Kang Sung-cheon, Vice Minister of the Ministry of SMEs and Startups, Holds TIPS Operators Meeting... "Fostering Youth Startups"

Kang Sung-cheon, Vice Minister of the Ministry of SMEs and Startups, is giving a briefing on the second rapid payment of the Hope Recovery Fund on the 30th at the briefing room of the Government Seoul Office Annex in Jongno-gu, Seoul. Photo by Kim Hyun-min kimhyun81@

[Asia Economy Reporter Junhyung Lee] On the 14th, the Ministry of SMEs and Startups announced that Vice Minister Kang Seongcheon held a meeting with the CEOs of TIPS operating companies at TIPS Town located in Gangnam-gu, Seoul.

TIPS is a project jointly operated by the private sector and the government to discover and nurture promising startup companies. For startups that private operators have pre-invested 100 million to 200 million KRW, the government supports up to 500 million KRW in research and development (R&D) funds. Since its establishment in 2013, it has supported 1,300 startups and attracted 5.0159 trillion KRW in private follow-up investments.

This meeting was organized to discuss ways to further develop TIPS, the government's representative startup support project. CEOs of six operating companies with high startup nurturing performance participated and presented various opinions on difficulties and ways to improve government support efficiency. The Ministry of SMEs and Startups plans to promptly review the discussions and reflect them in policies, and to expand communication with TIPS operating companies in the future.

Vice Minister Kang said, "The outstanding achievements of TIPS, such as nurturing youth startups recognized worldwide, are thanks to the private operators participating in TIPS who discovered excellent companies and devoted themselves to nurturing them." He added, "As TIPS enters its ninth year this year, with increased support scale and the development of the domestic startup ecosystem, it is time for new changes."

Meanwhile, among the 1,300 TIPS-supported companies, 30 have been acquired by other companies, and six have succeeded in initial public offerings (IPO). In April this year, 10 CEOs of startups originating from TIPS were included in Forbes' 'Asia's 300 Under 30 Leaders' list.

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