Asia Startup Expo 'FLY ASIA 2024' Opens in Busan on October 1

October 1-2 at BEXCO, Busan Mayor Park Hyungjoon Delivers Keynote Speech on 'Vision for Asia's Leading Startup City'

Over 400 Global Investors, 40 Major Companies and Institutions, and 10,000 Startup Participants

The leading Asian startup expo, "FLY ASIA," which supports the realization of "Busan as an Asian Startup Platform City" and the global expansion of startups, will see significant changes this year.

The city of Busan will host "FLY ASIA 2024" at BEXCO Exhibition Hall 1 from October 1 to 2, under the theme "Inspired by being together."

FLY ASIA 2024 Asia Startup Expo Collaboration Poster.

Based on two years of experience and its network with major Asian startup cities, the expo has been greatly expanded both quantitatively and qualitatively in terms of theme, participant scale, international scope, and collaborative programs.

This year's event will feature a variety of investment and startup-related programs, including the opening ceremony, scale-up round and meetup sessions, a global pavilion, conference, awards competition, open innovation, exhibitions, and joint events with 'Bounce,' 'COMEUP,' and 'Festival Siwol.'

On the first day at 11 a.m., Mayor Park Hyungjoon will open the event by announcing a vision that includes "establishing startup funds," "building a professional support system," "creating innovation-based infrastructure with ongoing investment meetups," and "overseas expansion" to make Busan an ideal city for startups.

Following this, Fatou Haidara, Deputy Director General of the United Nations Industrial Development Organization (UNIDO), will deliver a keynote speech on "Global ESG Industry Trends and the Role of Startups," which is this year's core theme.

This year, in particular, the event will be expanded into the largest single business collaboration platform, bringing together a large number of experts from major domestic and global corporations, investment firms, promising startups, and startup support organizations.

Focusing on business growth, more than 1,000 tailored one-on-one (1:1) meetings between over 400 domestic and international investors and startups will be held.

Over 200 prominent global investors from Asia, including CDIB Capital Group, Vina Capital, and Smilegate Investment, will also be in attendance.

The "Open Innovation" program, with participation from over 40 large, mid-sized, and public sector companies such as Lotte, SK C&C, LG Electronics, Samsung Heavy Industries, and Hyundai Heavy Industries, will also take place. Companies that have not pre-registered can make business proposals and receive consultations through the Startup Open Innovation desk.

The 25 participating large and mid-sized companies include Lotte Construction, Lotte World, Lotte Wellfood, Lotte Global Logistics, Lotte Cultureworks, Lotte Department Store,

Korea Seven, SK C&C, Naver Cloud, DRB Dongil, Panasia, LG Electronics, Chokwang Paint, Hi Plaza, KB Kookmin Card,

DB Insurance, Samsung Securities, Samsung Heavy Industries, Toss Payments, Pulmuone, Hoban Construction, Bando Construction, Wilo, SK Securities, and Hyundai Heavy Industries.

The nine participating retail companies are Lotte Mart, Lotte Duty Free, Lotte Department Store, Lotte Hi-Mart, Lotte Home Shopping, Korea Seven, Emart24, Daesang, and KORAIL Distribution.

The six public institutions are Korea Technology Finance Corporation, Korea Housing & Urban Guarantee Corporation, Korea Southern Power, Korea Securities Depository, Korea Asset Management Corporation, and Korea Housing Finance Corporation.

Additionally, events will be held such as pitching and demo days by Korea Development Bank, IBK Changgong, D.Camp, Scale-up TIPS Association, and Korea Financial Investment Association; B2B meetups by Korea SMEs and Startups Agency; LP and VC forums; and the "Busan Future Growth Fund Briefing" by Korea Venture Investment, which will strengthen networks and investment cooperation among major domestic and international investors, limited partners (LPs), and general partners (GPs).

Furthermore, a global pavilion will be operated as a joint Asian booth with participation from 41 organizations across six countries, and support for 23 foreign startup teams exploring entry into Busan will significantly enhance global content, establishing the expo as a truly global festival.

Since the launch of the Asia Startup Expo in 2022, one of the main focuses has been building a collaborative network among Asian startup cities for shared prosperity.

This year, leveraging the accumulated network and follow-up projects, the global pavilion will be expanded to include 41 organizations from Indonesia, Japan, Hong Kong, Singapore, Taiwan, and Vietnam, sharing know-how for global expansion.

In addition, 23 foreign startup teams participating in the "K-Startup Grand Challenge" will be invited to explore Busan's startup ecosystem through dedicated programs.

The K-Startup Grand Challenge is a flagship program by the Ministry of SMEs and Startups that supports the establishment and settlement of outstanding foreign startup teams in Korea.

Moreover, multidimensional programs will be expanded and newly established to support the growth of local startups, ensuring a virtuous cycle where real benefits return to regional companies.

To provide various investment and networking opportunities for local companies, booths will be operated for 61 regional innovation companies, including CES participants and the KOSCO Southeast booth, more than tripling the scale compared to last year.

Additionally, to help excellent small and medium manufacturing companies in Busan grow into innovative startups, a new "CVC Open Innovation" program will be launched, where 30 corporate venture capital (CVC) firms such as Geumyang and PlanH Ventures will meet with 20 outstanding manufacturing companies to discuss collaboration and investment.

Notably, this year, "COMEUP in Busan" will be held as a pre-event for "COMEUP 2024," Korea's largest startup event organized by the Korea Startup Forum. Five local companies recommended as "Busan Comeup Stars" will receive benefits such as participation in the main "COMEUP 2024" event in December.

The "FLY ASIA Awards" startup competition will offer a total prize pool of $180,000 (approximately 230 million KRW), with 50 finalists (FLY 50) competing. This year, a 200-member citizen evaluation panel comprising prospective entrepreneurs, university students, and the general public will participate in the final judging, providing valuable insights into startup strategies and the global startup scene, and helping citizens better understand entrepreneurship.

The competition has attracted 197 companies from 15 countries, with 35 from Korea (including 9 from Busan) and 15 from overseas such as Japan and Singapore participating in the final pitch. The six final teams selected will receive follow-up support such as investment and consulting.

For families and students, a docent tour program with explanations will be offered twice daily during the event, and in conjunction with "Festival Siwol," Korea's first convergence exhibition-convention, products and services combining design and entrepreneurship will be showcased, with a variety of programs for easy citizen participation.

A new "Food Tech" zone, combining the food industry and fourth industrial revolution technologies to create new added value, will also debut this year, offering the latest information and items.

Pre-registration for "FLY ASIA 2024" is available on the FLY ASIA website until the 27th, and on-site registration will also be possible.

Mayor Park Hyungjoon stated, "This year, Busan has laid the foundation to grow as an 'Asian Startup Platform City' and further leap forward as a 'Global Hub City' through the creation of large-scale funds, attraction of innovation-based infrastructure, and approval for the establishment of specialized startup institutions, which are key factors for startup growth." He added, "Building on this momentum, we will further expand 'FLY ASIA' to serve as a solid bridgehead for global startup ecosystem exchange and business networking, as well as a driving force for follow-up projects. Please continue to pay attention to the rapidly developing Busan startup ecosystem as it evolves into a global startup hub."