The Ministry of SMEs and Startups said on the 25th it will expand TIPS research and development funding for startup corporations. TIPS is a startup support program. When the private sector selects and invests in startup corporations, the government provides research and development and commercialization funds.
This year, 800 corporations will receive research and development funds. Support under the general track will be expanded from 500 million won over two years to 800 million won. The investment requirement for TIPS operators will be raised from 100 million won to 200 million won. After graduating from the general track, corporations can receive 1.5 billion won in research and development funds over three years. Commercialization funds will be provided to 650 corporations.
Regional TIPS corporations will be expanded. Fifty percent of the total slots for the general track will be preferentially allocated to non-capital regions. Investment requirements will be eased to 200 million won in the capital region and 100 million won outside the capital region. ESG (environment, social and governance) corporations such as Climate Tech and social ventures will be given a 10% preferential allocation of the total general track recruitment. Whether a retirement pension system has been introduced will be reflected in the evaluation.
The TIPS startup corporations support plan will be announced on the 26th. Cho Kyung-won, entrepreneurship policy director at the Ministry of SMEs and Startups (MSS), said, "Artificial intelligence and deep tech (technology-centered startups) are reshaping the global economic paradigm," and added, "We will support innovative startup corporations so they can grow."