The Ministry of SMEs and Startups (MSS) recently celebrated a significant milestone at the TIPS Next & Event at the Raum Art Center in Seoul. The event, attended by over 400 participants including TIPS operators, select startups, support organizations, and industry experts, marked the unveiling of the “TIPS Next Strategy,” which charts the future course for the Technology Incubator Program for Startups (TIPS).

This event not only commemorated the achievements of TIPS, celebrating KRW 15 trillion($11.11 Billion) in follow-up investments accumulated over a decade, but also provided a platform to discuss the program’s future direction and share its significant impact on fostering innovation and entrepreneurship in Korea.

The ceremony recognized top performers from the “Welcome to TIPS Excellent Companies” competition, awarding the best teams across regions and acknowledging key contributors to the TIPS program’s success. The Ministry also introduced the “TIPS Next Strategy,” which reflects on the program’s past achievements and outlines future policy directions. This was followed by a panel discussion featuring successful TIPS alumni who shared insights into their experiences and the benefits of the program.

TIPS leverages private sector expertise to identify and support promising startups through a combination of government-provided R&D funding and commercialization assistance. Since its inception, TIPS has supported over 3,200 startups, which have attracted KRW 15 trillion in follow-up investments and created 22,549 new jobs, affirming its effectiveness.

Minister Oh Youngju highlighted the essential role of deep-tech startups in driving technological innovation and economic growth. She emphasized that the TIPS Next Strategy will bolster mid- and long-term growth for TIPS companies, facilitating their scaling and global expansion, thus ensuring their competitiveness on the global stage.

The TIPS Next Strategy focuses on several strategic tasks: enhancing scale-up support, boosting international expansion, expanding TIPS beyond the capital region to nurture local startup ecosystems, and establishing robust governance for project implementation.

Tech Incubator Program for Startup (TIPS) is a pivotal initiative by the MSS where selected operators use private expertise to support startup companies, with the government providing essential R&D and commercialization funding. Recognized as one of the Top 4 Global Accelerators by CB Insights in 2023, TIPS stands as a testament to Korea’s commitment to fostering a vibrant startup ecosystem and driving global innovation.