On January 2nd, Small and Medium Business Administration revealed their startup support plan, 2015 TIPS.
TIPS is a technology startup support program designed to attract more private investments. Through angel investors from major corporate, TIPS selects promising teams and provides aids like governmental R&D. Small and Medium Business Administration established this 'Israel style' startup support program last year and it gained a great amount of popularity because once a startup team secures at least 100,000 dollars, the administration will add extra funding up to 900,000 dollars.
Last year the government put almost 9 million dollars for R&D. With Angel investors, just in last year startup support funding through TIPS reached 18.4 million dollars.
For example, Beat Packing Company (Su-man Park CEO) secured 1 million dollars from CS Partners through TIPS then received secondary investment of extra 3 million dollars and 8 new workers. Other startups like Keukey, Entrium, Kidsnote, and Parking Square were selected for the secondary investment and extra recruitments as well.
Based on this new announcement, this year's funding is around 8 million dollars with total nurturing period of 2 to 3 years. Any other costs outside of initial funds like day care, and mentoring will be done by the managing company. The eligibilities for this program are to be less than 7 years old and a team of more than 2 people working on a highly advanced modern technology based development.
There is not a specific deadline for this program because the program accepts new applicants every month. On the upcoming 16th 3 o'clock, there will be an introductory seminar at MARU 180 of Yeok-sam Station. Because you need to have the initial funding arranged from an investor before you sign up for this program, you will need to propose your design to a selected management company.
TIPS program has the policy to collect 3% of total annual revenue and 40% of applied science development funding once the startup team graduates from the 'incubator' with a grade of "Success." Meeting anyone of the four criteria, M&A Success rate, IPO, annual revenue of 900,000 dollars, and secondary investment from a VC, will give you the 'success' grade.
2015 TIPS program management companies are listed in below. Any other details can be found at the Small and Medium Business Administration website.
2015 TIPS program management companies are listed
|Company Name||Homepage/e-mail||Specified Fields||BI Location|
|K-Cube Venturesemail@example.com||Internet, SW, Mobile etc.||Seoul|
|firstname.lastname@example.org||Parts Materials, IT etc.||Seoul|
|KITE Entrepreneurship Foundationemail@example.com||Production, Parts Materials, Medical Bio etc.||Seoul/Dae-jeon|
|Primerfirstname.lastname@example.org||Internet, SW, Mobile etc.||Seoul|
|Fast Track Asiaemail@example.com||Internet, SW, Service etc.||Seoul/Po-hang|
|Bon Angels Partnersfirstname.lastname@example.org||Internet , SW, Mobile etc.||Seoul|
|TheVenturesemail@example.com||IT (Mobile, Internet, Service)||Seoul|
|Future Playfirstname.lastname@example.org||IT (HW, SW) etc.||Seoul/Kyung-ki|
|Coolidge Corner Investmentemail@example.com||Parts Materials, HW, IT etc.||Seoul|
|Innopolis Partnersfirstname.lastname@example.org||HW based production, Bio IT etc.||Seoul/Dae-jeon|
|Actner Labemail@example.com||Wearable, IoT, Connected Car, Health Care||Seoul|
|Hanhwa S&Cfirstname.lastname@example.org||Every ICT Fields||Mi-Jeong|
|Poscoemail@example.com||Every Industry Fields||Mi-Jeong|