[Column] CES at COEX? The Rising Status of Korean Startups

On the 10th (local time), visitors crowded the Korea Pavilion within the 'Eureka Park,' the startup-focused exhibition area at the world's largest consumer electronics and IT exhibition, 'CES 2024.' Photo by Jeong Donghoon

"The fact that many Korean companies participate in CES means that the status of our companies has risen. Is there any need to belittle ourselves by calling CES a 'Korean exhibition'?"

This was the remark of a startup CEO who attended CES 2024, the world's largest home appliance and IT exhibition, which concluded on the 12th (local time). Not only the major companies exhibiting at the Las Vegas Convention Center but also the startup-exclusive exhibition hall, 'Eureka Park,' was practically a solo stage for Korean startups. Among more than 1,200 participating companies, over 500 booths were Korean companies. Some even said, "If that's the case, wouldn't it be better to hold it at COEX in Seoul?"

This assessment is not unreasonable. Most domestic startup stakeholders visited CES. With over 500 Korean companies having booths in Eureka Park alone, and considering those with booths in the convention center and elsewhere, it is estimated that thousands of domestic startup representatives visited Las Vegas.

The Korean startups gathered in Las Vegas are not just numerous in number. Of the 310 total 'Innovation Awards' given by the Consumer Technology Association (CTA), which organizes CES, about 60 were awarded to Korean startups, and they secured on-site contracts worth $120 million (approximately 160.8 billion KRW). These companies not only promote their products at CES but also experience technological competition in the global market. This means that Korean companies with strong competitiveness are confidently facing the world stage, not just visiting as spectators.

This also indicates that our startup ecosystem has become richer. Although innovations that "surprise the world" do not appear every year, cutting-edge technologies competing globally gather at CES. Senior executives and investors from major companies worldwide observe this exhibition. It is an excellent opportunity for our companies.

Support from large corporations, local governments, and institutions was also present. Cooperation from Samsung Electronics, Hyundai Motor Company, the Ministry of Trade, Industry and Energy, KOTRA, and others cannot be overlooked. Various efforts to properly nurture and support startups have made Las Vegas a Korean stage. We caught a glimpse of the possibility that the future growth engines of our industry will expand worldwide.