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Unlocking Potential With ‘STUDIO341’: LG’s Commitment to Nurturing Innovation


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LG remains steadfast in its commitment to actively nurture ideas with the potential to fuel the company’s future growth. By fostering a corporate culture that not only encourages challenges but also embraces failures as stepping stones to success, LG aims to embody the principles that have been at the heart of CEO William Cho’s leadership philosophy since his tenure began. CEO Cho consistently champions the ‘Brave Optimist’ mindset, inspiring everyone to boldly undertake challenges and relentlessly innovate, anchored in the belief that the customer is always the key to unlocking solutions.

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A prime embodiment of this ethos is ‘STUDIO341,’ an initiative launched by LG last year. This program is designed to identify and cultivate in-house ventures that encapsulate the spirit of challenge and innovation, a mindset that has been instrumental in propelling LG from its humble beginnings as Goldstar in 1958 to its current status as a global leader in home appliances. The ‘341’ in ‘STUDIO341’ serves as a poignant reminder for LG’s ‘Brave Optimists’ to stay true to the company’s roots, symbolizing the original street address of Goldstar in Busan, Korea’s second-largest city.

The initiative welcomed anyone with a creative idea that can solve a problem worth solving and provide a new experience to customers. The response was impressive, with over 100 internal submissions received.

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In the previous year, LG shortlisted the top thirteen ideas – one more than the originally intended twelve – which were further narrowed down to six during an internal IR event. This process involved evaluating the ideas based on their potential to provide unique customer experiences. The selection criteria encompassed business value, feasibility, potential impact and team capabilities.

The chosen teams were relocated to an external office to be able to fully immerse themselves in developing their in-house venture ideas. By March 2024, the top six teams had the opportunity to present their business proposals at the ‘STUDIO341 Demo Day’ in Seoul, in front of LG executives and potential investors.

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After thorough deliberation, the top five teams selected for spinoff were unveiled: ‘MASKIT,’ a mobile ticketing and admission service for performing arts that removes the necessity for queuing; ‘FreshGo,’ an original cold chain transportation solution that leverages individual refrigeration technology; ‘Cucumber,’ a platform focused on local food pickup services; ‘Found Objet,’ a digital transaction platform for recycled plastic materials; and ‘X-UP,’ a solution for diagnosing and maintaining golf courses using robots and heat mapping technology.

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Meanwhile, LG partnered with Bluepoint, a partnership-driven Korean startup accelerator, to leverage their ability to objectively assess the teams’ capabilities and provide more effective support. This approach has helped streamline the whole process to a year, with six months for selection and six months for development. During the process, each team will receive a joint investment from LG and Bluepoint up to a maximum of KRW 400 million.

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In parallel, LG is intensifying its collaboration with global startups, as exemplified by its partnership with Amwell, a U.S. telemedicine company, to provide remote medical treatment solutions across North America. The company also aims to evaluate the viability of services in prevention, diagnosis, post-management and recovery, among others.

LG NOVA, LG’s North America Center for Innovation, launched its “Mission For the Future” by presenting the Eureka Park showcase at CES 2024 in Las Vegas. It also leveraged its influence to introduce startups operating in the digital healthcare field, such as XR Health, Mindset Medical and C.Light Technologies.

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    • By News Reporter
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      In an attempt to help people contribute to the mitigation of plastic pollution, LG’s new washer comes with the Microplastic Care cycle preinstalled.3 When set to this specialized cycle, the washer utilizes a ‘swinging’ motion and the TurboWash 360 feature to minimize fabric friction, providing gentle yet effective cleaning while reducing microplastic ‘shedding’ from garments by up to 60 percent.4

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      LG’s Plastic-reducing Initiatives for a Better Life

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      LG has implemented a resource circulation program that now spans 52 countries, with the LG Recycling Center in South Korea playing a central role. Raw materials such as iron, copper, aluminum and plastic are extracted from old home appliances, then sorted and processed before ultimately being ‘reborn’ as new lifestyle appliances, such as the LG Styler ShoeCase and ShoeCare, LG PuriCare AeroFurniture and LG tiiun mini.

      Catering to the needs of diverse customer segments, these innovative lifestyle appliances from LG feature outer surfaces made from recycled plastics. Through making upcycling a part of its process, the company is both reinforcing sustainability throughout the entire product lifecycle and presenting eco-concerned customers with a compelling range of stylish and practical solutions that speak to their values, as well as their tastes.

      LG’s ongoing commitment to addressing the importance of recycled materials was also on show at IFA 2023 in Berlin, Germany, last September. The company’s exhibition booth hosted a number of activities to raise awareness of the importance of plastic recycling, including the planting of resin-pallet ‘trees’ at the LG Sustainable Village’s Upcycling Workshop Zone.
      In 2022, LG recovered 472,876 tons of electronic waste from 52 countries, and has collected a cumulative total of 3,998,382 tons since 2007. The company used 32,987 tons of recycled plastics in its products in 2022, a 24 percent increase from 2021.
      LG’s worldwide resource circulation program, aligned with the goals of the company’s Better Life Plan 2030, aims to increase the waste-recycling rate at LG production sites to 95 percent by 2030. Additionally, LG has set itself the target of using 600,000 tons of recycled plastics (cumulative) by 2030. Furthermore, LG intends to reach another major milestone – the collection of 8 million tons (cumulative) of discarded appliances by 2030.
      LG remains resolute in the pursuit of its Better Life For All vision. The company’s state-of-the-art appliances offer convenient ways for customers to contribute to environmental protection, while its sustainability-focused recycling programs and production practices show a belief in the possibility of a brighter tomorrow.
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      3 ThinQ UP washing machine users can download the new course from the ThinQ app Upgrade Center. Availability of features may vary depending on product model and region.
      4 Tested by Intertek in July 2023. Microplastic Care cycle with 3kg of load (100 percent polyester training jacket) compared to Mixed Fabric cycle (F4Y7EYPBW). Comparing by measuring the amount of microplastics filtered through a 20㎛ filter. Results may differ depending on the item or items of clothing washed and on the usage environment.
      5 The AI DD motor attached to washing machines detects fabric type by calculating the unique waveforms of the fabric and help reducing the damage. Feature availability may vary depending on the product models.
      6 The application of ezDispense function varies depending on the washer model. The feature can dispense detergent for up to 31 loads when both the detergent and fabric softener compartments are filled with detergent to capacity.
      7

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