ComeUp Stars, Emerging as the K-Startup Global Advancement Academy

Kospo 'ComeUp' Becomes a Launchpad for Global Market Entry
Recruiting 140 Companies This Year... Applications Open Until the 5th of Next Month

K-startups are increasing their influence on the global stage. In particular, the performance of startups from 'ComeUp Stars' stands out among those achieving success overseas. ComeUp Stars is a startup selection competition held at the annual global startup festival 'ComeUp'. ComeUp is an event initiated by the Ministry of SMEs and Startups since 2019, and since 2022, it has been organized by the private sector, the Korea Startup Forum.

The global startup festival 'ComeUp 2023' was held at Dongdaemun Design Plaza (DDP) in Jung-gu, Seoul.
[Photo by Korea Startup Forum]

According to the industry on the 22nd, domestic startups are continuing to expand their overseas entry and business based on participation in the ComeUp event. Startups from ComeUp Stars are expanding beyond Asia to markets worldwide, including Europe, the Middle East, and the United States.

Smart tire company BANF has seized the opportunity to expand its business in Europe, where global automobile companies are concentrated, after participating in last year's ComeUp. In April, BANF is conducting a smart tire Proof of Value (PoV) project in collaboration with Volvo Group's 'CampX.' In May, it was selected as the first Korean company for Germany's ‘Scale-up Landing Pad’ program. This program attracts eco-friendly technology companies in mobility, logistics, and energy sectors to Hamburg, Germany, and supports collaboration with local business communities.

Among ComeUp Stars, next-generation artificial intelligence (AI) startups are expanding their activities to the United States. Sleep tech startup A-Sleep is partnering with OpenAI to launch an AI sleep assistant called 'SleepChat' (tentative name) in the second half of this year. A-Sleep, which participated in 'ComeUp 2021,' plans to link its technology that analyzes sleep problems and improvements through sleep data measurement with ChatGPT.

AI data platform AIMMO, which participated in ComeUp 2020, officially launched its U.S. corporation last January after expanding to Vietnam, Canada, the United Kingdom, and Germany. AIMMO has confirmed its data-driven competitiveness in the U.S. market, the center of AI innovation, and is making a full-scale entry. Upon launching the U.S. corporation, it also attracted local attention by unveiling '4Core,' a product capable of data collection, refinement, processing, and evaluation, at 'CES 2024.'

There are also startups entering the Middle East markets such as Saudi Arabia and the United Arab Emirates (UAE), which have strong financial resources. The Saudi Minister of Investment personally visited the ComeUp event site in 2022. H2O Hospitality, which laid the foundation for relations with Saudi Arabia at that time, was able to sign a business agreement with the Saudi Ministry of Investment in March the following year. It was also selected as an official partner for the Red Sea Project, valued at 40 trillion won. A representative of H2O Hospitality explained, "In February, we also signed a support business contract with the Abu Dhabi Investment Office," adding that they were able to capture the Middle East market's attention, which focuses on tourism as a future industry, based on technology that helps digital transformation of hotels.

Hospitality tech company H2O Hospitality is giving a presentation at 'ComeUp 2022'.
[Photo by Korea Startup Forum]

Through ComeUp, not only are domestic startups expanding overseas, but foreign companies are also entering the Korean market. A representative example is Indonesian mobility startup Soul Parking, which decided to collaborate with Kakao Mobility after participating in 'ComeUp 2022.' Singapore's entertainment filming platform FirmPlace is also expanding its connections in Korea by partnering with SBS and the Jeju Urban Regeneration Support Center after participating in the 2021 and 2023 events.

At the ComeUp event to be held in December this year, a total of 140 teams will be selected and intensively supported to grow into global unicorns. There are three participation categories: the existing Rookie League, Rocket League, and the newly opened Runners League, which anyone interested in startups can join. Applications are open until the 5th of next month. A representative from the Korea Startup Forum said, “This year’s ComeUp has partially revised the selection criteria to create an environment where anyone from early-stage startups to prospective entrepreneurs can challenge themselves,” adding, “We will continue to provide unwavering support so that startups can take ComeUp as an opportunity to advance to the global stage.”