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LG Chem announced that it would hold a Global Innovation Contest (GIC) for leading universities and research institutions around the world.
This is the first time that a Korean chemical company is conducting technology contests for the entire world.
From June 18th to September 30th, 2018, LG Chem will accept innovative technology ideas in five promising business areas: Energy, Environment, Functional materials, Bio technology and Platform technology.
Global scholars and researchers who are interested in developing the next generation’s innovative technology and industry-academia collaboration research are welcomed to participate and submit the technical proposal through the official website (www.rnd.lgchem.com/global/gic).
LG Chem will select internal experts and selection committees to evaluate the proposals considering technology innovation, marketability, and price competitiveness. Selected assignments will be notified individually to applicants in December.
LG Chem plans to provide research and development expenses of up to $150,000 to universities and research institutes that are selected as final projects, and to provide opportunities for manpower and technology exchange through dispatching researchers for at least one year.
In addition, LG Chem will hold regular technical seminars and conferences for the winners of the Global Innovation Contest to establish and maintain a network to attract the talented in R&D.
President Jin-Nyoung Yoo, CTO said that "the Global Innovation Contest has great significance for us to develop innovation technology at the research and development stage into mass production technology through collaboration between companies and academia."
"We will continue to pursue open innovation, and we will link it with the start-up of technology-based public offerings," he added.
Meanwhile, LG Chem plans to implement the largest R&D expenditure of 1.1 trillion KRW this year and to increase its investment by more than 10% each year. R&D manpower is also expected to increase from 5,500 in 2018 to 6,300 by 2020.