By 2020, the Korean government unveiled its vision to foster 1,200 Tech Incubator Program for Startup Korea (TIPS) business foundation teams and draw 3.8 trillion won (US$3.4 billion) in private investment, fostering 50 global star ventures.
On December 15, the Small and Medium Business Administration (SMBA) successfully held the '2016 TIPS Convention' in TIPS Town in Seoul with subordinated events to announce the TIPS 2020 vision, the 12th Young Entrepreneurial Concert, and match the National Academy of Engineering of Korea and TIPS business foundation teams as mentors and mentees.
The TIPS program which has been in operation for three and a half years, has cultivated 218 startup teams in total with 30 private companies taking the lead in the program. The program has also positioned itself as a representative platform for revitalizing an entrepreneurial ecosystem based on advanced technology such as attracting 319.6 billion won or US$287.6 million (42.9 billion won from venture capitalists and follow-up investment of 276.7 billion won) in private investment.
On this day, completing "TIPS 2020 Vision Tree," participants proclaimed that they will develop the TIPS program into the world’s number one technological business foundation by fostering 50 global venture firms based on 1,200 TIPS business foundation teams in total and surpassing 300.8 trillion won (US$270 billion) in private investment by 2020.
To this end, the SMBA plans to expand participation in new TIPS consortia by excellent overseas institutions (overseas accelerators, etc.). At the same time, the SMBA will concentrate on selecting and fostering teams that can create new markets through global advancement rather than activities in Korea when selecting new business foundation teams.