LG Chem, which is a leading manufacturer of advanced lithium-ion batteries, is running its first open innovation contest ‘The Battery Challenge’ to support start-ups which are involved in developing new battery technologies.
The company is accepting applications till November 2nd for the contest. Companies can apply in any one of four categories: ‘battery material’, ‘battery management and control’, ‘design, manufacturing and processing’ and ‘recycle and regeneration’. All details about the application process for the contest are available on the company’s website. (https://batterychallenge.co/).
All the participants in the contest are required to submit their technology descriptions and business plans. These will be carefully scrutinized in order to shortlist the top eight entries. Those who participate in the contest are encouraged to focus on technology and innovation in the battery sector. The companies that are shortlisted will be invited to ‘Demo Day’ in Silicon Valley around February 2019 in order to present their business plans.
Each contestant’s business plan and presentation will be carefully considered to assess each start-up’s feasibility and marketability in the sector and the finalists will be selected. LG Chem will make it possible for the winners to get over USD 1.9 million in funding through a formal partnership agreement. They can also continue to develop related technologies through joint research projects.
Strengthening technological competitiveness through open innovation.
LG Chem is holding the contest with the purpose of discovering innovative technologies and to promote a culture of active open innovation which can enhance competitiveness.
In June 2018, LG Chem had hosted the ‘Global Innovation Contest (GIC)’ as part of its drive to promote technical cooperation between LG Chem and academic institutions. Many leading universities and research institutes from different parts of the world participated in the event, especially those working on innovative technologies in five promising areas: energy, environment, functional materials, biotechnology and platform technology.
