InfoBank iAccel (hereinafter “iAccel”) is solidifying its status as a top-performing operator in the TIPS (Tech Incubator Program for Startup) initiative, having recommended 30 startups for selection in 2023.
TIPS, overseen by the Ministry of SMEs and Startups, is a private investment-led technology startup support program designed to identify and nurture early-stage startups with high growth potential through joint efforts by the government and private investors. As TIPS operators are responsible for discovering promising startups, making initial investments, and providing incubation support, they are expected to have both a sharp eye for identifying potential and strong capabilities in fostering startup growth. Importantly, TIPS recommendation quotas are not granted equally to all operators. Instead, the number of recommendations each operator receives is determined based on their performance in the previous year and various evaluation metrics. As a result, the number of recommendation slots assigned to an operator is widely regarded as one of the most important indicators of that operator’s capabilities and track record within the TIPS program.
iAccel ranked first among all TIPS operators in 2022 in terms of the number of startups successfully selected for the program. Building on that performance, the firm went on to recommend 30 startups in 2023, further cementing its presence as a highly capable, corporate-backed accelerator.
In addition, iAccel set a new record in the newly established Deep Tech TIPS track in 2023, with all five of its recommended teams—MFR, OpusM, Infopla, PBTL (MedginBio), and ECO-HOPIA—being selected for the program. Deep Tech TIPS is a new initiative launched as part of the “1,000+ Deep Tech Startups” project supported by the Ministry of SMEs and Startups. The program targets startups with outstanding technological capabilities and provides up to KRW 1.7 billion in R&D funding over three years. Because the support size is roughly three times larger than that of the regular TIPS program, the evaluation criteria for technology excellence, business potential, and global expansion capability are significantly more stringent.
According to Hong Jong-chul, CEO of InfoBank iAccel, “Once a startup is selected for TIPS, it can receive R&D funding and business commercialization support for two years, as well as practical assistance such as incubation programs offered by the TIPS operator and opportunities for follow-on investment. For early-stage companies, it is considered one of the most critical milestones.” He added, “To support this, operators must stay one step ahead by closely monitoring global technology trends and market dynamics, so that early-stage startups can fully realize their potential. Like a pacemaker in a marathon, InfoBank will continue to provide tailored support to help startups grow and innovate over the long run.”
Source: InfoBank, “2023 TIPS Performance Announcement – 30 Startups Recommended” (VentureSquare)
Original article (Korean): https://www.venturesquare.net/892893
Publication date: 2023-08-18
Reporter: Oh Hyo-jin
InfoBank iAccel (hereinafter “iAccel”) is solidifying its status as a top-performing operator in the TIPS (Tech Incubator Program for Startup) initiative, having recommended 30 startups for selection in 2023.
TIPS, overseen by the Ministry of SMEs and Startups, is a private investment-led technology startup support program designed to identify and nurture early-stage startups with high growth potential through joint efforts by the government and private investors. As TIPS operators are responsible for discovering promising startups, making initial investments, and providing incubation support, they are expected to have both a sharp eye for identifying potential and strong capabilities in fostering startup growth. Importantly, TIPS recommendation quotas are not granted equally to all operators. Instead, the number of recommendations each operator receives is determined based on their performance in the previous year and various evaluation metrics. As a result, the number of recommendation slots assigned to an operator is widely regarded as one of the most important indicators of that operator’s capabilities and track record within the TIPS program.
iAccel ranked first among all TIPS operators in 2022 in terms of the number of startups successfully selected for the program. Building on that performance, the firm went on to recommend 30 startups in 2023, further cementing its presence as a highly capable, corporate-backed accelerator.
In addition, iAccel set a new record in the newly established Deep Tech TIPS track in 2023, with all five of its recommended teams—MFR, OpusM, Infopla, PBTL (MedginBio), and ECO-HOPIA—being selected for the program. Deep Tech TIPS is a new initiative launched as part of the “1,000+ Deep Tech Startups” project supported by the Ministry of SMEs and Startups. The program targets startups with outstanding technological capabilities and provides up to KRW 1.7 billion in R&D funding over three years. Because the support size is roughly three times larger than that of the regular TIPS program, the evaluation criteria for technology excellence, business potential, and global expansion capability are significantly more stringent.
According to Hong Jong-chul, CEO of InfoBank iAccel, “Once a startup is selected for TIPS, it can receive R&D funding and business commercialization support for two years, as well as practical assistance such as incubation programs offered by the TIPS operator and opportunities for follow-on investment. For early-stage companies, it is considered one of the most critical milestones.” He added, “To support this, operators must stay one step ahead by closely monitoring global technology trends and market dynamics, so that early-stage startups can fully realize their potential. Like a pacemaker in a marathon, InfoBank will continue to provide tailored support to help startups grow and innovate over the long run.”
Source: InfoBank, “2023 TIPS Performance Announcement – 30 Startups Recommended” (VentureSquare)
Original article (Korean): https://www.venturesquare.net/892893
Publication date: 2023-08-18
Reporter: Oh Hyo-jin