Asia's Leading Startup Fair 'NextRise 2024' Concludes With Record Scale
- Participation of 1,500 Domestic and International Startups and 250 Global Enterprises and Investors
- Delegates from 26 Countries Including Japan, Germany, United States, and France Gather in Seoul
SEOUL, South Korea, June 21, 2024 (Newswire.com) - Korea International Trade Association (KITA), led by Chairman Jinsik Yoon, in collaboration with Korea Development Bank (KDB), chaired by Seokhoon Kang, successfully hosted 'NextRise 2024, Seoul' at Coex on June 13th-14th.
This year marked the sixth iteration of the exhibition, drawing an unprecedented number of participants from the global startup ecosystem, including companies, investors, and support organizations. The event featured over 1,500 startups from Korea and abroad, 250 global enterprises and investors from 26 countries, and various startup support agencies. Approximately 25,000 visitors attended the event over its two-day run.
The 1:1 business meetups, the largest of their kind in Asia, facilitated over 3,600 meetings between 220 global enterprises and investors and 1,200 startups. KITA pre-matched the participating startups with global corporations and investors based on their technological capabilities and the demand fields of these global entities. As a result, participants were able to discuss substantial investment and business cooperation opportunities on site. Notably, participation from global corporations like LVMH, BMW, and SONY increased by approximately 60% compared to last year, raising expectations for expanded cooperation and overseas expansion for Korean startups.
Alexa Ríos, Head of Innovation at Maersk, who participated in the business meetup, remarked, "Meeting with Korean startups that possess innovative technologies and ideas has provided opportunities to strengthen Maersk's business strategy." Youngjoon Kim, CEO of drone solution startup Pablo Air, also stated, "This exhibition allowed us to discuss practical business cooperation with global companies that understand our technological potential."
Various programs were also organized to strengthen cooperation with Japan, this year's guest country. The Japan Innovation Pavilion, operated by the Japan External Trade Organization (JETRO) and 10 Japanese startups, hosted IR demo days and forums. Additionally, KITA, in collaboration with the Japan Association of Corporate Executives, held the 'Korea-Japan Open Innovation Summit' to discuss ways to expand open innovation business cooperation between the startup ecosystems of Korea and Japan.
The startup fair featured numerous side events, including conferences reflecting global startup trends such as AI and mobility. Keynote speaker Ilya Strebulaev, professor at Stanford University, emphasized, "With the easing of regulations on CVC establishment, the proportion of CVC in total venture capital investment in Korea has risen to 30%. Long-term investment management is needed to foster innovative investments." In the mobility session, participation from global companies like BMW, Renault, Volvo, and Hyundai Motors was accentuated, presenting visions for startup cooperation projects and investment strategies. In the AI session, the latest trends in AI technology and innovative application cases were shared, highlighting the future impact of AI across various industries.
At the '2nd NextRise Awards' ceremony, held to support the growth and global expansion of promising startups, digital therapeutics developer WELT and AI image and video recognition technology company Deeping Source won the Top Innovator awards. Additionally, 25 companies from countries including Japan, Israel, Singapore, and Türkiye received innovation awards.
KITA utilized this event as an opportunity to engage in discussions aimed at enhancing cooperation and strengthening relationships with global partners visiting Korea. KITA signed a memorandum of understanding with AsiaBerlin, a startup support organization in Berlin, and exchanged views on cooperation between NextRise and IFA with Lief Lindner, CEO of IFA. Furthermore, KITA held partner events with startup support organizations and companies from various countries, including France, the United States, and Taiwan, providing networking opportunities and supporting overseas expansion for Korean startups.
Inho Lee, Vice Chairman of KITA, stated, "NextRise 2024, held at a record scale, serves as a gathering place for startups leading innovation and change, providing a platform for corporate exchanges and networking. KITA will continue to strengthen its role in expanding overseas opportunities for startup technologies and products, which are the new growth drivers of our trade."
Source: Korea International Trade Association
