The Korea Startup Forum (KSF) announced on the 8th that applications to participate in “COMEUP Stars 2024” reached a record high of 1,208 companies, marking a significant milestone in the history of the event. Applications for COMEUP Stars were accepted from June 3 to July 5, and the overwhelming response attests to the growing enthusiasm for entrepreneurship both in Korea and abroad.
Of the applicants, 1,019 (84.4%) were domestic companies, and 189 (15.6%) were foreign. By industry, healthcare/bio topped the list with 146 companies (12.1%), followed by software with 143 (11.8%), deep tech with 89 (7.4%), lifestyle with 78 (6.5%), education with 76 (6.3%), energy/sustainability with 66 (5.5%), advertising/marketing with 65 (5.4%), and media/entertainment with 61 (5%).
The Rookie League, aimed at startups with cumulative investments of less than 1 billion won, attracted 949 applications for a target of 100 companies, a competition rate of 9.5 times, higher than last year’s 8.28 times. The Runners League, aimed at the general public interested in starting a business, attracted 259 applications for a target of 20 companies, a competition rate of 13 times, the highest ever.
In particular, the Runners League has expanded its target audience to include the general public, and has received applications from a wide range of fields, including junior high schools, high schools, universities, entrepreneurial clubs, banks, and hospitals, demonstrating the high level of interest and enthusiasm in entrepreneurship among people of all ages and occupations.
KSF will conduct a preliminary screening of the applicants and announce the 120 finalists on the COMEUP official website on August 2. On the same day, the 20 Rocket League selections recommended by the COMEUP Advisory Committee and the COMEUP House will also be announced. After that, 30 teams will be selected from the Rookie League and 10 teams from the Runners League, and they will advance to the finals through customized acceleration and qualifying rounds in September, and the final competition stage will be held at COMEUP in December.
Han Sang-woo, chairman of KSF and chairman of the COMEUP 2024 Advisory Committee, said, “We have confirmed the passion for entrepreneurship amid the interest and support of many entrepreneurs who pursue innovation and challenges. We will do our best to ensure that promising startup teams and early-stage startups can fully showcase their innovative power and ideas and compete fairly on the dream stage of COMEUP.”
COMEUP 2024 will be held for two days on December 11th and 12th at COEX in Gangnam-gu, Seoul. This year, the event will expand its target audience from startups and ecosystem members to aspiring entrepreneurs and the general public to promote startup culture. It also aims to diversify its programs and expand the event’s spectrum, including new product launches, open mics, and recruitment connections.
Korea Startup Forum (KSF) plays a pivotal role in the Korean startup ecosystem, supporting and promoting startups through various initiatives. Since its launch in 2020, the COMEUP event has evolved into a leading platform for startups, reflecting the dynamic and innovative spirit of the industry. Bolstered by government support and a robust investment environment, the current state of Korea’s startup ecosystem presents both challenges and opportunities for new ventures.
As the global startup industry continues to grow, sectors such as healthcare, bio, software, deep tech and sustainability are increasingly gaining attention. The culture of entrepreneurship is thriving, with the younger generation and various disciplines showing strong interest. The involvement of educational institutions, banks and hospitals in nurturing entrepreneurship further highlights their collaborative efforts in supporting startup endeavors.
COMEUP 2024 is expected to be a groundbreaking event, providing startups with unparalleled opportunities to showcase their innovations, connect with potential investors, and engage with a wider audience. The event’s expansion to include new programs and broadened audience highlights the event’s commitment to nurturing the next generation of entrepreneurs and advancing the startup ecosystem in Korea and abroad.
