The Ministry of SMEs and Startups (Minister Oh Young-joo, hereinafter referred to as the Ministry of SMEs and Startups) announced on December 31st that it would be recruiting a new organization to run the ‘TIPS Program.’
TIPS is a representative startup support program of the Ministry of SMEs and Startups. It is a system in which an operator selected by the Ministry of SMEs and Startups utilizes private sector expertise and capabilities to select startups, and the government provides support in connection with technology development (R&D) and startup commercialization funds. To date, over 3,200 startups have received support, resulting in the attraction of a total of 15 trillion won in follow-up investments.
This selection of a TIPS host organization is a follow-up measure to the 'TIPS Next Strategy' announced on November 27th. The purpose is to systematically support TIPS companies by designating an organization with expertise and capabilities as the host organization to ensure the smooth execution of the TIPS business.
Eligible for business applications are private institutions that have a dedicated organization for business execution and possess expertise and capabilities in business evaluation and management, business support, and business incubation. Business plans, etc. must be submitted to the K-Startup website by 16:00 on January 20.
The final selection will be made of institutions with excellent capabilities through document evaluation, on-site inspection, and presentation evaluation of the applicant institutions. The selected host institutions will be responsible for TIPS R&D and related business operations, selection and management of TIPS operators, and program operation for TIPS companies.
Kyung-won Cho, Director of Startup Policy at the Ministry of SMEs and Startups, said, “Through this competition for the lead institution, we will select excellent institutions with the expertise and capabilities to carry out the TIPS project, the Ministry of SMEs and Startups’ representative public-private collaboration project, and systematically support TIPS companies to ensure the smooth progress of the TIPS project.”
For specific details regarding the business announcement, please check the announcement on the K-Startup website starting December 31st.
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