LG NOVA, the U.S. arm of South Korean company LG Electronics, marked a significant milestone in West Virginia’s digital transformation with the opening of its Silicon Valley-based innovation center in Morgantown. Sookwoo Rhee, Executive Vice President of Innovation at LG Electronics and Head of LG NOVA, described the center as a new business creation entity focused on software, healthcare, clean tech, and Artificial Intelligence. The move aims to position LG as a major player in these industries and stimulate economic growth in the region.
Rhee emphasized that the goal of LG NOVA is not just to create jobs but to catalyze the local economy by fostering the creation of new companies and businesses. By collaborating with startups in their fields of interest, LG NOVA aims to provide assistance and resources for these startups to scale up, ultimately leading to a positive impact on the economy and the creation of high-paying jobs.
West Virginia’s Department of Economic Development, led by cabinet secretary Mitch Carmichael, sees LG’s presence as an opportunity to diversify the state’s industries and provide new opportunities for its population. Traditionally reliant on extractive industries, West Virginia aims to transform its economy into a future-focused one, reducing the boom-and-bust cycle that has plagued the state in the past.
The decision to establish the innovation center in West Virginia was influenced by two key factors. Firstly, the level of excitement, energy, and willingness to drive change demonstrated by the people of the state, particularly the students and residents of Morgantown. Secondly, the unified vision shared by leaders across various sectors to transform the state’s economy. West Virginia successfully competed against other locations to secure LG’s investment.
Eric Carlson, Vice President of the Morgantown Area Partnership, hailed LG’s move as a significant investment. He highlighted the potential for individuals to start internationally-funded companies and work remotely, all while enjoying the natural beauty of West Virginia. Carlson drew parallels to the success of Silicon Valley, suggesting that LG’s presence could be the catalyst for similar growth in the region.