- Participation of 1,500 domestic and international startups and 250 global companies and investors
- Representatives from 26 countries, including Japan, Germany, the United States, and France, gather in Seoul
SEOUL, South Korea, June 21, 2024 (Newswire.com) –
The Korea International Trade Association (KITA), led by Chairman Yoon Jin-sik, in cooperation with the Korea Development Bank (KDB), led by Chairman Kang Seok-hoon, successfully held “NextRise 2024, Seoul” at COEX on June 13 and 14.
Now in its sixth year, the expo attracted more participants than ever before, including companies, investors, and support groups from the global startup ecosystem. The event saw the participation of over 1,500 startups from Korea and overseas, 250 global companies and investors from 26 countries, and various startup support organizations, with approximately 25,000 visitors attending the event over the two-day period.
Asia’s largest 1:1 business meetup saw over 3,600 meetings between 220 global companies and investors and 1,200 startups. KITA pre-matched participating startups with global companies and investors based on their technological capabilities and the demand areas of the global companies and investors. As a result, participants were able to discuss real investment and business cooperation opportunities on-site. In particular, the participation of global companies such as LVMH, BMW, and Sony increased by about 60% from last year, raising expectations for increased cooperation and overseas expansion for Korean startups.
Alexa Rios, head of innovation at Maersk, who attended the business meetup, said, “Meeting with Korean startups with innovative technologies and ideas was an opportunity to strengthen Maersk’s business strategy.” Kim Young-jun, CEO of drone solutions startup Pablo Air, also said, “At this exhibition, we were able to discuss practical business cooperation with global companies that understand the potential of our technology.”
Various programs were also held to strengthen cooperation with this year’s guest country, Japan. The Japan Innovation Pavilion, run by the Japan External Trade Organization (JETRO) and 10 Japanese startups, hosted IR Demo Days and forums. In addition, KITA, in cooperation with the Japan Business Association, hosted the Korea-Japan Open Innovation Summit to discuss ways to expand open innovation business cooperation between the Korean and Japanese startup ecosystems.
The Startup Fair featured numerous side events, including conferences reflecting global startup trends such as AI and mobility. Keynote speaker Ilya Strebulaev, professor at Stanford University, emphasized that “due to the relaxation of regulations on establishing CVCs, the proportion of CVCs in Korea’s total venture capital investments has risen to 30%. Long-term investment management is necessary to promote innovative investments.” The mobility session saw prominent participation from global companies such as BMW, Renault, Volvo, and Hyundai Motor, who presented their visions for startup cooperation projects and investment strategies. The AI session shared the latest trends in AI technology and innovative application cases, highlighting the future impact of AI in various industries.
At the 2nd NextRise Awards ceremony, held to support the growth and global expansion of promising startups, WELT, a digital therapeutics developer, and Deeping Source, an AI image and video recognition technology company, won the Top Innovator Award. In addition, 25 companies from Japan, Israel, Singapore, Turkey, etc. won the Innovation Award.
KITA used this event as an opportunity to discuss ways to strengthen cooperation and collaboration with global partners who visited Korea. It signed a memorandum of understanding with AsiaBerlin, a startup support group based in Berlin, and exchanged views with IFA CEO Lief Lindner about collaboration between NextRise and IFA. In addition, it held partner events with startup support groups and companies from various countries, including France, the U.S., and Taiwan, providing networking opportunities and supporting the overseas expansion of Korean startups.
KITA Vice Chairman Lee In-ho said, “NextRise 2024, held on the largest scale ever, is a gathering place for startup companies leading innovation and transformation, providing a platform for corporate exchange and networking. KITA will continue to strengthen its role in expanding opportunities for startup companies to expand their technologies and products overseas, which will be the new growth engine for our industry.”
Source: Korea International Trade Association
