Local startup festa kicks off in Jeju, connecting regional firms with global investors

Local companies built on regional resources and ideas have gathered in Jeju to explore investment opportunities and pathways into overseas markets. The government said it will strengthen stage-by-stage support to help local firms drive commercial revitalization and export expansion.

The Ministry of SMEs and Startups held the opening ceremony of the first Local Startup Festa in Jeju at the Sheraton Jeju Hotel on Wednesday, with events running through Friday across the old downtown area of Jeju.

Co-hosted by the ministry and Jeju Special Self-Governing Province, the event carries the slogan "From local to global, regional value into the future." About 140 local companies from across the country are taking part, alongside eight domestic investment firms, three overseas investors, five major brands and retailers, and 13 foreign buyers.

The event focuses on linking brand development, private investment attraction, local commercial revitalization and global market entry into a single growth pathway for local firms. Rather than limiting itself to product exhibitions or business networking, the program is designed to directly connect companies with investors, retailers and overseas buyers to generate concrete business opportunities.

According to the ministry, 765 local startup small businesses attracted a combined 122.7 billion won ($91.5 million) in private investment through the LIPS (Linked Investment and Policy Support) program from 2023 through August this year. Under LIPS, the government provides policy funding and commercialization support after a private investor makes an initial investment in a high-potential small business. The export participation rate among these companies rose from 12 percent in 2023 to 22.7 percent last year, while average exports per company climbed from 183 million won to 233 million won over the same period.

Wednesday's opening day, themed "From region to brand," features sessions where local companies share their growth stories and investment strategies. The opening ceremony includes commendations for individuals who contributed to nurturing local businesses, followed by a vision performance.

A panel discussion titled "Asking about local" will then bring together experts and entrepreneurs — including Mo Jong-rin, a professor at Yonsei University, and Park Jun-gyu, chief executive of Surfer Beach — to discuss the current state and future direction of the local industry.

The afternoon program is dedicated to connecting investors with local companies. The "Local Investment Road Show" features reverse pitching, in which investors present their areas of interest and investment strategies first, followed by IR sessions from six local firms. The top three local companies selected through a public vote — dubbed "Local Star TOP3" — will also be unveiled.

Thursday's program focuses on spreading local companies' achievements into regional commercial districts. Sessions including a "Local Commerce Talk" and a "Local Commerce Outcomes Sharing" event will highlight successful commercial district cases and the results of commerce-linked crowdfunding campaigns.

A "Commerce Insight Trip" will take participants on visits to commercial districts in downtown Jeju and Seogwipo. An innovative finance program discussing new funding tools for small businesses — including security token offerings (STO) — and a forum for commercial district planners from across the country to collaborate will also be held.

The final day, Friday, centers on expanding domestic and overseas sales channels for local companies. The program will showcase collaboration cases between local firms and major brands and retailers such as Ottogi and Black Yak, with discussions on joint product development and distribution network opportunities.

One-on-one consultations will be held with participants including Invest Hong Kong and overseas buyers. An export showcase will highlight local companies' overseas achievements, with plans to pursue letters of intent from foreign buyers and the signing of export contracts. Throughout the event, an exhibition and sales space will allow visitors to browse and purchase products from local companies nationwide.

The event has drawn attention for bringing together under one roof what had previously been separate efforts — local company development, investment attraction, commercial revitalization and overseas expansion support. As local firms from across the country meet directly with domestic and foreign investors, major retailers and overseas buyers, industry observers are watching closely to see whether the gathering will translate into tangible outcomes such as new business partnerships, investment deals and export contracts. A key challenge going forward will be ensuring that the relationships formed at the event lead to sustained sales growth and regional economic vitality, rather than remaining a one-time exchange.

Lee Byeong-gwon, second vice minister of SMEs and Startups, said it is important to "densely connect the growth pathway so that a company that started from a small regional idea can grow into a competitive brand, find investment and new sales channels, and take on the global market." He added that the ministry would "actively support this festa in providing local companies with new investment, sales and export opportunities, and in ensuring that their growth feeds back into the vitality of local commerce and regional economies."