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LG NOVA has entered a strategic partnership with West Virginia to promote tech startups, aiming to boost the state’s economic growth. LG Electronics, the parent company of LG NOVA, and the state aim to foster new business ventures in renewable energy, healthcare, and emerging industries.
This initiative, led by LG NOVA, is expected to bring 275 jobs to West Virginia. While this number may not seem high, it’s significant given the state’s current economic reliance on coal and other traditional industries. The goal is not just job creation; this effort aims to spark technological innovation and economic development, establishing an innovation corridor in the Appalachian region.
Aligned with this, the NOVA West Virginia Investment Fund plans to inject $700 million into projects within the state over the next five years. This substantial investment will nurture and support local growth.
LG NOVA, which started in 2021, collaborates with startups and partners to develop innovative ventures that benefit both humanity and the planet. Through initiatives like the Mission for the Future and Commercial Acceleration Program, LG NOVA engages with the innovation community to drive global change.
West Virginia Governor Jim Justice has praised this partnership, highlighting its potential to create numerous jobs, advance technology, and bolster the Appalachian innovation corridor.
William Cho, LG Electronics Global CEO, emphasized LG’s commitment to contributing to West Virginia’s economic development by building transformative new businesses, particularly in digital healthcare and cleantech.
Mitch Carmichael, Secretary of West Virginia Department of Economic Development, also expressed enthusiasm, celebrating the positive economic impacts and job creation brought by LG NOVA.
Sokwoo Rhee, Executive Vice President of Innovation at LG Electronics and head of LG NOVA, pointed out that collaboration with West Virginia aims to foster economic investment across Appalachian communities. This initiative is set to create high-paying positions for software and hardware engineers, helping establish a tech industry hub in the region.
Part of the $700 million investment will support startups, with additional funds expected from external investors. LG may also partner with other businesses to attract further investment.
LG NOVA, which has been operational for three years, initially partnered with eight startups from over 1,300 applications, and added six more from 2,100 applications the following year. The West Virginia program, which took about a year to initiate, represents a new, mutually beneficial collaboration model with wider scope and potential.
“We are planning to expand it into the Appalachian region, including West Virginia, Ohio, and parts of Maryland and Virginia,” Rhee said. This model could transform the region into a budding tech hub comparable to Silicon Valley.