Overseas startups will outnumber Korean companies at 2023 ComeUp festival

More than half the participants in this year's ComeUp festival are from overseas, marking the first time foreign companies outnumber Korean firms at the annual startup event.

Lee Young, Minister of SMEs and Startups (MSS), speaks during a press briefing on ComeUp 2023 held on Monday in Gangnam District, southern Seoul.

More than half the participants in this year's government-funded ComeUp festival are from overseas, organizers said on Monday.

The ComeUp festival is Korea's largest annual startup event based on the number of participating small and mid-sized enterprises (SMEs).

This year, 60 percent of the 204 participating startups are from overseas. This is the first time ever that the number of foreign companies has surpassed the number of Korean companies, the organizing committee said.

The number of regions also increased from 20 to 29 this year. Additions include France, Germany, Switzerland, Japan, Indonesia and Uganda.

ComeUp 2023 has formed a special section, dubbed the "global community zone," to encompass the influx of global startups. Foreign companies can establish booths, host conferences, and meet local companies to bolster business partnerships in this area.

“This is an era of digital movement, and the role of startups is especially critical in this new era, as they possess the digital technology to advance forward,” said Lee Young, Minister of SMEs and Startups (MSS), at a press briefing in Gangnam District, southern Seoul. “We hope ComeUp 2023 becomes the gateway for K-startups to collaborate and interact with global companies and their entry to overseas.”

The minister also announced plans for Korean SMEs to collaborate with OpenAI, the organization behind ChatGPT.

"We plan to select 40 SMEs to collaborate with OpenAI,” she said. “Applicants will be able to submit their forms sometime this week. OpenAI executives will visit Korea this December to select the companies, and the final 40 companies will visit OpenAI’s headquarters in the first quarter of next year.”

The government-led program, dubbed “Open Innovation,” is part of the Startup Ministry’s effort to encourage local SMEs to debut overseas in sectors such as mobility, bio and AI. The ministry has formed partnerships with OpenAI and also hinted of a partnership with British chip designer Arm.

“I’ve recently discussed forming ‘Open Innovation’ with Arm CEO Rene Haas and believe that it might be possible to invite the company for next year’s ComeUp festival,” she said.

ComeUp was previously organized, funded, and hosted by the Startup Ministry. The festival became a private-led event, organized by the Korea Startup Forum, last year, in an effort to boost private participation. The ministry plans to continue funding the festival for the next two years, but aims ultimately to make the event independent from government support.

The ministry and the Korea Startup Forum hope to make ComeUp one of the five best-known startup events in the world by 2027, on par with Finland’s Slush.

ComeUp 2023 is scheduled to take place from Nov. 8 to Nov. 10 at Dongdaemun Design Plaza in Dongdaemun District, eastern Seoul.

BY LEE JAE-LIM [lee.jaelim@joongang.co.kr]