Multinational Tech Company’s USD 1 Million Innovation Challenge Invites
Innovative Minds Worldwide to Step Forward with Ideas for People and the Planet
LG Electronics (LG) announces that its first LIFE’S GOOD AWARD is now under way. The entry period is open from Sept. 6 through Oct. 10. Announced at CES® 2022, the LIFE’S GOOD AWARD seeks to uncover innovative solutions aligned with LG’s goal of creating a Better Life for All. A total of USD 1 million will be granted to help accelerate the development of the winning submissions.
Envisioning a sustainable world where Life’s Good for the planet and all its inhabitants, LG continues to pursue eco-minded solutions and ideas for a greener environment and develop user-centric products and services that provide access to convenient, valuable, and novel experiences for everyone.
The LIFE’S GOOD AWARD marks a significant step in LG’s sustainability journey, helping to spread the company’s Life’s Good message around the world. In addition to carrying out its own sustainable practices, the company is now inviting like-minded individuals and groups to step forward with their unique ideas to help build a Better Life for All.
The LIFE’S GOOD AWARD asks entrants to submit their original and marketable solutions relating to Innovation for the Planet, which targets solutions for environmental health, or Innovation for People, which centers on ideas that can enrich daily life through prioritizing safety, usability, and accessibility. True to its philosophy of open collaboration, LG looks forward to working closely with budding innovators. Submissions can be made at the LIFE’S GOOD AWARD website, where applicants can also find full details and conditions for entry.
“The LIFE’S GOOD AWARD encapsulates our philosophy of innovation, and our belief that the road to a better future can only be paved if we all come together,” said William Cho, CEO of LG Electronics. “We look forward to seeing people’s innovative ideas for a better society and a healthier environment, and to provide our support and encouragement in their realization.”
LG is bringing together respected academics from a diverse range of environmental and social industries to support its own executives on the award’s judging panel, which has been dubbed the Life’s Good Committee. Judging panel members include Alex Edmans, a professor at London Business School who won the Financial Times Best Business Books of 2020 and the Financial Times award for Excellence in Sustainable Finance Education, Christopher Marquis, a professor at Cambridge Judge Business School and the 2021 Axiom Business Book Awards gold medalist in the Business Ethics Category, and Hyun S. Shin, a professor at the Hanyang Business School, and a director of Collective Impact Center at Hanyang University.
“Application of knowledge for the alleviation of real-world problems is what every scholar aims for,” said Marquis. “LG has given us a powerful platform to do that. The LIFE’S GOOD AWARD leverages LG’s resources to gather round budding innovators, entrepreneurs, academics, and business professionals and is a compelling example of how a company can make a genuine impact to better lives.”
LG has joined hands with B Lab Korea, a non-profit with expertise in measuring and certifying the social impact of businesses to ensure that all entries submitted for the LIFE’S GOOD AWARD are evaluated using relevant impact metrics.
The entries will be thoroughly evaluated in the first screening, and those with the highest marks will go through a second screening carried out by a judging panel composed of selected LG executives and renowned scholars presiding in leading academic institutions. The three finalists will be announced at CES® 2023, and will present to the judging panel in a final pitch session in January. The first-place winner (Grand Prix) will be awarded USD 700,000 in prize money, and the second (Silver) and third place (Bronze) will receive USD 200,000 and USD 100,000, respectively.
Innovators worldwide can refer to the LIFE’S GOOD AWARD website for more details. To keep up with the latest news and developments from LG’s inaugural innovation challenge, stay tuned to LG Newsroom. LG LIFE’S GOOD AWARD (lifeisgoodaward.com)