligns with vital global megatrends. The need for better healthcare solutions will only increase as the world’s population ages, and the move towards electric vehicles is gathering momentum to combat climate change. LG is well-positioned to capitalize on these trends and create significant value for its shareholders in the years to come.
LG NOVA has spotlighted several attractive solutions focusing on health care and electric vehicles as part of their leading finalists for the Mission for the Future challenge.
With digital health capabilities key to delivering healthcare to diverse and disparate communities, LG NOVA is working on expanding and scaling greater access to healthcare and personal health services.
● Digbi Health is a digital care platform to prevent and reverse chronic metabolic, digestive, and mental health conditions using gut microbiome insight, genetics, AI, and food-as-medicine. Together LG and Digbi will work to make care globally accessible at home and the office and advance cure.
● LifeNome is a B2B2C precision health platform powered by genomics and AI, offering personalized health and well-being solutions to the world’s leading enterprises. LG and LifeNome plan to bring to market the world’s first precision maternal and family health platform, supporting pregnant individuals 24/7 from conception to the early stages of a child’s life.
● Mindset Medical is a sensor-based technology platform that can use a camera in patient-owned devices to capture health and biological readings to assist doctors in enhancing medical diagnosis and treatment effectiveness. Expanding upon new services available to doctors and providers, LG’s work with Mindset Medical is expected to make it easier for medical providers to understand patient health over time or during live virtual doctor visits.
● XRHealth develops virtual treatment rooms, integrating immersive VR/AR technology, licensed clinicians, and real-time data analytics on one platform, providing a comprehensive therapeutic care solution for patients through the continuum of care, from the hospital to the patient’s home. LG and XRHealth will continue to grow the service offering to deliver more insights to clinicians and enable more precise personalized care.
The solutions in this category lead to social innovation by bringing technology-enabled solutions to healthcare’s most challenging problems and making it easier for people to get the care they need. Specifically, these companies are focused on making it easier for people to access care, whether that’s through at-home solutions or by providing more data to doctors to help them make better decisions.
With LG’s commitment to sustainability as an organization, LG NOVA is working to pursue new opportunities to expand access to electric vehicles (EV) and electric mobility solutions by enabling more businesses to leverage their infrastructure to provide EV services.
● Driivz empowers major EV service providers with an end-to-end EV charging and intelligent energy management software platform. LG and Driivz will work together to enable the hospitality industry across the United States to offer EV charging-as-a-service while optimizing their EV charging operations and providing their customers with an exceptional EV charging experience.
● I-EMS Solutions, Ltd. uses innovative AI and blockchain-based distributed energy resource management systems (DERMS) and transactive energy software platforms to enable power optimization across smart cities, smart homes, and e-mobility. By working with I-EMS, LG will help modernize the electricity grid and optimize energy management to deliver better power management solutions for the market.
● SparkCharge offers an affordable and convenient way for electric vehicle owners to charge their EVs without a direct-access charger at home or on the road. LG and SparkCharge plan to work together to deliver turnkey EV solutions for businesses to create a stream of revenue from their parking spaces.
The companies in this category focus on making it easier for people to switch to electric vehicles and expanding the infrastructure necessary to support widespread adoption. This is an integral part of LG’s commitment to sustainability, as electric vehicles have a lower environmental impact than traditional gas-powered cars.
The future, according to LG NOVA
LG NOVA’s Mission for the Future program is a testament to the pressing need for social innovation globally. The company is working with startups in various industries to create new solutions for some of the world’s most pressing problems. LG NOVA is committed to positive change in the world, from healthcare to electric vehicles. Other organizations can begin to emulate this program by establishing social innovation initiatives and partnering with startups to create new technologies and services that address pressing global issues.