COMEUP 2020 gets 1076 applications including homegrown & global startups; 9 to 1 competition rate for 120 slots

COMEUP 2020, the prestigious startup event of South Korea, has received a great response from startups around the world. 1,076 startups from 89 countries around the world, including Korea, have applied enthusiastically for the opportunity to be selected as “COMEUP STARS” for online IR corporate presentation opportunities, which will be the highlight of the COMEUP 2020 event scheduled to be held in November.

Overwhelming response for the online Corporate Presentation for Investor Relations (IR) 

On August 28, the Ministry of SMEs and Startups (MSS) Minister Park Young-sun, and the 2020 COMEUP Organizing Committee Chairperson of the Civil Organizing Committee, Kim Seul-ah, the CEO of Market Kurly, announced the results of applications from domestic and foreign innovative startups to participate in the online corporate presentation (IR) program at this year’s COMEUP event.

According to the MSS and the Organizing Committee, 1,076 startups from 89 countries around the world, including Korea, applied for a presentation opportunity at the upcoming COMEUP event during the month-long online application period that started on July 25 and ended on August 23, recording a high competition rate of 9:1 to be selected as one of the final 120 companies.

This year, the economic order around the world is fundamentally changing due to the aftermath of COVID-19, and the global startup ecosystems such as those of the US and Europe are also facing huge crises and big challenges. Excluding applicants from Korea, 646 startups from 88 countries around the world applied for participation in “COMEUP 2020,” which advocates a new online-oriented startup festival, accounting for 60% of 1,076 applicants.

Startups from 89 countries apply for opportunities

By country, India, one of the world’s top three startup giants with 24 unicorn companies, has the most applicants (63 companies), followed by the US, Singapore, Israel (46 companies each), and Spain (41 companies).

The MSS and the Organizing Committee have analyzed that the high-interest among overseas companies for participation in COMEUP 2020 is because of the raised confidence in Korea’s response to COVID-19. The strategies like K-Startup global expansion strategy, which has been continuously pursued since the inauguration of the current administration and K-quarantine, which has developed a good reputation for its effective response to COVID-19 has attracted enthusiastic participation from global startups.

Non-face-to-face technology innovators aspire to participate

The COMEUP 2020 online corporate presentation (IR) has been targeted at recruiting promising startups in new industries and new technologies at home and abroad, such as Artificial Intelligence (AI). According to an analysis by field of application, it shows that applications for non-face-to-face related fields due to the trend and lifestyle changes caused by the COVID-19 account for high portions such as 122 commerce companies (12.7%), 112 K-quarantine companies (11.7%), and 107 open innovation companies (11.2%), etc.

Three-stage selection process 

The MSS and the Organizing Committee plan to immediately initiate a three-stage evaluation process to select 120 participating companies from 1,076 applicants.

The first stage of the evaluation is to review whether or not there exists any reason for disqualification through a thorough evaluation of each company’s application documents by August 27. The second stage of the evaluation, which is to be completed by September 4, consists of two sub-evaluations, open evaluation and expertise evaluation. The former is done by senior startups and a public evaluation group, whereas for the latter, each applicant’s expertise is evaluated in terms of innovativeness and global capabilities. As the third and final stage of the evaluation, the COMEUP Organizing Committee selects the final 120 companies in September.

Meanwhile, the 120 startups selected for the online corporate presentation (IR) program will be provided with free video production for a corporate promotion and online promotional booths on COMEUP’s website. The selected startups will also be provided with preferential opportunities to participate in business-linked investment and export consultation conferences in connection with domestic and overseas venture capital (VC) buyers. In addition, they can engage in real-time exchanges with senior startups and fellow companies around the world.

“COMEUP STARS” for promising startups 

The MSS and the Organizing Committee have decided to name 120 promising startups to be selected this time under the trademark “COMEUP STARS” that implies significance and a role as the main character representing this event in the process of planning and promoting the upcoming COMEUP 2020.

“COMEUP 2020”, which marks the second anniversary of its transformation into a global festival for startups this year, will be held at Dongdaemun Design Plaza (DDP) for three days from November 19 (Thursday) to 21 (Saturday) on the non-face-to-face basis to prevent the spread of COVID-19 and will be broadcasted to the world online.

Kim Seul-ah, CEO of Market Kurly, who is the co-chair of the COMEUP 2020 Organizing Committee as well as the chairperson of the evaluation committee for selecting “COMEUP STARS” says, “On behalf of the Organizing Committee, I would like to express my gratitude to the domestic and foreign companies that have applied for the COMEUP online corporate presentation (IR) program. While it is expected to be difficult for the Committee to determine the winners in selecting “COMEUP STARS” as there are so many promising and well-qualified venture companies and startups that have applied, the Committee will do its best to conduct fair evaluations and select the innovative startups with expertise and future growth potential that can lead the post-COVID-19 era.”

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