LG Innotek staff explore new business ideas

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LG Innotek said Monday it runs an open hearing program where its employees make proposals to explore new businesses.

Employees of the electronic component supplier present their ideas to “i-Lab”, short for “innovation lab”, through video conferences, and receive “likes”, questions and comments from other employees in real time.

The 10 ideas that get the most “likes” will be reviewed by management, including the company’s CTO, for selection as official i-Lab projects.

Those selected will be released from the work they were doing during the project period to recruit their own team members and benefit from specialist advice to work on their i-Lab projects in separate spaces.

All employees who have submitted their ideas through i-Lab are invited to training courses offered by consultants on how to quickly develop concepts and ideas into business models, LG Innotek said.

So far, around 100 teams have come up with some 140 new business ideas such as home training robots and a metaverse-based factory simulation via i-Lab.

The first batch of i-Lab projects chosen last year are currently led by team leaders in their 30s and are expected to be completed in November to be handed over to relevant departments to then be turned into a real business.

Choi Min-yong, a specialist leading an optical solution project, said that before, even though he had brilliant business ideas, there was nothing he could do about it because he was too busy with existing missions.

“Now that we have the support of the company to complete the projects that we wanted to try, it is clearly a good experience and an opportunity for growth,” he said.

LG Innotek plans to expand i-Lab and introduce a fundraising program next year to increase financial support.

“As we develop the creative ideas of employees in companies, we will develop a corporate culture based on the daring to challenge. We will explore new elements beyond hardware to mix metaverse, blockchain and artificial intelligence, ”said Kang Min-seok, CTO of LG Innotek.

By Kim So-hyun (sophie@heraldcorp.com)


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