KITA-KDB to host global startup fair ‘NextRise’ in June
Korea International Trade Association (KITA) and Korea Development Bank (KDB) will host ‘NextRise 2023, Seoul’ from June 1 to 2 at COEX in Seoul, Korea.
Now in its fifth year, NextRise is an Asian startup fair that connects global large and medium-sized enterprises with startups, and is expected to be the largest ever with about 200 companies participating.
This year, the number of overseas global conglomerates will increase significantly compared to previous years, with 40 companies including Microsoft, Intel, and Ford planning to participate. Japanese IT SMEs that supply products to large Japanese companies are also expected to participate and collaborate with Korean startups due to the recent recovery in economic cooperation between Japan and Korea.
In Korea, 80 large and medium-sized companies, including Hyundai Motor, LG Electronics, SKT, and POSCO, and 80 venture capital firms, including Korea Investment Partners, LB Investment, and KB Investment, will participate to discuss cooperation with startups.
This year’s event will discuss collaborations in the fields of energy, bio-healthcare, mobility, ESG, security, and smart factories, including the recently hot topic of AI. Registration is open until April 16.
In recent years, global conglomerates have been increasing their open innovation collaborations with startups to acquire promising technologies more effectively due to increasing market uncertainty and low success rates of R&D investments. In line with this trend, the Korea International Trade Association and the Korea Development Bank are expanding cooperation opportunities between large and medium-sized enterprises and startups in Korea and abroad through the NextRISE Meet-up.
To encourage startups to develop innovative technologies and business models, the organizers will introduce the NextRISE Innovation Awards. Winning companies will receive benefits such as the opportunity to showcase their products during the event and priority access to global expansion programs organized by the KITA.
“Through Nextrise, which has grown into Asia’s largest startup fair, we will support Korean startups to go global,” said Man-ki Chung, Vice Chairman of KITA.
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