According to Yonhap News,

(SEOUL=Yonhap News) The Small and Medium Business Administration (SMBA) announced February 4 that it will invest KRW 47 billion in startups participating in the tech incubator program for startup (TIPS).

The SMBA will strengthen its selection and concentration strategy by expanding the budget for research and development support from KRW 24 billion in 2015 to KRW 41 billion in 2016 and establishing KRW 6 billion of budget for startups entering into overseas markets.

The SMBA plans to find 130 new startups for the TIPS program in 2016.

The technology-oriented manufacturing startups will account for half of the startups taking part in the TIPS program and the participating startups will bear 10 percent of the technology cost.

Please contact TIPS Town (Tel: 02-3440-7421~5/ www.jointips.or.kr) for more information.

cindy@yna.co.kr

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