UNICORNS

South Korea has gained notoriety for having one of the lowest birthrates globally, with the figure among women aged 15 to 49 standing at a mere 0.7 persons in the second quarter of this year. In a bid to prevent further decline, the government has implemented extensive measures, offering subsidies for individuals undergoing fertility treatments and couples with newborns. The government has allocated a substantial budget of 17.59 trillion won ($13.5 billion) for the next year, reflecting a 25.3% increase from the previous year.The rising average age of marriage is notable, driven by a preference among those in their 20s and 30s for independent living rather than adhering to the traditional marriage system. Financial burdens, among other factors associated with marriage, further complicate the situation, as both spouses find themselves juggling the roles of breadwinner and homemaker.Samsin, a South Korean startup specializing in at-home fertility kits, has been actively addressing this issue. The company assists individuals in assessing their chances of pregnancy by quantitatively measuring follicles containing eggs. The name "Samsin," holds cultural significance, referencing a fairy-like old midwife in Korean folklore known for aiding women in conceiving.Beyond fertility kits, Samsin is expanding its services to include concierge services for couples undergoing in-vitro procedures, which demand both physical and mental perseverance. Founded in March of this year by former OB-GYN Jaecheong Shin, the company secured seed investment and filed a fast-track application with the government to sell its products before relevant laws are established.During the COMEUP2024 startup festival held from Nov. 8-10 in Seoul, Samsin garnered attention by advancing to the primary round in a pitching competition, named COMEUP Stars. The global infertility treatment market is estimated to be worth $5.8 billion annually. In South Korea, the annual number of infertility treatments increased from 130,000 in 2019 to 170,000 in 2022. Despite the high cost of one treatment session exceeding 2 million won ($1,539), the success rate remains around 30%.“Samsin’s at-home kits will be able to increase the number of recipients of infertility treatments, currently standing at 5-7%. I hope the company’s services can contribute to addressing the falling birthrate,” Samsin CEO Shin said in a recent interview with The Miilk.Below are excerpts from the interview.

Tires will play a vital role in vehicle safety, even with the advent of autonomous driving. In the trucking industry, in particular, tire safety is expected to be crucial, as trucks will be operational around the clock. Despite this importance, tire safety often receives less attention from the public and even industry players.Leading truck manufacturers worldwide pay a great deal of attention to drivers’ faults, which is the most common cause of car accidents,” said Adam You, CEO of BANF, in his presentation during COMEUP2023 held from Nov 8-10 in Seoul. “BANF expects tire tech to garner greater attention to keep drivers safe in the era of autonomous driving as it’ll no longer be necessary for drivers to actively operate the vehicle,” he added.Tire issues are indeed as significant as other causes of accidents. According to research cited by the firm, damaged tires constitute the second most common cause of car accidents, accounting for around 30% of accidents annually. The startup develops solutions that analyze data from tire-mounted sensors to improve safety and efficiency.Founded in 2020, the company secured a total of 6.7 billion won ($5 million) in funding. The company made the list of 40 for a pitching competition where a total of 960 startups across the world participated during the three-day global startup event. The Miilk had the opportunity to interview Ron Lee, Head of Business Development at the tire safety solution firm. He shared insights into their solutions and the importance of tires in the safety of autonomous truckers. Below are excerpts from the interview.

Concluding the COMEUP2023 global startup festival held from Nov. 8-10, the Korea Startup Forum, the event’s organizer, announced the final winners of the startup pitching competition COMEUP Stars on Friday. Intekmedi, a developer of in-vitro diagnostic solutions, received the Best of Stars award, the top prize of the pitching contest. The Korean startup specializes in producing in-vitro diagnostic kits tailored for individual users.Throughout the three-day COMEUP2023 conference, 40 startups presented their pitches on stage, with two startups being matched up to compete. After the fierce pitching battles, 10 finalists were selected--Lansik, Market of Material, Star Pickers, Stemden, Agmo, allmytour, Intekmedi, Floyd, Hopae, and Homecheck. These startups were granted discounted access to office space at the shared office run by Dream Plus as a benefit while the top winner, Intekmedi, additionally received the latest version of Apple's iPad.Special awards were also granted to some other participants, including HMA Square, a firm specializing in non-invasive continuous glucose monitoring systems.“The conference has evolved into a growth platform for startups, offering opportunities to network with global investors and partners and facilitating the making of deals,” said Sungjin Choi, the CEO of Korea Startup Forum, at the award ceremony.

Reaching the point of successfully conducting an initial public offering (IPO) is an exceptionally challenging feat, especially in South Korea. Scaling up to the size required for an IPO is no small task, and once a company goes public, it becomes subject to various regulatory requirements in accordance with local financial laws.To provide a glimpse of the public company experience to startups, accomplished unicorns that have recently gone public shared their insights with fellow entrepreneurs at COMEUP2023, a global startup festival held from November 8 to 10 at DDP in Seoul. Anthony Paek, chairman of the AI medical solutions firm Lunit, and Jake Park, CEO of the car-sharing services firm SOCAR, took the stage to share their thoughts on the IPO process and the management of a company post-fundraising.COMEUP2023 kicked off on Nov. 8 at DDP, an exhibition complex in Seoul, welcoming startups, investors, and lawmakers from 35 countries, including Saudi Arabia, UAE, France, Germany, and Japan. It is anticipated that this year’s event will draw more than 50,000 visitors.Below is an excerpt from the discussion session with the two entrepreneurs, moderated by Hyunkyung Jung, CEO of the K-pop music copyright trading platform Musiccow.

South Korea's Ministry of SMEs and Startups has unveiled 'Startup Korea,' a comprehensive plan aimed at propelling the nation into the league of global innovation leaders. At the heart of this vision is the creation of a 2 trillion won ($1.5 billion) Startup Korea Fund, as announced on August 30. This plan will serve as a blueprint outlining the nation's mid- and long-term startup policies. It also includes incentives and support measures to help global entrepreneurs start businesses in the nation with ease while relaxing visa regulations for global talent. The announcement took place during the 'Startup Korea Strategy Meeting,' presided over by President Yoon Seok-yeol at Cheong Wa Dae, the former presidential official office, in Seoul.