DUBAI, UAE, 08 September 2022: LG Electronics (LG) announced that its first LIFE’S GOOD AWARD is now under way. Making the announcement through a Press release, LG said the entry period is open from September 6 to October 10. Announced at CES® 2022, the LIFE’S GOOD AWARD seeks to uncover innovative solutions aligned with LG’s goal of creating a Better Life for All, the company said. A total of USD 1 million will be granted to help accelerate the development of the winning submissions, the company added.

LG said that envisioning a sustainable world, where Life’s Good for the planet and all its inhabitants, it continues to pursue eco-minded solutions and ideas for a greener environment and develop user-centric products and services that provide access to convenient, valuable, and novel experiences for everyone.

According to LG, the LIFE’S GOOD AWARD marks a significant step in LG’s sustainability journey, helping to spread the company’s Life’s Good message around the world. In addition to carrying out its own sustainable practices, the company said, it is now inviting like-minded individuals and groups to step forward with their unique ideas to help build a Better Life for All. 

The LIFE’S GOOD AWARD asks entrants to submit their original and marketable solutions relating to Innovation for the Planet, which targets solutions for environmental health, or Innovation for People, which revolves around ideas that can enrich daily life through prioritising safety, usability and accessibility, LG said. True to its philosophy of open collaboration, LG said, it looks forward to working closely with budding innovators. Submissions can be made at the LIFE’S GOOD AWARD website, where applicants can also find full details and conditions for entry, LG said.

“The LIFE’S GOOD AWARD encapsulates our philosophy of innovation, and our belief that the road to a better future can only be paved if we all come together,” said William Cho, CEO, LG Electronics. “We look forward to seeing people’s innovative ideas for a better society and healthier environment, and to provide our support and encouragement in their realization.”

LG said it is bringing together respected academics from a diverse range of environment and social industries to support its own executives on the award’s judging panel, which has been dubbed the Life’s Good Committee. Judging panel members include Alex Edmans, a professor at London Business School, who won the Financial Times Best Business Books of 2020 and the Financial Times award for Excellence in Sustainable Finance Education; Christopher Marquis, a professor at Cambridge Judge Business School and the 2021 Axiom Business Book Awards gold medalist in the Business Ethics Category; and Hyun S Shin, a professor at the Hanyang Business School, and a director of Collective Impact Center at Hanyang University.

“Application of knowledge for the alleviation of real-world problems is what every scholar aims for,” Marquis said. “LG has given us a powerful platform to do that. The LIFE’S GOOD AWARD leverages LG’s resources to gather round budding innovators, entrepreneurs, academics, and business professionals and is a compelling example of how a company can make a genuine impact to better lives.”

LG said it has joined hands with B Lab Korea, a non-profit organisation with expertise in measuring and certifying the social impact of businesses to ensure that all entries submitted for the LIFE’S GOOD AWARD are evaluated using relevant impact metrics.

According to LG, the entries will be thoroughly evaluated in the first screening, and those with the highest marks will go through a second screening, carried out by a judging panel composed of selected LG executives and renowned scholars presiding in leading academic institutions. The three finalists will be announced at CES® 2023, and will present to the judging panel in a final pitch session in January, LG said. The first-place winner (Grand Prix) will be awarded USD 700,000 in prize money, and the second (Silver) and third place (Bronze) will receive USD 200,000 and USD 100,000, respectively, LG said.

Innovators worldwide, LG said, can refer to the LIFE’S GOOD AWARD website for more details.