Support Details
- Amount of Support
- Up to 1 Billion KRW per tech startup for up to three years
- Support Details
- Angel Investment (100M KRW) + Business Incubation and Mentoring from Successful Angel Investors + R&D Funding (500M KRW) + Additional Financial Assistance (400M KRW; comprising in Startup Funding, 200M KRW in an Angel Matching Funds, 100M KRW in Overseas Marketing Assistance)
| Total Budget | ||||||
|---|---|---|---|---|---|---|
| Classification | Incubation Period |
Initial Funding | Technical Development Funding (R&D) | Additional Financial Assistance |
||
| Angel Investment (Accelerator) |
Government Fund |
Private Spending (out-of-pocket) |
||||
| Cash | In Kind | |||||
| Tech startup | 2-3 Years |
100MKRW (Minimum 20% is Government Funding) |
Up to 500M KRW | Greater Than 50% of The Private Spending |
Required Amount |
100M KRW in Startup Funding, 200M KRW in Matching Angel Funds, 100M KRW in Overseas Marketing Assistance |
| Less Than 80% of The R&D Fund |
Greater Than 20% of The R&D Fund |
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Process
1
Tech Startup
Application · Submission
- Tech startup
- Year-round application
- Designated accelerators, chosen by investment sector, will review the business proposals of relevant applicants (sent via email)
2
Investment Appraisal
- Accelerator(Partner)
- Accelerator will conduct investment appraisal evaluations in order to select potential tech startups in which to invest (1.2 times that of the final teams)
3
Tech Startup
Recommendation &
Referral
- Accelerator
- Accelerator will sign an investment agreement with the selected tech startups and recommend/refer them to the TIPS supervising agency (up to their maximum allotment of referrals)
4
Assessment of
Recommended/
Referred Startups
- Supervising
Agency - Supervising agency will review the overall competencies of the recommended/referred tech startups and their technologies in addition to the accelerator’s investment and support plan
- Around 7- 8 tech startups recommended by the accelerators will be subject to a review and assessment by the supervising agency bimonthly
- Document review/assessment → change/adjustment of startups business plan → Face-to-face interview/assessment
5
Program
Implementation
- Accelerator
- (Accelerator) Investment, mentoring, incubating support
- Supervising
Agency - (Supervising agency) R&D support
6
Completion and
Follow-Up Investment
- Accelerator
- Accelerator will provide a follow-on investment (VC), pursue M&A transactions, and investigate Initial Public Offerings (IPOs)
- Supervising
Agency - Tech startup will pay back 10% of the government R&D fund as loyalty payments, if the startup is successful