Not one to be left out, a new report suggests LG (066570) will also be building a smartwatch to compete with rumored offerings from Apple (AAPL), Samsung (005930) and Google (GOOG). According to The Korea Times, LG is developing a next-generation watch, along with another “innovative smart product” similar to Google Glass. The company believes that smartwatches are the next “must-have” devices and is interested in staying ahead of the technology curve. LG’s watch is rumored to be powered by Android, although it is speculated that it could run Mozilla’s Firefox OS. The latest rumors claim that Apple and Google are developing smartwatches, while Samsung’s mobile boss confirmed the company is also working on a connected watch that will launch later this year.