'2020 ComeUp' Online IR Participating Companies Recruitment Competition Rate 9 to 1

1076 Startup Applications... More Overseas Startups Than Domestic Ones

[Asia Economy Reporter Kim Cheol-hyun] The online investor relations (IR) program of 'COMEUP,' a global startup festival, recorded a competition rate of 9 to 1. The Ministry of SMEs and Startups (Minister Park Young-sun, hereinafter referred to as the Ministry) and the 2020 COMEUP Organizing Committee (hereinafter referred to as the Committee) announced on the 27th the application results of domestic and international innovative startups participating in the online IR program at this year's COMEUP event.

According to the Ministry and the Committee, about 1,076 startups from 89 countries worldwide, including Korea, applied during approximately one month of online registration, resulting in a high competition rate of 9 to 1 for the final recruitment of 120 companies. Startups from 88 countries overseas applied, totaling 646 companies, accounting for 60% of all applicants. By country, India, one of the world's top three startup powerhouses with 24 unicorn companies, submitted the most applications (63 companies), followed by the United States, Singapore, Israel (each 46 companies), and Spain (41 companies).

The Ministry and the Committee analyzed that the K-startup global expansion strategy, which has been continuously promoted since the government’s launch, is yielding results, and that Korea’s effective response to COVID-19 (Corona19) has enhanced the country's credibility, leading to overseas startups' interest and participation in COMEUP. The COMEUP online IR participating startups were recruited targeting promising startups in new industries and new technologies both domestically and internationally, such as artificial intelligence (AI), and by application field, commerce accounted for 122 companies (12.7%), K-quarantine 112 companies (11.7%), and open innovation 107 companies (11.2%). A Ministry official explained, "It is analyzed that the high number of applications in non-face-to-face related fields is due to changes in industry types and lifestyles caused by COVID-19."

The Ministry and the Committee plan to immediately begin a three-stage evaluation process to select 120 participating companies from the 1,076 applicants. Through document evaluation to review disqualifications, a public evaluation conducted by senior startup companies and a national evaluation group, and an expert evaluation assessing innovation and global capabilities, a fair screening process will be conducted, and the COMEUP Organizing Committee will select the final 120 companies in September.

The 120 startups finally selected for this online IR program will receive free production support for promotional videos and be provided with online promotional booths set up on the COMEUP website. Additionally, they will be given priority opportunities to participate in business connection investment consultations and export consultations linked with domestic and international venture capital (VC) buyers, and will be able to interact in real time with senior startups and peer companies worldwide. The Ministry and the Committee plan to name the 120 promising startups selected this time as 'COMEUP STARS' and assign them significance and roles as the main representatives of this event during the planning and promotion of COMEUP 2020.

COMEUP 2020 will be held from November 19 to 21 for three days at Dongdaemun Design Plaza (DDP), focusing on non-face-to-face measures to prevent the spread of COVID-19, and will be broadcast worldwide online. Kim Seul-ah, CEO of Market Kurly, who serves as co-chair of the organizing committee and chairperson of the 'COMEUP STARS' evaluation committee, said, "With many promising ventures and startups applying, it is expected to be difficult to distinguish superiority in selecting the COMEUP STARS representing COMEUP," adding, "We will do our best to conduct a fair evaluation to select innovative startups with expertise and future growth potential to lead the post-COVID-19 era."

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