FOR IMMEDIATE RELEASE
Nov. 26, 2024
Ministry of SMEs and Startups Holds COMEUP 2024 Media Briefing
SEJONG – The Ministry of SMEs and Startups (MSS) held a media briefing on November 25 at the Global Startup Center in Gangnam-gu, Seoul, to announce the start of COMEUP 2024.
Launched in 2019, COMEUP marks its 6th year. COMEUP 2024 will showcase an outstanding startup ecosystem to the world and serve as a platform for exchange among global startup stakeholders, including domestic and international startups and investors. The event will be held over two days, from December 11 to 12, at COEX in Seoul, with innovative startups and investors from over 40 countries expected to participate.
This year’s slogan, "Innovation Beyond Borders," signifies that startups lead global innovation beyond national and technological boundaries. The event will feature various programs, such as conferences, pitching events, and exhibitions, centered around the sub-themes of deep tech, inbound, and Sustainable Innovation by Startups (SIS). A notable change this year is the move from Seoul's Dongdaemun Design Plaza (DDP) to COEX, offering more than twice the space and enhancing its function as a global startup festival.
Minister Oh Youngju of SMEs and Startups stated, “Through COMEUP, we will showcase the innovations created by startups around the world and the future shaped by these innovations.” She added, “We will strive to establish COMEUP as a leading startup festival representing not only Korea but all of Asia.”
Firstly, the participation of international startups has been expanded. By linking the government's overseas visits, international strategy initiatives, and Official Development Assistance (ODA) outcomes with COMEUP, around 150 startups and investors from over 40 countries, including the UAE, Japan, Uganda, and Colombia, are expected to participate in various programs such as exhibitions, pitching, and conferences. Notably, this year, the UAE, Japan, and India will operate national pavilions. Uganda and Colombia, which are running Korea’s Youth Startup Academy program through ODA, will also have separate exhibition booths. Additionally, the African Development Bank will participate in COMEUP to showcase promising startups from Africa.
The second initiative is to strengthen the inbound programs for overseas startups attending the event. A policy promotion booth will be set up to introduce South Korea’s key startup and venture policies and programs. Furthermore, consultations regarding visa issuance and settlement in Korea will be provided for the overseas startups attending the event. Through the K-Startup Grand Challenge demo day, an overseas startup competition, a total prize of USD 400,000 will be awarded to outstanding foreign entrepreneurs.
The third initiative involves organizing specialized sessions to enhance the understanding of carbon neutrality among venture businesses and startups, and to share collaboration cases between deep tech companies and large enterprises in the carbon neutrality sector. The SIS conference will focus on discussing the activation of voluntary carbon markets and the nurturing directions for climate tech ventures and startups. In addition, an exhibition hall will be set up where deep tech startups collaborating with large companies can participate, showcasing growth cases through open innovation in the climate tech field. Reverse pitching and meetups will also be conducted to promote open innovation between large and medium-sized enterprises and startups.
The fourth initiative focuses on expanding exchanges with global investors. A platform will be created for meetings between domestic and foreign venture capitalists and promising domestic ventures and startups, providing opportunities for global investment collaboration. As part of the COMEUP-linked events, the K-Global Venture Capital Summit 2024 will take place from December 10 (Tuesday) to December 12 (Thursday) at SKY31 Convention. Approximately 130 domestic and international VCs and startups are expected to participate in the event, engaging in activities such as pitching and networking.
The fifth initiative involves organizing various linked events. The “Challenge! K-Startup 2024 Grand Final,” the largest startup competition in South Korea, will be held in collaboration with 10 government ministries, including the MSS. In addition, a ceremony to honor exemplary venture and startup businesses that have created innovations with a pioneering spirit will be held in conjunction with COMEUP at COEX. This ceremony has been recognizing contributions to the promotion of ventures and startups since 1997, helping to promote successful cases.
In addition, a total of 24 conference sessions will be conducted under the keywords “global” and “deep tech.” The keynote speeches will feature Park Sung-hyun, CEO of rebellion, an AI semiconductor company that recently secured investment from Wa’ed Ventures, the corporate venture capital (CVC) arm of Saudi Aramco, along with representatives from Wa’ed Ventures. In addition, Kim Soo-jong, CEO of Innospace, a space launch vehicle company, will also participate as a speaker.
A total of over 150 exhibition booths will host approximately 260 innovative startups showcasing their products and technologies. This year, to enhance the understanding of innovative companies and technologies in the deep tech sector among general attendees, dedicated exhibition zones for various deep tech technologies will also be operated. Thus, COMEUP 2024 will serve as South Korea's largest global startup festival, offering a diverse array of programs to strengthen its role as a platform connecting stakeholders in the domestic and international venture and startup ecosystems.
COMEUP 2024 is open for pre-registration by anyone through the official website (https://comeup.org) and participation is also available via on-site registration.