'Biohealthcare Accelerator' InnoCube Selected as TIPS Operator

InnoCube, a bio healthcare specialized accelerator, announced on the 24th that it has been selected as an operator of the ‘TIPS’ program, a private investment-led technology startup support program organized by the Ministry of SMEs and Startups.

InnoCube Logo
Photo by InnoCube

TIPS is a private investment-led technology startup support program that discovers excellent startup companies and supports them by matching private investment with government funds. When a TIPS operator discovers and nurtures promising startups and recommends them to the Ministry of SMEs and Startups, support such as research and development (R&D) and startup commercialization funds is provided through evaluation. Startups can receive investment support of more than 100 million KRW from the operator and up to 700 million KRW in total funding from the government, including 500 million KRW for R&D, 100 million KRW for startup commercialization, and 100 million KRW for overseas marketing.

InnoCube discovers startups specialized in bio healthcare and supports and nurtures them so that their ideas and technologies can be commercialized. It provides initial funding for startups and offers infrastructure such as shared research spaces and research equipment. It provides total services to ensure that startups’ innovative ideas and technologies can be commercialized, including project development discussions and management support.

InnoCube officially started its accelerator business in June last year at Handok Future Complex in Magok, Gangseo-gu, Seoul, and completed its accelerator registration in November of the same year. In March, it also completed the registration of its first venture fund.

Kwon Sohyun, CEO of InnoCube, said, “With the selection as a TIPS operator, we can further strengthen the foundation for discovering and nurturing startups,” adding, “We will actively engage in activities to revitalize the bio and healthcare sectors, including the contest scheduled for May, and contribute to building a healthy bio venture ecosystem through public-private cooperation.”

InnoCube is conducting the ‘S to B (Science to Business) Challenge,’ a contest to discover potential researchers and startups in the bio healthcare field. The first batch will be finally selected on the 25th of next month. The contest targets prospective entrepreneurs and startups less than three years old in the bio and health sectors, including bio/pharmaceuticals, medical devices, diagnostics, and digital healthcare. Applications can be submitted through the InnoCube website until the 10th of next month.

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