8 Years of Private TIPS Operator Activity
Total of 54 TIPS-Selected Companies Produced
Startup accelerator SparkLabs (CEO Kim Yoo-jin) announced on the 4th that 12 startups nurtured and invested in last year were selected for the Ministry of SMEs and Startups' technology startup investment program 'TIPS'.
TIPS is a private investment-led technology startup support program that selects promising startups with technology capable of leading the global market and provides focused nurturing. All 12 companies recommended by SparkLabs, a private investor in TIPS, will receive up to 700 million KRW in technology research (R&D) funds, business linkage, overseas marketing, and other support over the next two years.
Since being selected as a TIPS operator in 2015, SparkLabs has produced a total of 54 TIPS-selected companies over eight years. In particular, Slowave, selected as a Fast Track company for the newly established 'Deep Tech TIPS' last year, will receive up to 1.7 billion KRW in research and development costs over three years. Deep Tech TIPS selects promising startups with outstanding technology in 10 new industry sectors, and due to the large scale of support funds, the evaluation criteria are stringent.
Kim Yoo-jin, CEO of SparkLabs, said, "The TIPS program is a key support project that provides a growth foundation for the domestic early-stage startup ecosystem," adding, "We will increase the number of TIPS recommendation rights next year and continue to spare no effort in discovering and supporting early-stage startups with innovative and promising technologies."
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