Korea Startup Forum(KSF), the organizer of the global startup festival COMEUP, has announced an unprecedented response to its annual COMEUP Stars 2024 competition. This year, the event attracted 1,208 applications, the highest number since its inception in 2020.
Unprecedented Interest and Competition
During the application period from June 3 to July 5, COMEUP Stars 2024 received a record-breaking 1,208 applications, showcasing the festival’s increasing influence and reach. The competition this year was fierce across both its leagues.
The Rookie League, targeting early-stage startups with less than $1M in total funding, saw 949 applications, resulting in a competitive rate of 9.5:1, up from 8.28:1 last year. The Runners League, open to the general public interested in starting a business, received 259 applications for 20 spots, achieving a 13:1 competition rate. The significant increase in applicants can be attributed to the expansion of the Academy League’s target from solely college students to any citizens, promoting entrepreneurship more broadly.
Global Reach & Diverse Industries
COMEUP has solidified its position as a global startup festival, receiving applications from 46 countries. The majority of applicants were from South Korea, with 1,019 startups, but entries also came from nations including the Netherlands, Denmark, Germany, the United States, Canada, Brazil, India, Japan, and many more. This global participation underscores COMEUP’s appeal and the growing interest in the South Korean startup ecosystem.
The competition attracted startups from a wide range of industries. Healthcare and bio were the most popular, with 146 teams (12.1%) applying, followed by software (143 teams, 11.8%), deep-tech (89 teams, 7.4%), lifestyle (78 teams, 6.5%), education (76 teams, 6.3%), energy and sustainability (66 teams, 5.5%), advertising and marketing (65 teams, 5.4%), and media and entertainment (61 teams, 5%).
The Runners League, in particular, showcased high interest and enthusiasm for entrepreneurship, with applications from middle schools, high schools, universities, entrepreneurship clubs, banks, and hospitals. This diverse participation highlights the widespread passion for innovation and business among the general public.
Upcoming Announcements and Events
The 120 finalists will be announced on August 2nd through the official COMEUP website. On the same day, the Rocket League 20 companies, recommended by the COMEUP Advisory Committee and VCs, will also be revealed. The final stage of the competition, featuring 30 Rookie League teams and 10 Runners League teams selected through September qualifiers and intensive mentoring, will take place in December.
Sang-woo Han, Chairman of the COMEUP 2024 Advisory Committee, commented, “We could see the passion for entrepreneurship in the interest and support of many entrepreneurs who are chasing innovation and challenges. We will do our best to help prospective entrepreneurial teams and early-stage startups to fully unleash their innovative capabilities and ideas on the dream stage of COMEUP, and to level the playing field.”
COMEUP 2024 will be held at COEX in Gangnam-gu, Seoul, South Korea, on December 11 and 12. This year, the event’s target audience will expand to include not only startups and ecosystem stakeholders but also pre-entrepreneurs and the general public.
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