South Korea’s LG Group is hosting an online tech fair to identify and groom promising new startups.

The two-day LG CONNECT with Startup event, which ends Thursday, marks the third such annual gathering for the Korean tech giant.

The event was held online this year due to the coronavirus pandemic. Some 50 startups were culled from a list of hundreds of applicants over a seven-month period, and include companies in healthcare, mobility, lifestyle-related artificial intelligence solutions, virtual reality and augmented reality, and robotics.

In the virtual reality booth, which is accessible via both PC and mobile, a wide array of applications are being showcased including education solutions and AI-based medical diagnosis technologies. A robotic suit that helps with rehabilitation treatment is also on display.

Participants can communicate with the startups in real-time and view the technologies at either the LG CONNECT with Startup website or mobile app.

At the end of the event, LG will name the three most promising startups and award them a total grant of 60 million won ($52,383). They would be judged by experts including venture capitalists and global accelerators as well as participants via online voting. Crowdfunding platform Wadiz was also brought on to help the startups tap large crowds for financing their ventures.

LG would be working directly with some startups to conduct joint research and development, offer business assistance and office space, as well as support global marketing efforts.

Since 2018, the group has been running an internal startup and venture assistance program within each unit.

LG Chem recently joined hands with Hyundai Motor and Kia Motors to nurture startups in electric vehicle and battery sectors. LG Display also runs a program for startups providing mentoring and collaboration opportunities.

By Park Jae-young and Kim Hyo-jin

[ⓒ Pulse by Maeil Business Newspaper & mk.co.kr, All rights reserved]