KDB Chairman Lee Dong-geol: “Seeking Opportunities for Business Synergy and Investor Engagement”
“Innovative startups cannot thrive in isolation. A successful business requires more than just technology and ideas. Entrepreneurs must always consider the market and economy, carefully evaluating the feasibility of their ideas, the potential for business growth, and the likelihood of investment from large corporations and venture capital.”
On the 23rd, KDB Chairman Lee Dong-geol shared these thoughts at the opening ceremony of NextRise 2020 held at COEX in Seoul. His remarks underscored his firm belief that for Korea’s economy to advance, nurturing venture companies is essential. He stressed that collaboration between large corporations, startups, and venture capital is key to achieving this.
Chairman Lee emphasized, “Growth is only possible when we work together,” and pledged to support all the companies gathered in pursuit of collaborative opportunities, ensuring they play a pivotal role in the future of Korea’s economic development.
Now in its second year, NextRise is a startup fair organized by the Korea Development Bank (KDB) and the Korea International Trade Association (KITA), in partnership with the Korea Venture Business Association, the Korea Venture Capital Association, and the National Research Council of Science & Technology. The goal is to foster an innovative startup ecosystem in Korea by facilitating collaboration between large corporations and startups, leveraging the expertise of KDB’s venture investment platform, KDB NextRound. Chairman Lee Dong-geol named the event NextRise with the intent of sparking a new wave of economic growth in Korea.
The event features direct interactions between startups, large corporations, and venture capital firms to explore opportunities for business cooperation and investment.
This year, over 200 startups will showcase their businesses, while 84 domestic and international corporations, along with 35 venture capitalists and accelerators (VC/AC), are participating. More than 1,700 one-on-one meetings are scheduled.
Notably, major players such as Goldman Sachs Asia, Samsung NEXT, Hyundai Motor Group, and Naver Clova will present their investment and growth strategies, while successful startups like Kurly, Sandbox Network, and SmartStudy will share their success stories.
Additionally, an online conference with global giants such as Coca-Cola and Ford will take place. Prominent figures, including the Luxembourg Minister of the Economy, the Vice President of Starburst—a Silicon Valley-based aerospace accelerator—and a director from L’Oréal, will discuss global innovation policies, regulatory improvements, investment trends, and open innovation.
The event also featured a keynote speech by Celltrion Chairman Seo Jung-jin, who engaged with startup representatives. Highlighting “perseverance” and “integrity” as essential qualities for entrepreneurs, Seo noted that COVID-19 has accelerated the Fourth Industrial Revolution. He encouraged startups to continue growing and pledged his support.
KDB views the event as more than just an opportunity for financial support—it’s a chance for large corporations, startups, and venture capitalists to communicate and collaborate.
The atmosphere among startup representatives at NextRise was overwhelmingly positive, with many expressing optimism that the event would serve as a milestone for their business development. While their objectives varied—ranging from seeking business opportunities and securing investors to promoting services—most attendees shared a hopeful outlook for the impact the event would have on their company’s future.
Bae Seung-ho, Vice President of insurtech company Bomapp, highlighted the significance of the event as the company prepares for the implementation of the MyData business initiative. “It’s a great opportunity to connect with companies in finance, retail, and healthcare and discuss future directions,” Bae said. He also mentioned that meetings with GS Retail, Hyundai Home Shopping, Hyundai Department Store, and Hyundai Card were scheduled.
Kim Jae-kwang, CEO of Vueron Technology, which develops LiDAR-based autonomous driving perception solutions, emphasized the importance of collaboration with large corporations. “To expand our software supply, we need to establish a proven track record and complete technical validation (PoC), which makes partnerships with major companies essential,” Kim explained. He added that the event would provide an opportunity to increase Vueron’s visibility and explore investment prospects, particularly with venture capital firms.
Noh Sang-cheol, CEO of ANPOLY, a company specializing in advanced new materials extracted from plants, echoed this sentiment. “To scale up our business, we need to expand our network of partners and secure additional investors,” Noh stated. He noted that during the event, he planned to engage with materials companies and venture capital firms. Noh also shared that participation in last year’s KDB NextRound resulted in raising approximately 500 million KRW in domestic investment, and they are currently in negotiations with strategic investors (SIs) for further funding.
Source : ZDNET Korea (https://zdnet.co.kr/view/?no=20200623173409)
