ComeUp Stars Participating Startups Achieve Record High Competition Rate of 12.6 to 1

881 Companies from 38 Regions Worldwide Including the US, India, Indonesia, and Hong Kong Apply

[Asia Economy Reporter Kim Cheol-hyun] Korea Startup Forum (Chairman Park Jae-wook, hereinafter referred to as Kospo), the organizer of the global startup festival 'COMEUP 2022,' announced on the 10th that the competition rate for startups participating in COMEUP Stars reached an all-time high.

The recruitment for COMEUP Stars, which was held for about a month from July 4 to August 5, selected a total of 70 companies, with 881 startups from 38 regions worldwide, including Korea, participating, resulting in a competition rate of 12.6 to 1. This is the highest ever, surpassing 9 to 1 in 2020 and 10.9 to 1 in 2021, excluding 2019 when it was conducted by invitation only.

In particular, the Rookie League (investment amount less than 1 billion KRW) saw 682 companies apply for 30 spots, setting a record competition rate of 22.7 to 1. The Rocket League (investment amount between 1 billion KRW and less than 50 billion KRW) also showed fierce competition with 199 applicants for 40 spots, a 4.9 to 1 competition rate, higher than last year's 3.3 to 1.

By region, domestic startups accounted for 765 companies, making up 86% of total applicants, while overseas startups accounted for 14%, with 116 companies applying. The overseas startups were mainly from the United States (23 companies), India (12 companies), Indonesia and Hong Kong (10 companies each), Singapore (7 companies), and Israel (6 companies). Additionally, applications were received widely from around the world including the United Kingdom, Switzerland, France, Finland, United Arab Emirates, South Africa, Togo, Uganda, Argentina, Mexico, Malaysia, Vietnam, and Thailand.

By industry sector, the software (SW) field had the most applicants with 156 companies (17.7%), followed by healthcare and bio with 131 companies (14.9%), lifestyle with 56 companies (6.4%), education with 48 companies (5.4%), and commerce and shopping with 48 companies (5.4%).

Kospo plans to select the final 70 companies for the Rookie League and Rocket League on September 2 after conducting first and second evaluations and announcing results in August. On the same day, the list of 10 unicorn and prospective unicorn companies participating in the Unicorn League will also be disclosed through recommendations and arrangements by the advisory committee.

Choi Sung-jin, CEO of Kospo, the organizer of COMEUP, said, "Thanks to the support of many innovative startups at home and abroad, COMEUP Stars has recorded the highest competition rate ever. We will do our utmost to ensure that the selection of COMEUP Stars proceeds smoothly through fair screening and evaluation."

Meanwhile, COMEUP 2022 is scheduled to be held for three days from November 9 to 11 at Dongdaemun Design Plaza (DDP) and via online live streaming.

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