LG Chem (KRX: 051910) announced on 25th that it will host the 2nd Global Innovation Contest (GIC) for leading universities and research institutions worldwide.
Being the first of its kind in Korean chemical industry, Global Innovation Contest invites organizations around the world to discover innovative ideas and technologies.
The contest is open for entry until 30th September in 4 categories: Petrochemicals, Batteries, Advanced Materials, and Bio technologies.
Scholars and researchers who are interested in developing the next generation’s innovative technology and industry-academia collaboration research are welcome to participate and submit their research proposals through the official GIC website (http://www.rnd.lgchem.com/global/gic).
LG Chem will form a judging panel of internal experts to evaluate the research proposals based on the company’s business strategies of each division.
The panel will also consider the technological innovativeness, marketability, and price competitiveness to draw up a shortlist. The nominees will be notified individually in December.
Nominated universities and institutes will be granted up to $150,000 of research and development expenses per year during their projects, as well as opportunities for researcher dispatch and technology exchange to support them.
In 2018, LG Chem held the 1st Global Innovation Contest in which total of 17 projects, including next-generation batteries and new energy technologies, were selected. The company has been supporting them with project expenses and technology exchange.
Furthermore, in April 2019, LG Chem held The Battery Challenge, the first global start-up contest in the battery industry and selected five start-ups to collaborate on developing new battery technology.
“The Global Innovation Contest has great significance as it provides open innovation that develops innovative R&D level technology into commercial technology through corporate-academia collaboration”, said Kisu Ro, the CTO of LG Chem.
Ro added, “We will continue to collaborate with third parties and invest in start-ups that have innovative solutions to acquire promising future technologies in advance.”
In 2019, LG Chem plans to invest the largest-ever amount of KRW 1.3 trillion (around $1.1 billion) in R&D and increase R&D manpower from 5,500 to 6,200 by the end of the year.
For more information on GIC 2019, please visit http://www.rnd.lgchem.com/global/gic