LG Group to invest $119 million into 300 startups through 2025

LG Group announced Thursday it will invest 150 billion won ($119 million) into 300 startups through 2025.

The conglomerate hosted Superstart Brand Day in Seoul and unveiled its plans to launch the Superstart brand and the blueprint for nurturing future unicorns. 

The Superstart brand aims to liaise promising startups with not only LG subsidiaries and affiliates; but also with venture capital firms, accelerators, public institutions, and those in academia.

With the brand’s launch, LG decided to strengthen its proof of concept (PoC) program. A PoC refers to an early model of what a startup’s final product or service will be.

The group allocated a designated space for the PoC program at LG Sciencepark, which houses the R&D department of the group’s four main subsidiaries. More than 10 billion won will go into the program each year. 

The South Korean conglomerate will provide up to 100 million won to early stage startups. A number of executives within the LG Group will come together to provide legal, sales and financing advice to the chosen entrepreneurs. 

LG Group expects the 150 billion won investment to create about 2,000 new jobs through the discovery and nurturing of 300 startups. 

A demo Superstart Day is slated for sometime this year and the recruiting process for participants begins later this month.

LG Sciencepark President I.P. Park said, “Just as every innovation that changed the world began with an idea, launching a startup means the beginning of a better tomorrow.”

Park, who also chairs the LG Group Technology Council added, “We will focus on providing genuine and practical assistance to startups that face challenges head-on.”

Write to Sin-Young Park at nyusos@hankyung.com
Jee Abbey Lee edited this article.