Invitation to the Multinational Tech Million Dollar Innovation Challenge Innovative Minds Worldwide will move forward with Ideas for people and the planet

Seoul, South Korea, September 5, 2022 /PRNewswire/ — LG Electronics (LG) announces that its first LIFE IS BEAUTIFUL AWARD is now underway. The registration period is open from September 6 to October 10. Announced at CES® 2022, the LIFE IS BEAUTIFUL AWARD seeks to discover innovative solutions aligned with LG’s goal of creating a A better life for all. A total of $1 million will be awarded to help accelerate the development of winning submissions.

Imagine a sustainable world where Life is Beautiful for the planet and all its inhabitants, LG continues to pursue eco-friendly solutions and ideas for a greener environment and to develop user-centric products and services that provide access to convenient, valuable and new experiences for everyone.

The LIFE IS BEAUTIFUL AWARD marks an important milestone in LG’s sustainability journey, helping to spread the Life is Beautiful message worldwide. In addition to implementing its own sustainable practices, the company now invites like-minded individuals and groups to submit their unique ideas to help build a A better life for all.

The LIFE IS BEAUTIFUL AWARD invites participants to submit their original and marketable solutions relating to Innovate for the Planet, that targets environmental health solutions, or Innovate for people, which focuses on ideas that can enrich everyday life by prioritizing safety, convenience and accessibility. True to its philosophy of open collaboration, LG looks forward to working closely with budding innovators.. Submissions can be made on the LIFE’S GOOD AWARD website, where applicants can also find full entry details and requirements.

“The LIFE IS BEAUTIFUL AWARD sums up our philosophy of innovation and our belief that the road to a better future can only be forged 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 healthier environment, and to lend our support and encouragement in their realization.”

LG brings together respected scholars from a wide range of environmental and social industries to support its own leaders on the jury for the award, which has been dubbed the Good Life Committee. Jury members include Alex Edmans, 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, professor at Cambridge Judge Business School and the 2021 Axiom Business Book Awards Gold Medalist in the Business Ethics category, and Hyun S. Shin, Professor at Hanyang Business School and Director of the Collective Impact Center at Hanyang University.

“The application of knowledge to alleviate real-world problems is what every researcher aims for,” Marquis said. “LG gave us a powerful platform to do that. The LIFE IS BEAUTIFUL AWARD leverages LG’s resources to bring together “aspiring innovators, entrepreneurs, academics and business professionals and is a compelling example of how one company can truly impact better lives.”

LG has partnered with B Lab Korea, a non-profit organization specializing in measuring and certifying corporate social impact, to ensure that all applications submitted for the LIFE IS BEAUTIFUL AWARD are assessed using relevant impact measures.

Applications will be carefully evaluated in the first screening, and those with the highest marks will go through a second screening by a panel of selected LG executives and renowned scholars who are presidents of leading academic institutions. The three finalists will be announced at CES® 2023 and presented to the jury during a final pitch session in January. The first place (Grand Prize) winner will receive $700,000 in prize money, and the second (Silver) and third place (Bronze) winners will receive $200,000 and $100,000, respectively.

Innovators around the world can check the LIFE’S GOOD AWARD website for more details. To keep up to date with the latest news and developments from LG’s inaugural Innovation Challenge, stay tuned to the LG Newsroom.

About LG Electronics, Inc.

LG Electronics is a global technology and consumer electronics innovator with a presence in nearly every country and a global workforce of more than 75,000 people. LG’s four companies – Home Appliance & Air Solution, Home Entertainment, Vehicle component Solutions and Business Solutions – together had global sales of over $63 billion in 2021. LG is a leading manufacturer of consumer products and commercial ranging from televisions, home appliances, air solutions, monitors, service robots, automotive components and its premium brands LG SIGNATURE and smart LG ThinQ are household names around the world. Visit www.LGnewsroom.com for the latest news.

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SOURCE LG Electronics