Global startup festival COMEUP2023 kicks off in Seoul

COMEUP, one of South Korea's largest startup events, kicked off on November 8 in Seoul. This year's conference has garnered significant attention, primarily due to South Korea's increasing influence in the global startup industry and its advanced positioning in the AI sector.

Marking its fifth year since its inception in 2019, the annual event is aimed at fostering South Korea's startup segment and provide global startups with opportunities to secure investments and establish partnerships with investors. COMEUP 2023 is poised to become a truly international startup event, enabling startups, investors, and established companies from all over the world to expand their networks and explore future business collaborations. Some 60% of the participating startups are from overseas. CEOs, investors, and lawmakers from 35 countries, including Saudi Arabia, UAE, the US, France, Germany, Switzerland, and Japan, are participating in this event.

“Innovation is no longer bound by nationality or borders. It will be achieved by those who can seamlessly bridge the borderless digital world with reality at a rapid pace," said Young Lee, the Minister of SMEs and Startups, in her opening remarks on the first day of the event.

"The ministry will spare no effort to support startups in advancing the startup industry," the minister added.

She also outlined the ministry's plan to streamline its startup programs and organizations while enhancing benefits for both domestic and global startups that contribute to the growth of Korea's startup market. 

In his welcoming speech, Jaeuk Park, the chairman of the Korea Startup Forum, said "The market is witnessing the transformation of entrepreneurs into innovators in a time of extreme uncertainty and challenges." He also emphasized that the conference will serve as a genuinely global startup festival for both startups and investors.

Following the recent visit of a Korean political and business delegation to Saudi Arabia and the UAE earlier this year, delegates from these nations will set up their own pavilions during the three-day event. Moreover, more than 160 global venture capital firms, including those affiliated with conglomerates, will be actively seeking investment opportunities throughout the conference.

The Korea Startup Forum, the organizer of the event in collaboration with The Ministry of SMEs and Startups, will host the 'Global Community Zone,' during the startup event. This zone will serve as a platform for both domestic and international startups to showcase their technology and engage with potential investors. The governments of Saudi Arabia and the UAE will respectively manage their pavilions in this area, while companies from 18 countries, including France and Germany, will also exhibit their services and products in the exhibition zone.

The event organizers have emphasized that this year's event will feature sessions and programs tailored to the specific needs of startups. For instance, Jiwon Park, also known as Zior Park, a musician-turned entrepreneur who runs the lifestyle platform SyndromeZ, will deliver a speech on how he initiated and expanded his business, offering valuable insights to fledgling startups. CEOs of high-profile unicorns that have successfully gone public, including Jaeuk Park, CEO of SOCAR, and Seungwook Paek, chairman of Lunit, will share their experiences on running publicly traded companies with startups.

Additionally, a total of 80 startups will compete in the 'COMEUP Stars,' a pitching competition where winners stand a chance to attract investments and find business partners in Korea and beyond. These startups have already undergone rigorous document screening, interviews, and pitching sessions since May of this year. The standout feature of this year's competition was the matchup between global accelerators and startups. Renowned accelerators, such as Digital Healthcare Partners, Mashup Angels, and Bluepoint Partners, provided mentorship programs during the qualifiers to offer genuine support from seasoned mentors and investors.

The final winners will be selected during the three-day event. The pitching competition will consist of three groups of startups categorized by business size: the Rookie league (companies that have received 1 billion won ($763,382) or less in funding), the Rocket league (companies that have received 5-50 billion won ($3.8 million -$38 million) in funding), and the Academy League (would-be entrepreneurs and startups six months old or less).

Established companies, such as Nvidia, Dassault Systemes, Hyundai Motor Group, and Naver Cloud, will also take the stage to discuss their collaborations with startups and explore opportunities for open innovation through partnerships during the event.