Daewoong Pharmaceutical Supports Bio Startup Growth... Selected as Operator of 'TIPS' Program Led by Ministry of SMEs and Startups

[Asia Economy Reporter Lee Gwan-joo] Daewoong Pharmaceutical announced on the 24th that it has been newly selected as an operator of the technology startup investment program 'TIPS' (TIPS, Tech Incubator Program for Startup) led by private investment, organized by the Ministry of SMEs and Startups.

TIPS is a program that utilizes the private (angel) investment and nurturing capabilities of operators to discover and invest in promising startup companies, and then supports government funds for technology development, startup commercialization, and overseas marketing through a matching system. When an operator selects startup companies and recommends them to the Ministry of SMEs and Startups, separate evaluations are conducted to support technology development (R&D) and startup commercialization funds.

Daewoong Pharmaceutical registered as a specialized accelerator in the pharmaceutical and bio sector with the Ministry of SMEs and Startups in 2020 and has experience successfully discovering and investing in two prospective startups and two early-stage investment companies through its startup investment contest program, Innobear Startup School.

Daewoong Pharmaceutical applied for the new TIPS operator recruitment in March to promote company building that helps startup companies in the bio sector with promising technologies prepare for establishment and nurture early-stage companies, aiming to create an environment where Daewoong Pharmaceutical and startup companies can grow together. Daewoong Pharmaceutical is the only operator selected specializing in bio and healthcare.

Daewoong Pharmaceutical will recruit and select startup companies with potential in the bio convergence R&D field, which encompasses synthetic new drugs, cell gene and antibody therapeutics, new modalities, innovative technologies that can become next-generation game changers, artificial intelligence, and various IT technologies, and will support angel investment, nurturing, mentoring, and bio-specialized accelerating programs.

Jeon Seung-ho, CEO of Daewoong Pharmaceutical, stated, “Based on over 30 years of research and clinical development capabilities, global blockbuster launches and technology export experience, global business and production infrastructure, and early investment and accelerator experience, Daewoong Pharmaceutical will be the optimal customized partner that can grow together with startup companies.”