Green Roof Selected as a "Tips" by the Ministry of SMEs and Startups

Green Loop Co., Ltd. was selected for the Ministry of SMEs and Startups' technology startup support program TIPS.

The TIPS program, hosted by the Ministry of SMEs and Startups, identifies startups with outstanding technologies and collaborates with the government to nurture them. Private investors identify and invest in startups, and the Ministry provides research and development (R&D) funding. The program operates under a structure where the government provides follow-up support following the initial private investment. Selected companies can receive up to 500 million won in R&D funding and 200 million won in startup commercialization and marketing funding over the next two years.

Green Loop was selected through the recommendation of CNT Tech, a startup investment accelerator and TIPS operator, and will receive up to 700 million won in research and development funding, as well as commercialization and marketing funds, over the next two years.

South Korea is the world's fifth-largest producer of clothing waste, generating approximately 92 million tons of clothing waste annually. However, the existing analog system prevents accurate data on waste discharge, collection volume, and resource circulation, leading to various social problems and hindering the growth of the used clothing resale market.

Accordingly, Greenloop is developing and operating the Greenloop OS (operating system) that secures profitability and promotes digital transformation by operating a single system that collects, transports, classifies, reuses, and upcycles clothing from the discharge stage.

Green Loop CEO Han Kang-jin stated, "Green Loop is currently participating in the Smart City National Pilot City Innovation Service Model Verification Project, hosted by the Ministry of Land, Infrastructure and Transport, based in Sejong City. We anticipate that the funding we receive through this TIPS selection will enable us to create more collaborative cases with local governments and large corporations. Furthermore, we plan to export our business model overseas so that it can be adopted in smart cities overseas." He added, "We aim to digitalize the entire process from collection, sorting, sales, and upcycling, secure data, and then enter the individual carbon emissions trading market."

• See more related articles