LG Electronics said Monday it has decided to spin off two venture firms that have carried out separate projects under the leadership of its chief technology officer.
Starting with the two firms -- Acanvas and Infit&Company -- the Korean tech giant said it will continue to encourage the start-up spirit among employees and nurture their creative ideas into businesses.
Acanvas’ digital frame (LG Electronics)
Acanvas has developed a rechargeable electronics frame that displays digitalized works of art and photos. The company started collecting funding from last week through Kickstarter, the world’s largest crowd-funding platform, with aims to enter the U.S. and European markets.
Infit&Company has commercialized molecular imaging systems that allow earlier and easier detection of rheumatoid arthritis.
LG said employees at the two firms can come back to the company if they so choose within three years, encouraging others not to hesitate to take on a new challenge, without fear of failure.
The company said it also operates a separate program that supports the creative ideas of employees and their commercialization. Selected ideas are offered funding worth 10 million won ($8,500) over five months.
“We will continue to encourage employees to create innovative corporate culture,” said president and CTO Ahn Seung-kwon in a statement.
By Lee Ji-yoon (
jylee@heraldcorp.com)
