Ulsan City Lays Foundation for Startup Growth... 5 Billion KRW 'Ulsan TIPS Venture Fund' Established

Focused Investment in Early Startups and Venture Companies with Promising Technologies

Overview of the Ulsan TIPS Program.

[Asia Economy Yeongnam Reporting Headquarters Reporter Kim Yong-woo] Ulsan City is launching a new fund worth 5 billion KRW to focus investment on early-stage startup venture companies.

On the 24th at 9:30 a.m., Ulsan City announced that it will hold the formation ceremony of the "Ulsan TIPS Venture Fund" at the reception room on the 7th floor of the City Hall main building, attended by Ulsan Mayor Kim Doo-gyeom, Ulsan Creative Economy Innovation Center Director Kim Jae-hoon, and Ulsan National Institute of Science and Technology (UNIST) Industry-Academic Cooperation Foundation Director Kwon Soon-yong.

TIPS refers to the Tech Incubator Program for Start-up, a private investment-led technology startup support program.

The event will proceed in the order of reporting the fund formation progress and operation plan, reporting the business agreement draft, signing the MOU, and commemorative photo session.

The Ulsan TIPS Venture Fund will raise a total of 5 billion KRW with participation from △Korea Fund of Funds (3.85 billion KRW), △Ulsan City (600 million KRW), △Ulsan Creative Economy Innovation Center (500 million KRW), and △UNIST Technology Holdings (50 million KRW).

The fund will be jointly managed over the next seven years by the Ulsan Creative Economy Innovation Center and UNIST Technology Holdings, which have been actively producing startup achievements in the region, focusing investment on early-stage startup venture companies with promising technologies.

The Ulsan Creative Economy Innovation Center operates the TIPS program, a representative startup support project of the Ministry of SMEs and Startups, and it is expected that government funds can be additionally supported through the TIPS program after fund investment.

Ulsan City plans to provide not only investment funds but also practical growth opportunities to promising early-stage startup companies facing financial difficulties in the venture investment blind spots through the Ulsan TIPS Venture Fund and the TIPS program.

Ulsan Mayor Kim Doo-gyeom said, "With the global economic downturn, the venture investment market is becoming increasingly difficult, making the public sector's leading role more important," and added, "We will actively strive to create a Ulsan where local startup venture companies can leap higher beyond survival through continuous fund formation and operation."

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