KDB Industrial Bank Successfully Concludes Korea's Largest Startup Fair 'NextRise 2020 Seoul'

94 Large and Mid-sized Companies and VCs Hold 1,700 On-site Consultations with Ventures and Startups
Chairman Seo Jung-jin of Celltrion Group Delivers Keynote Speech... Goldman Sachs and Yozma Group Attend
Founders of Leading Korean Startups Like Kurly and Yanolja Also Participate as Speakers
Startup Support Programs by Samsung NEXT, AWS, Microsoft and Collaboration Cases with Hyundai, Hanwha, Lotte, CJ Introduced
Rich Conference Featuring Technology Presentations by Tech Companies Like Google and Naver

The 'NextRise 2020, Seoul' event, the largest startup fair in Korea now in its second year, successfully concluded on the 24th.

[Asia Economy Reporter Kangwook Cho] The Korea Development Bank announced that it successfully concluded 'NextRise 2020, Seoul,' the largest startup fair in Korea, held over two days from the 23rd to the 24th at COEX in Samseong-dong, Seoul, in collaboration with the Korea International Trade Association.

Now in its second year following last year, this event is the largest startup support event aimed at attracting investment for promising startups and expanding business cooperation with domestic and international large and medium-sized enterprises. It was co-hosted by the Korea Development Bank and the Korea International Trade Association along with the National Research Council of Science & Technology, the Korea Venture Business Association, and the Korea Venture Capital Association.

At this event, which served as an opportunity to revitalize the venture ecosystem weakened by COVID-19, most of Korea's major conglomerates such as Samsung, Hyundai Motor, SK Telecom, and LG, as well as global companies like Microsoft and BAYER, participated in large numbers to seek cooperation with domestic and international startups. Through this, 94 domestic and international large and medium-sized enterprises and venture capital firms conducted 1,700 on-site consultations with startups for business cooperation and investment purposes. This is more than double the scale of last year's event.

The conference, held simultaneously online and offline, saw participation from numerous entrepreneurs and investors from home and abroad. Notable entrepreneurs included Seo Jung-jin, chairman of the Celltrion Group, who participated as a speaker and generously shared advice. From startups, Kim Seul-ah, CEO of Kurly (Market Kurly), and Seol Min-seok, CEO of Dankkumai, well known as a history lecturer, participated as speakers to share their experiences on what motivated them to take on entrepreneurial challenges. Famous startups such as Coupang, Yanolja, Sandbox Network, SmartStudy, and MyRealTrip also participated in the conference with various topics.

As investors, Lee Jae-hyun, CEO of Goldman Sachs Asia, well known for investments in Woowa Brothers (Baedal Minjok) and Zigbang, and Igal, chairman of Yozma Group, a leading Israeli venture capital firm, shared their investment strategies as speakers. Yellowdog, Sopung, and Crevis Partners also participated as speakers emphasizing the importance of impact investment.

Domestic and international large corporations also contributed to supporting startup growth. Samsung NEXT, AWS, Microsoft, and the Korea Water Resources Corporation set up exhibition booths at the venue and met startups throughout the two days of the event. Samsung NEXT held a 'ClassroomX' session to discover startups that could collaborate with Samsung Electronics' business divisions. AWS hosted the 'AWS Startup Day' session to share cases of growth alongside startups and discussed the new normal that startups must adapt to in the post-COVID era. Microsoft explained startup growth strategies through partnerships with Microsoft and invited Silicon Valley VC partners to share global expansion strategies.

Hyundai Motor, Hanwha, Lotte, CJ, Johnson & Johnson, and others also participated to introduce their open innovation strategies and discover startups for collaboration. Google explained startup support functions using its search engine and YouTube platform, while Naver introduced cases of applying its Clova AI solution to B2B.

From overseas, numerous companies including IKEA, Daimler (Mercedes Benz), Lego, Ford, and Orange participated as speakers in the online conference. These global companies introduced their innovation strategies and collaboration cases with startups through the online conference.

Notably, more than 180 startups participated in this fair, setting up exhibition booths to promote their businesses and services to various visitors including large corporations and venture capitalists. Given that most domestic and international exhibitions were canceled in the first half of this year due to the COVID-19 situation, this event was evaluated as an important opportunity for startups to introduce themselves externally. In fact, more than 600 startups participated in 1:1 consultations with large corporations and VCs through pre-matching on site.

Lee Dong-gul, chairman of the Korea Development Bank, said, "To unleash the power of innovation, it is essential to activate collaboration platforms, which is why we held 'NextRise 2020' even in the emergency situation of COVID-19," adding, "Collaboration, co-growth, and symbiosis are the most important values that NextRise pursues, and we will continue to do our best so that all companies gathered here to find collaboration links can become the foundation of the Korean economy."

This content was produced with the assistance of AI translation services.