COMEUP 2021 brought together 72 “COMEUP Stars,” selected in a competition of 18 large global players pursuing open innovation, and venture capital investment companies.
COMEUP 2021, the 3rd rendition this year, took place for a four-day run from Nov. 17 at Dongdaemun Design Plaza in Seoul.
COMEUP 2021, among the world’s top-five startup festivals, was hosted by the Ministry of SMEs and Startups (MSS).
In his speech at the opening ceremony on Nov. 17, MSS Minister Kwon Chil-seung said, “As the 4th Industrial Revolution and digital transformation are accelerated, a startup era is approaching in which challenges can be seized as opportunities without fearing changes.”
MSS will make its utmost to make a second start-up renaissance, Minister Kwon said. Unlike last year, COMEUP 2021 was held off-line and online in accordance with the government’s relaxing of social distancing guidelines against COVID-19 pandemic.
COMEUP 2021 attracted 50,291 cumulative off-line and online visitors. Approximately 28,661 people, including 5,931 startup executives and staffers, 1,620 investors and 21,110 spectators, participated in the off-line events.
COMEUP 2021’s off-line visitors had 7,000 more people than COMEUP 2019, which attracted 21,000 off-line visitors, reflecting a boom of startups and the upgraded standing of the festival.
Eighty-four globally renowned speakers leading global startup trends had hot discussions during 12 sessions such as environment and education.
On a Day 1 session, President Simon Kim of Hashed spoke on the current status and future of Korea’s blockchain. President Kim said, “More startups will likely consider crypto in earnest next year.” He stressed the need to secure more R&D manpower.
President Kim Jung-bin of SuperBin, a startup in specializing in the development of AI-based recycled product retrieval robots, and Park Jong-hyun, head of SK Chemical’s headquarters, discussed views on the topic of the circulating economy and an approaching new order.
President Ahn Sung-woo of Zigbang, concurrently chairman of COMEUP 2021 Organizing Committee, said, “COMEUP 2021 is expected to help youth launch startups, and more K-startups entering foreign markets beyond Korea are predicted to be born.”
MSS’ 2022 Budget Set at 19 Trillion Won
The Ministry of SMEs and Startups (MSS) said the ministry’s budget for 2022 was set at 19 trillion won, an increase of 2.2 trillion won or 13.1 percent, over last year’s 16.8 trillion won.
The national budget for next year was approved by the plenary session of the National Assembly on Dec. 3.
Priority was attached on three principles - recovery, shared growth and take-off. In this context, the ministry focused on restoring management of small businesses to pre-pandemic levels and strengthening their competitiveness, fostering global innovative ventures and startups, and cultivating regional SMEs and creating jobs.
The ministry’s final budget rose 1,016.1 billion won than its proposal during a parliamentary deliberation, a raise of 1,648 billion won and a cutback of 631.9 billion won.
A budget for recouping losses small businesses sustained due to the pandemic was raised by 400 billion won. The minimum compensation amounts for small business owners jumped from 100,000 won to 500,000 won.
An additional budget for extending low-interest policy loans was set at 1,190.4 billion won.
Budgets for offering online marketing support to ramp up small businesses’ competitiveness and reinvigorating backward commercial districts were set at 3 billion won and 1.9 billion won, respectively.
Budgets for supporting a sixth free economic zone district in Busan, newly designated in November and offering logistics vouchers were set at 11 billion won and 11.9 billion won, respectively.
The ministry appropriated 500 million won and 1 billion won for supporting Startup Park and Green Startup Town, respectively. They are designed to give a leg-up to boost a startup boom.
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