The Korea Startup Forum (KSF), the organizer of the global startup festival “COMEUP,” announced on the 2nd that it has been selected to lead the African Development Bank’s (AfDB) startup development project, the “Africa Tech Startup Forum 2024.” This initiative aims to expand global entrepreneurship ecosystem exchanges with COMEUP at the center.

The “Africa Tech Startup Forum” is a project funded by the Korea-Africa Foundation and managed by the African Development Bank. The project’s goal is to select and nurture African startups, offering them training opportunities in Korea to help spread Korea’s advanced startup culture. The initiative also seeks to foster global growth by connecting these African startups with Korean venture capital firms, large corporations, and other key players. After launching the project in 2023 and issuing a global call for implementing partners, the African Development Bank awarded the bid to KSF, which formed a consortium with South Africa’s business consulting groups, Catalyze and Ndarama Works, to secure the project last December.

From August 27th to 29th, KSF representatives visited South Africa, where they met with officials from the African Development Bank and local accelerators to share insights on the growth of Korea’s startup ecosystem. They also discussed strategies for nurturing the startups selected for the “Africa Tech Startup Forum” in collaboration with COMEUP. Currently, 160 startups from eight countries—Ghana, Nigeria, South Africa, Rwanda, Morocco, Uganda, Egypt, and Kenya—have been initially selected. Over the next four months, KSF will participate in the demo day judging process to select the final 20 teams, who will be given the opportunity to attend “COMEUP 2024.”

During “COMEUP 2024,” the selected startups from the “Africa Tech Startup Forum” will receive a range of benefits, including a special booth at the event, opportunities to pitch to investors, dedicated networking sessions, meetings with major global investors at COMEUP House, visits to prominent unicorn companies in Korea, participation in open innovation initiatives with large and medium-sized Korean enterprises, and discussions on collaborations with corporate venture capitals (CVCs). These startups will also have the chance to experience Korea’s vibrant startup culture firsthand.

Choi Ji-young, Director of the COMEUP Secretariat and Head of KSF’s Global Growth Center, who discussed the project collaboration during the visit to South Africa, stated, “Africa is the only continent experiencing rapid population growth and economic expansion, attracting increased venture capital investment from around the world. This makes it an emerging continent with significant potential in the future global economy. KSF is committed to showcasing Korea’s advanced startup capabilities and ecosystem growth strategies in Africa and will actively support Korean startups and investors in gaining early access to the African market, with COMEUP at the core of these efforts.”

“COMEUP 2024” is scheduled to take place on December 11th and 12th at COEX in Gangnam, Seoul. This year, the event will expand the participation of global startups and ecosystem stakeholders, with a focus on spreading entrepreneurship culture. The event will also include expanded programs such as product showcases, open mic sessions, and recruitment-related activities, allowing the general public to participate.