TIPA Selects 51 SoBuJang Startup Companies... 18.9 Billion KRW Support Over 2 Years

Logo of the Technology Innovation Promotion Agency for SMEs (TIPA). [Photo by Technology Innovation Promotion Agency for SMEs]

[Asia Economy Reporter Junhyung Lee] The Korea Technology and Information Promotion Agency for SMEs (TIPA) announced on the 8th that it has selected 51 startup companies as recipients of technology support to promote self-reliance in materials, parts, and equipment technology and to support future new industries.

The 51 selected companies will receive a total of 18.9 billion KRW in funding over a maximum two-year agreement period to carry out technology development. TIPA plans to select and support an additional 25 startups in the second half of this year from those who apply for technology support.

TIPA’s strategic materials, parts, and equipment support project targets startups established within the last seven years and with annual sales under 2 billion KRW in the previous year. TIPA has more than doubled the support scale compared to last year, securing a total of 28.5 billion KRW in technology development funds this year.

The results of technology support are gradually becoming visible. According to TIPA, 117 startups that received technology support last year recorded sales of 1.8 billion KRW by May and attracted investments totaling 4.8 billion KRW. Additionally, they created employment for 132 people and filed 54 patent applications.

Lee Jae-hong, President of TIPA, stated, "Although the risks are high, we plan to continuously support technology development for startups in the materials, parts, and equipment sector, which is expected to create new markets and achieve high growth," adding, "We hope to become a driving force for the growth of startups."

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