ASEAN-Korea Startup Innovation Week aims to uncover emerging ventures

Kim Jae-shin, secretary general of the ASEAN-Korea Centre, hands out an innovation prize to Brunei health care company Nexta Technologies at an event in Seoul, Oct. 22. From left are Brunei Ambassador to Korea Dk Nooriyah Pg Yussof, Kim and Nextacloud Technologies Managing Director & CEO Agus Muslim. Courtesy of ASEAN-Korea Centre

The ASEAN-Korea Startup Innovation Week, an annual event dedicated to fostering connections between startups from Korea and the 10 ASEAN countries, is marking its seventh year. Originally launched in 2018, this year’s event also celebrates the 35th anniversary of ASEAN-Korea dialogue relations and the 15th anniversary of the ASEAN-Korea Centre.

“This year, in commemoration of these significant milestones, we have enriched the event under the name ASEAN-Korea Startup Innovation Week,” Kim Jae-shin, secretary general of the ASEAN-Korea Centre, said at an event in Seoul on Oct. 22.

In his address, Kim highlighted the need to strengthen ASEAN+3 collaboration in the areas of micro, small and medium enterprises (MSMEs) and startups, facilitating their access and capacity to use digital technologies.

This year’s event showcased promising startups from around the ASEAN region, focusing on AI, fintech and climate technology.

“We provided guidance on how to adapt to the Korean startup ecosystem,” Kim said. A significant part of this support included a two-week-long online acceleration program held in September. “Along with expert sessions, we provided a chance for the ASEAN startups to attract investment through a 1:1 meeting with Korean investors,” Kim said. “We strive to serve as a bridgehead connecting the Korean and ASEAN startup ecosystems.”

Philippine Ambassador to Korea Theresa Dizon-De Vega, also the chairperson of the ASEAN Committee in Seoul, speaks during the ASEAN-Korea Startup Innovation Week event in Seoul, Oct. 22. Courtesy of ASEAN-Korea Centre

Philippine Ambassador to Korea Theresa Dizon-De Vega, also the chairperson of the ASEAN Committee in Seoul, underscored the importance of increased synergy and cooperation between Korean and ASEAN startups.

"It likewise recognizes the growing startup sector in ASEAN, which continues to grow and attract international investment. Supporting the ASEAN startup sector through collaboration with potential Korean partners enables ASEAN to continue on an innovation pathway, providing a young, technically savvy ASEAN demographic with the tools to help leapfrog and advance their countries’ economic and social development," Dizon-De Vega said.

According to the ASEAN Investment Report 2024, published by the ASEAN Secretariat, the region boasts 60 unicorn companies valued at over $1 billion each. As of 2023, foreign direct investment (FDI) into ASEAN reached $230 billion, accounting for 17 percent of global investment. Investment from Korea accounts for more than 10 percent of that total.

Kim also emphasized that ASEAN has over 400 million digital consumers and a young population with a median age of 30.2, highlighting the region's immense growth potential.

“With its huge growth potential, the digital startup industry in ASEAN is expected to reach $1 trillion by 2030,” Kim said. “In particular, the diversity of entrepreneurs in the ASEAN region will be the key to innovation in the generations to come. We look forward to witnessing startups like you, who are with us today, taking the lead in innovation.”

Kim emphasized the crucial role of startups in national economic growth calling on the development of startups a key growth engine of the national economy.

"The Korean startup ecosystem has steadily developed and entered the global top 10, thanks to support from the government, public institutions and various private organizations,” he said. “Since fostering the startup industry is directly linked to the competitiveness of ASEAN and Korea, continued cooperation is a must to secure a higher status in the future.”

In addition, an award ceremony was held where Prefer, a Singaporean food tech company, won the grand prize. Other winners included Alterpacks, another Singaporean biotech company; Finan, a Vietnamese fintech company; and Nexta, a Brunei health care company. These companies were among the 30 startups that participated in the event.