The Gyeonggi Center for Creative Economy and Innovation (hereinafter referred to as the ‘Gyeonggi CCEI’) was selected as a consortium organization of ‘Seed TIPS’, a private-led preliminary startup support program hosted by the Ministry of SMEs and Startups.
Seed TIPS is a pilot project conducted by the Ministry of SMEs and Startups for the first time this year. It discovers promising technology start-up teams through private investment companies, and after incubating within 6 months, executes seed investment for excellent companies.
The purpose of this process is to foster early-stage start-ups and increase the success rate of technology entrepreneurship.
After this consortium selection, the Gyeonggi CCEI will cooperate with Infobank’s iExcel. The Seed TIPS is aiming to boost the value of promising start-up teams by customizing the entire cycle which includes, ▲ providing co-working space to participating companies ▲offering customized accelerating ▲linking global/large and medium-sized companies to open innovation ▲supporting global market entrance, and ▲supporting investment attraction. In addition, by utilizing the strengths of the TIPS operator, the project plans to closely support the scale-up of the companies by continuing to recommend and connect to the TIPS after the program ends.
For the startup team selected for this program, Infobank will ▲review the investment of up to 100 million won or more, ▲provide commercialization fund of up to 50 million won, ▲promote the business through ‘eo Channel’ which is subscribed to by 470,000 people, and other cooperative channels, ▲ and growth program essential for overall process of entrepreneurship, including 1 on 1 expert mentoring, assignment of a dedicated examiner, training session specializing in early start-up, patent consultation and portfolio building support, networking, etc. ▲ and connect to the TIPS for the final selection team after the program ends.
An official from the Gyeonggi CCEI said, “We will provide unstinting support so that promising preliminary and early start-up teams can build their capability to attract seed investment.
Companies wishing to participate in Seed TIPS can apply on the ‘eo PLANET’ website until the 18th, and the final selected team will be announced on September 23 after screening the documents and interviews.
Meanwhile, the Gyeonggi CCEI is a public accelerator that discovers and invests in promising companies and is focusing on the open innovation with global/large-and-medium-sized companies for innovative start-ups such as incubator companies, and the investment as the TIPS operator.
So far, direct investment has been completed in a total of 18 companies including SoyNet Co, ltd, Changupin, Inc, and i-Pin Labs. More detailed information can be found on the website of the Gyeonggi CCEI.