COMEUP 2023 DAY 2 Celebrates Open Innovation, Insights, and Collaborations

On the second day of COMEUP 2023, the euphoria of the first day had settled, but not the sense of excitement as startup founders, investors, VCs, and more gathered for insightful talks and events. COMEUP 2023, dedicated the day to celebrating the 20th anniversary of the Open Innovation Concept, featuring successful collaborations between large, medium-sized, and startup companies. Over 20 global companies, including NVIDIA, Dassault Systèmes, Hyundai Motor Company, BMW, and Naver Cloud, highlighted models for future coexistence between startups and established corporations.

Panel Discussions on Open Innovation Themes

Several panel discussions under Open Innovation themes took place, including discussions led by NAVER Cloud and MODUSIGN representatives on navigating synergies, a session by Dassault and SHIFTBIO on the success of drug delivery platforms, and Kyobo Life Insurance’s session on breaking boundaries with Open Innovation. Notably, NVIDIA’s Susan Marshall discussed moving forward with AI alongside Steven Kim, CEO of Nota AI America, and John Park of Medical IP.

A panel talk on the future of AI featured women entrepreneurs of Korea, including Jamie Jeong of Zenerate, Jenny Park of Google for Startups APAC, and Hyehin Lee of Kai Health, who explored challenges and opportunities in the AI world. The program included presentations of use cases where large and medium-sized companies shared real-world examples of successful collaborations through open innovation. These cases highlighted the value and growth driven by innovative partnerships, emphasizing win-win cooperation. There was also a session dedicated to the rise of K-Brands and the role of venture capitalists in AI.

In the Future Talk arena, engaging topics included discussions on business challenges in finding investors, the importance of CEOs, and finance in the era of high interest rates, exit strategies, and navigating the era of ChatGPT.

Innovation in the VC World: Lessons for Founders

In a compelling session on VC decision-making strategies, Eunse Lee, CEO of 541 Ventures, discussed the struggles and successes in the VC world, joined by Chris Shen, CEO of RevereVC, and William Bao Bean, general partner at SOSV. Lee emphasized the role of GPs in the VC ecosystem and their connection with LPs or institutional investors, while Chris and William shared insights into startups pitching for funding and how founders can improve their chances of raising investments. The trio shared many anecdotes connecting the VCs to the startups, which presented some important lessons for startup founders.

VC decision-making session – (LtoR) Eunse Lee, Chris Shen & William Bao Bean

A session titled “How should AI startups survive in the age of ChatGPT?” featured Yunmo Seong, Team Leader at MashupAngels, Minyoung Hwang, Vice President at Select Star, Tim Jung, CEO of XL8, and Seyeong Lee, CEO of Wrtn Technologies. There was an in depth talk about emergence of AI globally and in Korea. The panel talked about how businesses can utilise the strength of AI for growth. The Future Talk sessions also included international speakers, with a panel discussion on Europe evolving as a global startup hub and a session on UAE as a gateway to startup success.

On the Global Stage, there was a German Accelerator Startup Showcase, sessions with startups from Cambodia, and a pitch session by UAE startups. A unique marathon, the Ecothon (Eco-entrepreneurship Marathon), featured innovators from Laos, the Philippines, Indonesia, and Malaysia showcasing their unique products and services.

Day two saw the COMEUP Stars Initiative pitching competition between Rocket League startups and Academy League startups, demonstrating the dynamic startup ecosystem present. Additionally, the “Global CVC Conference” took place for the first time in COMEUP, with the participation of over 160 venture capitalists. This conference, a collaboration between British media company GCV and the Korea Venture Capital Association, aims to facilitate significant investments and international market entry for startups on November 9-10.

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