‘Learning from Failure for Innovation in 4th Industrial Revolution’
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‘Learning from Failure for Innovation in 4th Industrial Revolution’
LS Group Chmn. Koo appeals “Do, redo and do again after failing” at LS T-Fair 2017

27(Fri), Oct, 2017

LS Group Chairman Christopher Koo gives a speech at the LS T-Fair 2017 at the LS Tower in Anyang, Gyeonggi-do, on Sept. 25.

LS Group CEOs, including Group Chairman Christopher Koo and LSIS Chairman Koo Ja-kyun, participate in the LS T-Fair 2017. (Photos: LS Group)

LS Group Chairman Christopher Koo called for the company to “learn from errors for the sake of innovation.” 

“Do, redo and do again after failing,” said LS Chairman Koo. He made the remarks at the LS T-Fair 2017 at LS Tower in Anyang, Gyeonggi-do, on Sept. 25. He stressed the importance of boosting the manufacturing R&D sector in the advent of the 4th Industrial Revolution. The core of message is learning from errors, and the time between errors needs to be narrowed, Koo said. 

The LS T-Fair 2017 was the 13th rendition since its establishment in 2004. The session was designed to share R&D outcomes among the group’s subsidiaries. About 400 people participated in the session. Among the participants were LS Group’s CEOs, CTOS and researchers, including Group Chairman Koo, LSIS Chairman Koo Ja-kyun, LS Mtron Vice Chairman Koo Ja-eun, E1 Vice Chairman Koo Ja-yong, Yesco Chairman Koo Ja-cheol, and LS Vice Chairman Lee Kwang-woo. 

Each company’s CTO presented R&D keywords to cope with the advent of the 4th Industrial Revolution. LS Cable & System’s underground cable for off-shore wind power and Yesco’s project to commercialize bio gas production plants have been selected as R&D Outcomes of the Year in a vote by participants. 

LS Group Chairman Koo urged researchers to reinvent the R&D regime so that R&D activities can be made in an efficient fashion with a merit-based platform that focuses on speeding up R&D. He also called for “agile innovation” by dramatically departing from the conventional research process, which is loaded with standards and procedures. Agile innovation has brought about tremendous change in the software development field over the past 30 years. Agile innovation is about “doing, failing, learning from the failure, and trying again” to ensure innovation surpasses rivals. Of late, the approach is emerging as an alternative to empower breakthroughs into the manufacturing field, which now is in a crisis. 

Chairman Koo said, “Such innovation is significant not only on the part of CTOs and researchers, but also each company’s CEO’s determination and group-wide collaboration and efforts.”

He urged them to put into practice an “action philosophy” for the digital era: “Think Big, Start Small, and Act Fast” and accelerate efforts to speed up R&D. 

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