The Korea Startup Forum, referred to as Korea Startup Forum (KSF), the organizer of the global startup festival ‘COMEUP 2022‘, announced on August 10 that the competition rate for startups participating in COMEUP Stars has reached an all-time high.
COMEUP Stars is a program for startups that have the potential to lead the global startup ecosystem. The startup selection for COMEUP Stars is divided into two primary tracks, the ‘Rocket League’ and the ‘Rookie League.’ With 30 in Rookie leagues and 40 in Rocket leagues, startups will be the core of COMEUP Stars and are recruited from all over the world.
COMEUP Starts get the highest competition ratio of 12.6 to 1
The application process for participation in COMEUP Stars was from July 4 to August 5. A total of 70 companies will be selected from 881 startup applications. Startups from 38 regions, including Korea, participated, achieving a competition ratio of 12.6 to 1. Excluding 2019, which was conducted by invitation, this is the highest figure ever, surpassing 9 to 1 in 2020 and 10.9 to 1 in 2021.
In particular, in the case of the Rookie league (investment attraction of less than 1 billion won/$60 million), 682 companies applied for the selection of 30 spots, breaking a record high with a competition ratio of 22.7 to 1. In Rocket League (investment attraction of more than 1 billion won/$60 million and less than 50 billion/ $30 million), 199 companies applied for the selection of 40 spots, and the competition ratio was 4.9 to 1, which was fiercer than the previous year’s competition of 3.3 to 1.
By region, it was found that domestic startups made up 765 applications, accounting for 86% of the total number of applications, and overseas startups, or 14%, were found to be 116 companies. The proportion of overseas startups was in the order of the United States (23 companies), India (12 companies), Indonesia and Hong Kong (10 companies each), Singapore (7 companies), and Israel (6 companies). In addition, applications were received from all over the world, including the UK, Switzerland, France, Finland, the United Arab Emirates, South Africa, Togo, Uganda, Argentina, Mexico, Malaysia, Vietnam and Thailand, proving the global status of the COMEUP festival.
By industry, software (SW) was the largest with 156 companies (17.7%), followed by healthcare/bio with 131 companies (14.9%), lifestyle 56 companies (6.4%), education with 48 companies (5.4%), and 48 shopping commerce companies (5.4%) applied.
Korea Startup Forum (KSF) plans to select the final 70 companies of the Rookie League and Rocket League on September 2 after evaluations. On the same day, the list of 10 unicorn and preliminary unicorn companies participating in the Unicorn League through the recommendation and recruitment of the Advisory Committee will also be disclosed.
Sungjin Choi, CEO of KSF, the organizer of COMEUP, said, “Thanks to the support of many innovative startups at home and abroad, we have recorded the highest competition rate ever for COMEUP Stars.” COMEUP 2022 will be held for three days from November 9 to 11 through Dongdaemun Design Plaza (DDP) and online live broadcasting. It is planned to be held as an all-encompassing event.
Read more about COMEUP,
- Top Korean startup event COMEUP 2022 accepting applications for COMEUP Stars program
- COMEUP 2021 receives record 738 startup applications for ‘COMEUP Stars’ leagues
- COMEUP 2020 team announces final ‘COMEUP STARS’ list of 120 global startups
- K-Startup ComeUp2019 held successfully giving startups immense networking & pitching opportunities
Arie Baisch
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