LG launches Collaborate and Innovate Initiative

SEOUL, Korea (AVING) — <Visual News> LG Electronics is launching a corporate-level initiative of technological open innovation called ‘Collaborate & Innovate’ for initiating and developing relationships with global partners who have great ideas and technologies.

(Picture: An external portal website – www.collaborateandinnovate.com – has been set up to provide more details about LG’s plans for collaboration, as well as the types of technologies in which the company is most interested. Users can register to receive updates and submit partnership proposals directly to LG’s Collaborate & Innovate staff.)

As part of this initiative, LG has set up a dedicated team responsible for managing collaboration relationships with partners. This team will be on hand at the LG stand at the 2010 Consumer Electronics Show in Las Vegas, from January 4th – 9th to meet with interested potential parties.

LG highly values such partnerships and has a strategic view to see that these become long term collaborative relationships. LG believes that the best collaborations are those that offer value to both parties and result in the most innovative results. This collaboration could take the form of licensing, funding for development, investment or acquisition.

LG has a vast product range, divided into five business areas: Home Entertainment, Mobile Communications, Home Appliances, Air Conditioning and Business Solutions. In addition, LG continues to venture into new industries such as Solar Energy and Healthcare to expand its business portfolio.

“Open innovation is not about simply finding technologies and acquiring them in a transactional approach,” said Dr. Woo Paik, President and Chief Technology Office at LG Electronics, whose team is responsible for the Collaborate & Innovate initiative. “It is about building mutually beneficial relationships by collaborating and innovating together towards a common goal.”