ELE comes from the word electronic, which means open-source electronic. GOO comes from the word googol, meaning the 100th power of 10. The written form is 1 followed by 100 zeros, referring to the huge amount of structural models brought by 3D printers.
Elegoo implies the combination of open-source electronics and structures that creates everything.
About brand vision/mission: Create the future, interpreted as "With the help of programming and 3D printing technology, we can create almost anything—Elegoo provides geeks with the key to a new world."