The South Korean Ministry of SMEs and Startups (MSS) has selected 20 companies for its ‘Global TIPS‘ initiative, designed to support startups that have secured at least $200,000 in investments from overseas venture capitalists. These startups are eligible to receive up to KRW 600 million (approximately $480,000) to aid their international expansion efforts.

TIPS is a program where specialized private operators, chosen by MSS, leverage their expertise to select and invest in promising startups. The government complements these private investments with matching funds for technology development (R&D) and commercialization. To date, more than 2,700 startups have participated in TIPS, attracting follow-up investments totaling around KRW 13 trillion (approximately $10.4 billion), marking it as MSS’s flagship entrepreneurship initiative.

This year’s introduction of ‘Global TIPS’ extends the existing program’s strengths—merging private pre-investment and governmental support—to the global stage. It specifically facilitates international expansion by supporting activities like the establishment of overseas subsidiaries, moving beyond traditional domestic export assistance.

Moreover, the program harnesses the investment and acceleration capabilities of foreign venture capitals (VCs) to strategically support market entry abroad, promoting a beneficial cycle within both domestic and international startup ecosystems.

The selection process for Global TIPS was highly competitive, with 118 companies applying. The final 20 were chosen after a thorough evaluation of their plans for global market entry, feasibility, strategies for securing additional funding, and overall capabilities. Among these, 12 had already received investments from global funds backed by the ‘Fund of Funds’.

Over the next three years, MSS will provide up to KRW 600 million to the selected companies for their international ventures. This support will be administered through specialized institutions with extensive global networks and expertise, focusing on local market preparation, scaling operations, and partnership development. Additionally, MSS plans to support the comprehensive international expansion of these promising technology startups by linking them with global funds.

Lim Jeong-wook, Director of the Startup Venture Innovation Office at MSS, commented, “The Global TIPS program offers promising technology startups a significant opportunity to enhance their international capabilities and successfully penetrate global markets. We anticipate that with structured support from overseas VCs and professional institutions, coupled with active global networking and effective management of local subsidiaries, these companies will emerge as leaders in the global marketplace.”