195.1 Billion KRW Support for All TIPS Startup Teams... "Global Technology Development Platform"

Image source = TIPS homepage

[Asia Economy Reporter Kim Daeseop] The Ministry of SMEs and Startups announced on the 12th that it will invest 195.1 billion KRW in the integrated support for TIPS startup teams this year.

This project plans to support and nurture promising startups by growth stage in connection with private investment, supporting approximately 30 Pre-TIPS, 300 TIPS, and 40 Post-TIPS companies.

TIPS is a program that promotes startups by utilizing private investors (operators) such as successful venture entrepreneurs to select startup teams and link angel investment with government research and development (R&D). Especially this year, TIPS will be operated to leap forward as a global technology startup nurturing platform leading the 'Second Venture Boom.'

Preferential policies and forums will be expanded to increase early-stage investment and startup teams in the Fourth Industrial Revolution fields such as artificial intelligence (AI), healthcare, big data, and in the materials, parts, and equipment industry sectors. The plan is to actively foster future strategic industries.

To strengthen the linkage between projects by growth stage, the Pre-TIPS performance evaluation will be operated focusing on the operators. Pre-TIPS graduate companies will be given opportunities to participate in TIPS through investment attraction by operators, and companies judged as 'successful' will be awarded additional points.

The overseas marketing support project will reorganize the subcommittees composed by technology fields according to the countries they wish to enter. The evaluation weight for understanding the target market will be increased to focus support on teams with high potential for global expansion and success.

For efficient management of startup teams' project funds, the system will shift from periodic inspections to a continuous inspection system. This will prevent additional administrative procedures and misuse cases, allowing teams to concentrate on research and development and commercialization.

This year marks the 8th year since the launch of TIPS. In collaboration with the private sector, as of the end of last year, a total of 56 operators and 934 startup teams have been discovered. Through this, visible achievements have been made, including 2 companies going public (IPO), 14 mergers and acquisitions (M&A), and private follow-up investments exceeding 2 trillion KRW (5.4 times the government support funds).

This content was produced with the assistance of AI translation services.