Startup Resilience Shines Amid Crisis… Innovation Competition at COMEUP 2024
- atvlo3
- Jan 6
- 4 min read
COMEUP 2024, held at COEX in Samseong-dong, Seoul, went beyond its scale—bringing together over 150 startups from 40 countries—to reflect the current state of Korea’s startup ecosystem. Now in its sixth year, the event particularly highlighted the growth of deep tech. Organized by the Ministry of SMEs and Startups and the Korea Startup Forum, COMEUP 2024 aimed to foster meaningful exchanges among global startup and venture ecosystem stakeholders.
What stood out most on the exhibition floor was the depth of technology. Notable participants included AI semiconductor developer HyperAccel, HbA1c diagnostic device maker Orange Biomed, nanomembrane composite materials company SOFNT, and high-precision autonomous robotics firm NaviPura. These companies exemplified how Korean startups are evolving beyond service innovation toward genuine technological innovation.
The participation of the United Arab Emirates underscored the event’s international character. Alia Abdullah Al Mazrouei, Director of Entrepreneurship at the UAE Ministry of Economy, explained that SMEs account for 94% of all businesses in the UAE and contribute 63.5% of non-oil GDP. UAE-based startups such as ICOSIUM Robotics, specializing in professional robots, and Circa Biotech, which converts food waste into aviation fuel, showcased their technologies.
Japan and Sweden also drew attention. Japan’s Liberaware introduced its ultra-compact inspection drone “IBIS2,” while deep tech startups from Sweden and Africa presented innovations in agriculture and artificial intelligence.
One of the standout programs at COMEUP 2024 was the Asan Sanghoe 6th Demo Day, hosted by the Asan Nanum Foundation. Asan Sanghoe is a startup incubation program for young North Korean defectors, named after the pen name of former Hyundai founder Chung Ju-young and his first business, Kyungil Sanghoe. Ten teams that completed six months of incubation presented innovative business models across food & beverage, environment, and lifestyle sectors.
Among them, HLS Environment CEO Kim Da-hye introduced an eco-friendly agricultural mulching film designed to address environmental pollution. The product naturally decomposes within six months and is composted by microorganisms, reducing collection costs by up to 200% compared to conventional products. Other participating startups included Giyeokbieup Hanbok, Daejun Motors, The Wellthia, My Bean Tailor, ARD, With Pallet, Jinsol, Haeoreum Food, and Healing Yuga.
The Asan Nanum Foundation awarded a total of KRW 43 million in prize money, along with benefits such as residency at the MARU Startup Center, marketing and PR support, expert mentoring, and venture capital investor referrals. Executive Director Jung Nam-yi stated, “We hope this will be an opportunity for young North Korean defector founders to connect with the broader startup ecosystem and take a leap forward.”
The COMEUP Stars program featured 40 selected startups whose technologies and business models were rigorously evaluated. Flipper Corporation’s “Nachocode” introduced a no-code platform enabling app launches via simple URL links. CEO Seok Jeong-woong explained that the platform was built on JavaScript to enhance market accessibility.
In the climate tech sector, new perspectives emerged. Han Sang-yeop, CEO of Sopoong Ventures, suggested that a potential return of former U.S. President Donald Trump could present opportunities for climate tech companies. Kim Gu-hwan, CEO of GridWiz, noted that climate tech industries in states like Texas and California are market-driven and unlikely to be significantly affected by federal policy shifts.
Challenges within the climate tech industry were also discussed. Kim Jung-bin, CEO of Superbin, pointed out that many climate tech services possess characteristics of public goods, making market demand difficult to secure, and emphasized the need for stronger government support—particularly in building industry-wide data infrastructure.
China’s Unitree Robotics impressed attendees with its bipedal robot, demonstrating a high level of technical maturity. The company highlighted its independent walking capability as a key competitive advantage and announced collaboration with Korean firm ROAS to begin domestic distribution.
n the K-Startup Grand Challenge, India’s Polymerize took first place among 1,716 teams from 114 countries. The company won USD 150,000 for its cloud-based AI materials informatics software. Second place went to the U.S.-based Nanodropper, followed by Portugal’s Open Energy.
Another major program was Future Talk, where Rebellion CEO Park Sung-hyun delivered the keynote address. Rebellion, which recently completed a merger with SK Group’s AI semiconductor subsidiary Sapeon Korea, is now valued at KRW 1.3 trillion and is recognized as Korea’s first AI semiconductor unicorn.
KOICA also introduced startups addressing challenges in developing countries. Six startups—Vadit, TAB, TR, TagHive, Crepass Solution, and Cast—shared their achievements in advancing the United Nations Sustainable Development Goals through the CTS program.
OMEUP 2024 also featured over 20 overseas startups promoting their business ideas to Korean startups and investors. Among them was AiMA, a Spanish startup developing AI-based digital human solutions and the first beneficiary of Korea’s newly introduced Startup Korea Special Visa, which lowers quantitative requirements compared to existing startup visa programs.
The event also operated docent tour programs for young people, targeting high school and university students. Active startup founders served as guides, sharing firsthand stories from the entrepreneurial frontlines and offering participants deeper insight into the startup ecosystem.
Ahead of the event, concerns had been raised that political instability—stemming from emergency martial law debates and impeachment proceedings—might deter global participation, as several countries issued travel advisories for Korea. Nevertheless, COMEUP 2024 successfully facilitated active exchanges among global startup and venture ecosystem players. One startup representative noted, “Meetings with overseas companies and large corporations are still scheduled, and opportunities for investment and collaboration remain vibrant.”
COMEUP 2024 ultimately demonstrated the technological maturity of Korea’s startup ecosystem and the expansion of its global network. The growth of deep tech and climate tech, in particular, pointed to the future direction of Korean startups, showcasing both the present and the potential of the ecosystem.
기자 : 손요한 2024.12.11
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