KITA fair offers clues for startups' scalability

Participants of NextRise 2019 startup fair are in discussion during a one-on-one meeting with companies of the event at COEX in Samseong-dong Seoul, Wednesday. Courtesy of Korea International Trade Association

By Nam Hyun-woo

The NextRise 2019 startup fair offered useful clues on the scalability and sustainable growth of startups, as the event ended in success, drawing more than 8,000 entrepreneurs in and outside of Korea, its host the Korea International Trade Association (KITA) said Thursday.

The two-day fair at COEX in Samseong-dong, Seoul, also hosted by the Korea Development Bank (KDB) was a meeting place between 830 companies including venture capital firms, unicorn startups and tech giants such as Samsung, Amazon and Lenovo.

During the fair 194 participating companies, including 36 overseas startups, met Korean and foreign investors, companies and consumers in their booths, and held 7,700 business consultations, pitches and demonstrations, including 66 one-on-one meetings between unicorn startups and global corporations, KITA said.

“Attracted to the considerably high level of technology possessed by Korean startups seeking one-on-one meetings, we participated in the fair to find promising technologies that will bring innovation to the computer industry,” an official of Lenovo said.

After Lenovo, German chemical giant BASF signed a partnership deal with a Korean skin condition diagnosis tool maker, WayWearable, on developing AI-based skincare services.

Jo Sang-hyeon, general director of Global Startup Acceleration Department of the KITA said, “The KITA is strong at global networking, while the KDB is one of Korea's largest players in the field of venture and startup investment. Their collaboration set an example of cooperation for the globalization of startups. This is another great outcome of the fair.”