Powin Co., Ltd. was selected for the TIPS program by the Ministry of SMEs and Startups with its 'Therapy Wear' technology based on sports taping. The photo shows an explanation of the Therapy Wear technology. Namyangju City, Gyeonggi Province (Mayor Joo Gwang-deok) announced on the 7th that Powin Co., Ltd. (CEO Oh Jun-kyung), a local functional sportswear company, was finally selected as a TIPS support company under the Ministry of SMEs and Startups' technology startup investment program on the 2nd.
TIPS (Tech Incubator Program for Startup) is a private-led technology startup fostering program that discovers promising startups with excellent technology and supports technology development and commercialization jointly by the government and private investors. Selected companies can receive up to 700 million KRW in research and development (R&D) funds and other linked support for two years.
Powin Co., Ltd. received high evaluations by newly developing ‘Therapy Wear,’ which applies sports taping and kinesiology taping logic for improving body functions, protection, pain relief, and posture correction, showcasing innovative technology that integrates physical therapy principles into clothing.
Going forward, Powin Co., Ltd. plans to prepare for the development of bionic clothing and pioneer a new clothing category while entering the global apparel market.
A Powin Co., Ltd. official stated, “During the approximately eight-month TIPS selection process, we refined our business structure and technology system through mentoring with the operating company and Namyangju City’s Regional Economy Division, as well as various support programs. We believe that with Namyangju City’s support, we achieved this favorable result of being selected for TIPS.”
A city official said, “We will actively support the activities of the Corporate Sarangbang advisory committee to continuously discover and nurture promising companies like Powin Co., Ltd. We will do our best to support the growth of technology-capable companies so that they can contribute to Namyangju City’s economic development and its leap toward becoming a 1 million mega city.”
Namyangju City operates ‘Corporate Sarangbang’ (free corporate consultation service) by recruiting experts in various fields such as startup, legal affairs, taxation, and patents to promote economic activities and enhance competitiveness of companies located in the city. Companies facing difficulties in operation can apply for knowledge-sharing Corporate Sarangbang advisory consultations through the Regional Economy Division.
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