Global Startup Festival 'ComeUp 2022' Opens

The view of the 'ComeUp 2022' event venue held for 11 days from the 9th at Dongdaemun Design Plaza (DDP), Jung-gu, Seoul.

[Asia Economy Reporter Donghyun Choi] COMEUP 2022, the largest startup event in Korea, will be held for three days from the 9th to the 11th at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul. Launched in 2019, COMEUP has established itself as a representative event where domestic startups interact with global startups and attract overseas investment. Especially from this year, the event has been reorganized to be led by the private sector with the government participating as a facilitator, marking a new leap forward.

At the opening ceremony of 'COMEUP 2022' held on the same day, Lee Young, Minister of SMEs and Startups, and Park Jae-wook, Chairman of the Korea Startup Forum, discussed the present and future of startups, including the top three themes representing this year's startup ecosystem: unicorn listings, investment winter, and regulatory innovation.

Minister Lee cited 'regulatory reform' and 'globalization' as the key keywords for the startup sector. He stated, "The transition to a digital economy is accelerating, but many of the laws and systems we have are from the industrialization era," adding, "Even if conflicts arise in these areas, we believe they must be boldly resolved." He continued, "Over the past 20 years, the venture ecosystem has matured, resulting in 23 unicorn companies, but we still seem thirsty for global expansion," and added, "I think we need to broaden the playing field where we compete."

Chairman Park emphasized the necessity of introducing negative regulation. He said, "The service called Tada, which I operated, had to be terminated due to regulations," and stressed, "I believe the ecosystem needs to broadly interpret the parts blocked by law to open various opportunities and enable innovation accordingly."

The slogan of COMEUP this year, the first year of private sector leadership, is 'We Move The World.' About 250 participants from 19 countries including the United States, Germany, Italy, Vietnam, and the United Kingdom will participate in various programs such as conferences, COMEUP Stars, open innovation, and side events, all centered around startups. Last year’s offline COMEUP event saw a total of 28,661 participants, including 5,931 startup representatives and employees, 1,620 investors, and 21,110 visitors.

This year’s conference will be held over three days with about 80 domestic and international speakers. It is organized into the ‘Ecosystem Key Issues Track’ and the ‘Growth & Innovation Strategy Track,’ covering topics such as ‘What startups should really focus on at this time’ and ‘Where global venture capital will flow in the future.’

Conference speakers include Klaus Wehege, CEO of 10x Innovation Lab, a Wall Street bestselling author with mentoring experience for about 2,000 companies, and Shuo Wang, Chief Risk Officer (CRO) of Deel, which brought innovation to HR through its HR management intermediary platform. In addition, Kim Young-deok, CEO of the Bank Foundation for Young Entrepreneurs (D.CAMP), and Lia Kim, a famous choreographer who has illuminated K-culture and is currently active as a startup CEO of One Million Dance Studio, will participate to share sincere and realistic stories.

Various business matching opportunities between startups and investors will also be provided. Open innovation and corporate venture capital (CVC) consultation booths will be operated with participation from global conglomerates such as Microsoft, Samsung Electronics, Hyundai Motor Company, and Lotte Ventures.

Moreover, booths of domestic and international unicorn companies such as Zigbang, Musinsa, The Pinkfong Company, and Deel will be operated for three days, focusing on expanding networking through IR (Investor Relations) and pitching with various companies and investors.

Additionally, the event is diversified with global collaboration sessions involving the American Chamber of Commerce in Korea, the UK Department for International Trade, and the Italian Trade Agency, as well as side events featuring prospective entrepreneurs, style tech companies, and next unicorns.

Anyone can visit the COMEUP 2022 venue through on-site registration, and all events can also be viewed via the COMEUP website and COMEUP YouTube channel.

Minister Lee stated, "Although the global economy is facing difficult conditions, I hope this COMEUP will serve as an opportunity for domestic and international startups to unite, overcome the crisis, and demonstrate the potential to lead the digital economy," and added, "The Ministry of SMEs and Startups will not spare policy support."