– Accelerating innovation in the metaverse of Europe’s digital transformation
– Searching for a way for the startup ecosystem in the difficult global economy and political environment
– Rising interest in local financial investment in Korean startups and global companies
Europe's largest startup event Vivatech
The startup exhibition Viva Technology (hereinafter Vivatech for short) held last week in Paris, France, came to an end with great success. Judging from the appearance alone, this year's Vivatech can be said to be a great success. As the offline event was held for the first time since the COVID-19 crisis, more than 9 visitors came to the event in person, and celebrities continued to visit. More than 2 companies exhibited, and there were many large corporations with splendid exhibition spaces, but startups that showed new technologies also drew attention. Despite its relatively short history that started in 2016, Vivatech has a feeling that it has firmly established itself as Europe's largest startup event.
One of the main factors that allowed VivaTech to achieve this external success this year is the idea that it is thanks to the popularization of startups. There are already more than 2 startups in France, and 27 startups have become unicorns. Last year, French startups invested around 120 billion euros, the largest amount ever, more than double the amount in 2020. Innovative technologies introduced by startups, not just numbers, permeate the daily lives of French people, making it difficult to imagine an economy or daily life without startups, even for French people who love tradition.
In terms of content, this year's Vivatech wanted to deal with the new role of startups in the new normal era. It was a place to celebrate the overcoming of the COVID-19 crisis together, look at the challenges facing mankind in the new normal era, and contemplate together how to solve these problems through innovation and technology. Companies wanted to provide their own answers to the global challenges of zero carbon and inclusion, and Web 3.0 and the metaverse became the main topics in the accelerating digital transformation. Also, in discussions about the future of mobility and work, the new era of the new normal has always been the background.
<French President Emmanuel Macron discussing with startup representatives>
[Source: Data owned by the contributor]
The difficulties faced by the startup ecosystem
French President Emmanuel Macron, who visited Vivatech again this year, presented a new goal for the French startup ecosystem to achieve. When he took office in 2017, he proposed to create 2025 unicorn companies by 25, but he set a new goal of creating 3 unicorn companies by 2030, after achieving the original goal three years earlier. In order to achieve the new goal, it is essential to solve the chronic problems of the French startup ecosystem. President Macron has promised to address these challenges through investment incentives and education policies, while introducing laws and institutions that will expand cooperation between the private and public sectors and help innovative startups succeed.
At Viva Tech, not everything was rosy. The new crisis caused by the Russia-Ukraine crisis after Corona 19 is not over yet, and with it, the enthusiasm for investment in startups has cooled down, making it more difficult for startups to attract investment in recent years. These days, we hear the news that even startups that have been doing well due to the lack of funds are carrying out large-scale restructuring. Perhaps for this reason, this year's event was more about peace, democracy, and freedom of the press than about large-scale investment. Overall, there were many speakers talking about the importance of government, policies, and regulations while recalling the social responsibility of startups.
<CEOs of startups in Busan and Ulsan visited Vivatech>
[Source: Data owned by the contributor]
Activities of Korean Startups
There were many Korean startups who visited Viva Tech this year, so it was nice to meet people who work in various places such as startups, investment companies, large companies, and public institutions. In particular, I participated in Viva Tech along with a total of 6 Korean startups supported by the Busan Creative Economy Innovation Center and Ulsan Creative Economy Innovation Center.
The startup profiles are as follows.
Company L: Operating a global online gallery for the sale of works by young Korean artists
Company A: Development of an early detection platform for dementia using retinal image data
Company C: Developed and sold smart distress alerts
Company T: Developed Glandy, a total care solution for thyroid disease
· P City: Development of Prism Studio, a global financial data platform
Company M: Operate The Director, a metaverse education platform for Hallyu fans around the world
Since there is no separate Korean pavilion this year, startups in Busan and Ulsan had an opportunity to introduce their business to overseas customers, partners, and investors at the Swiss Pavilion. We also participated in the global pitching contest organized by My Global Village, and our startups proudly beat foreign startups to win prizes. The winning companies will be invited to other contests in the future, where they will have the opportunity to continuously promote their innovative solutions abroad.
In addition, KIC Europe has prepared its own exhibition space and invited Korean startups that are already doing business in Europe or are preparing to enter Europe. Among the participating companies, online real-time education companies and startups that develop and sell tattoo printers attracted visitors. In addition, there were a number of Korean startups participating in the open innovation programs of French conglomerates such as Orange, BNP Paribas, and Louis Vuitton, and most of them were able to achieve substantial results.
The number of companies participating in Vivatech is expected to increase as the needs and desires of Korean startups to advance overseas and interest in Europe and France grow. Being able to see all the major members of the French startup ecosystem in one place and in a short time, and to meet partners and investors who can provide practical help to your business is an attraction that cannot be ignored. In addition, you can learn about the latest trends in the startup industry and get new stimulation and inspiration by meeting and talking with startup officials from overseas. This is why we are already looking forward to Vivatech in 2023, which will visit with Korean startups.
※ Please note that this manuscript is information prepared by an external expert and is not an official opinion of KOTRA.