LG U+ announced a new U+ IoT Partners program that works with domestic IoT device and solution companies and boosts their growth. The plan here is to create a domestic IoT industry ecosystem and promote the growth of the business-to-business wireless market.
LG U+ announced the new program on the 27th of October and laid out its five strategies for the same: communication module support, technology support, commercialization support, idea discovery support, and information exchange support. The idea is to help small domestic businesses, and as part of its strategy, LG U+ is looking forward to donating 1 million low-power broadband (LPWA) communication modules to small and medium-sized businesses. LG U+ is mainly aiming to help those domestic businesses that are struggling with the supply and demand problems that arose out of the semiconductor crisis. The company will also cut down the unit price by more than 30% in this case.
The technology and equipment necessary for the initial service development of 5G high-positioning service (RTK) including development communication module and terminal (router) and antenna will be provided by the company free of cost in the form of a package. The associated academy with this program which is called the U+ Partners Academy will start operating from the month of November. Moreover, the program will also help develop a DX platform dedicated to IoT network authentication. Jeong Sook-Kyung, head of LG U+’s wireless business, said, “So far, we have only conducted face-to-face testing and certification for development terminals.” He further explained, “It is a program for companies that have ideas but have difficulty attracting investment or have completed development but have not been able to open up marketing channels.”
LG U+ will hold a business idea contest and the selected four companies will get support from LG U+ in the form of development costs of 250 million won.