Follow-up Investment Attraction of 15 Trillion TIPS... Announcement of the 'Next Strategy'

Over 3,200 Startups Supported by TIPS
Cumulative Follow-up Investment Reaches 15 Trillion KRW
Ministry of SMEs and Startups Unveils 'TIPS Next' Strategy

Follow-up investments in startups supported by TIPS have surpassed 15 trillion won. TIPS is a system in which operators selected by the Ministry of SMEs and Startups utilize private expertise and capabilities to select startup companies, and the government provides linked support for technology development (R&D) and startup commercialization funds. Based on this achievement, the Ministry of SMEs and Startups disclosed the future policy direction for TIPS.

On the 27th, the Ministry of SMEs and Startups announced the ‘TIPS Next Strategy’ at the Raum Art Center in Seoul, with about 400 participants including TIPS operators, selected TIPS companies, support organizations, and experts. Since its planning in 2013, TIPS has supported over 3,200 startups that have attracted follow-up investments worth 15 trillion won and created a total of 22,549 new jobs, demonstrating excellent results. Last year, the US data analysis and research firm CB Insights selected TIPS as one of the top 4 global accelerators, and the TIPS program has received high evaluations overseas, establishing itself as a representative program for supporting technology startups.

On this day, the Ministry explained that the TIPS Next Strategy consists of four tasks: ▲strengthening scale-up support for mid- to long-term growth ▲enhancing support for overseas expansion for global leap ▲promoting the inflow of TIPS to non-capital regions to create regional startup ecosystems ▲establishing governance for systematic project implementation. First, the Ministry plans to promote qualitative growth of TIPS by establishing success criteria for TIPS companies through company diagnosis using an artificial intelligence (AI)-based performance system and providing solutions suitable for growth stages, as well as presenting success guides by company age and stage. Additionally, a private loan program that provides follow-up investment along with scale-up growth funds will be expanded targeting successful TIPS companies. Policy linkage will also be strengthened by selecting the ‘TIPS Company of the Year’ and granting maximum bonus points when participating in scale-up TIPS.

To nurture domestic innovative startups into global innovative companies, a dedicated global R&D track will be established. The global TIPS, newly established this year, will be expanded next year. By designating and utilizing global specialized operators with global cooperation networks and overseas expansion experts, the Ministry will promote the global expansion of TIPS companies and strengthen meetups with foreign business delegations visiting overseas missions and Korea.

The promotion of TIPS inflow to non-capital regions will be led by the Creative Economy Innovation Centers. Companies located in global innovation zones, where R&D and rapid commercialization are facilitated, will also be encouraged to link with deep-tech TIPS, focusing on discovering and connecting promising companies in regional strategic industries. Networking events called ‘Welcome to TIPS’ between non-capital region TIPS hopeful companies and TIPS operators will also be intensively operated. Furthermore, for systematic project implementation, operating institutions equipped with professional personnel for company evaluation and management, as well as capabilities for global expansion support and incubation, will be designated and supported.

Minister Oh Young-joo said, “In the era of technological hegemony, where innovative technology has emerged as a core element of national competitiveness, nurturing and supporting technology startups with promising technologies is more important than ever,” adding, “Centered on this TIPS Next Strategy, we will actively support TIPS companies to grow mid- to long-term through scale-up support and global expansion support, enabling promising technology startups to secure competitiveness in the global market.”

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