LG Electronics has been chosen as one of the most active corporations working with startups and was honored for its collaboration practices in East Asia at the seventh Corporate Startup Starts Awards.

According to LG Electronics on Sunday, it has been named a East Asia Corporate Startup Star for its cooperation with startups in East Asia. The award is divided into seven regional awards -- Europe, North America, South America, Africa, Middle East, East Asia, China.

The CSS Awards, jointly organized by the International Chamber of Commerce and Mind the Bridge, recognizes and identifies 100 companies around the world, which actively cooperate with startups and manifest best practices in the collaborations. The organization picks 50 companies as Corporate Startup Stars and 50 companies as Open Innovation Challengers.

In winning the award, LG Electronics attributed to its efforts to increase collaboration with startups. The company launched “LG Future Home,” an open innovation platform and LG NOVA, a collaboration center in North America in the second half of last year to explore many startups in and outside of South Korea for collaboration and investment, the company said.

LG Future Home has been established for LG to find possible business items for the global home appliances market. Investment specialists look into opportunities for possible cooperation with startup companies not only in South Korea, but in other countries, including Japan, China, Israel, the United States and Germany, the company said.

LG NOVA also held 2022 Fall Innovation Festival in September in San Francisco and invited startup founders, investors and influencers to discuss potential business opportunities.

The CSS Awards ceremony was held in London on Dec. 6.

By Jo He-rim (herim@heraldcorp.com)