LG incubator to offer US$1.6mn for applications development

Tuesday, June 7, 2011

LG Electronics (NYSE: LG) and Chilean industrialists' association Sofofa have announced the creation of an incubator focused on local entrepreneurs and software developers.

With US$1.6mn contributed by LG, the main goal will be developing applications for the company's Smart platform.

Selected projects will receive technical, commercial and financial support from LG during initial stages, from US$10,000 to develop the business plan and determine technical feasibility to US$80,000 for launching and commissioning projects.

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Once business potential for income generation within the Smart platform has been proven, LG and Sofofa will facilitate access to funds from state development organization Corfo or other investors.

Applications developed under this initiative will be available for all LG Smart devices globally.