[Asia Economy Yeongnam Reporting Headquarters, Reporter Ju-cheol In] Gyeongsangnam-do announced on the 22nd that a TIPS (Tech Incubator Program for Startup) operator, the government's largest technology startup support program, has been selected in the province.
Gyeongnam Province stated that Gyeongnam Creative Economy Innovation Center and Series Ventures LLC, regional startup planning investment companies that collaborated to nurture startup companies, were selected as TIPS operators.
TIPS is a project where operators selected by the Ministry of SMEs and Startups discover and pre-invest in startups with technological capabilities, then recommend them to the Ministry, which provides matching support through a selection evaluation.
If selected for TIPS, startups can receive funding support such as up to 500 million KRW for technology development (R&D), up to 100 million KRW for startup commercialization, and up to 100 million KRW for overseas marketing, as well as fund-linked investments.
Gyeongnam Province explained that until now, there were no TIPS operators in the province, making it difficult for local startups with excellent technology to participate in the TIPS program.
With the selection of local operators as TIPS operators this time, Gyeongnam Creative Economy Innovation Center can recommend up to 6 companies annually, and Series Ventures up to 8 companies for government support, which Gyeongnam Province expects will greatly help the growth of local startups.
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