KU Holdings Selected as TIPS Partner
As a partner dedicated to bio technology, KU Holdings will provide its top-class research facilities and medical professionals to bio-tech startup companies.
KU Holdings was recently selected as a partner for TIPS (Tech Incubator Program for Startup), the state-run program designed to invigorate the ecosystem of technology startups by attracting investments from the private sector.
The Ministry of SMEs and Startups announced on July 31 that it has recruited ten new partners for TIPS, nine general partners plus one specializing in biotech.
TIPS, a program run by the Korean government with its partners in the private sector, selects promising startup companies and encourages highly skilled technical professionals to start their own businesses under the joint sponsorship of the public and private sectors.
As it is mandatory for newly selected partners to join a consortium with global investment institutions and startup incubators, the majority of the institutions winning partnerships were those which have their own global networks in the United States, China, Europe and South-East Asia. Thanks to their overseas networks, it is expected that startup companies sponsored by TIPS would be able to enter into the global market at a higher speed than others.
The ten new partners were evaluated on the basis of three key criteria: investment source, incubating capability, and the capability to support startups for their overseas expansion. The ministry also recognized that they all had the potential to discover and foster startups based in provinces. In addition, it was noteworthy that all the partnership winners had the history and future plan of investment in fields related to the 4th Industrial Revolution, such as the Internet of Things, artificial intelligence, and big data.
Selected as a partner specialized in biotechnology, KU Holdings will provide its top-class research facilities and medical professionals to biotech startup companies in collaboration with the Korea University Medical Center.
The ministry said in a statement that, “We hope that, taking the selection of new partners as an opportunity, TIPS will further develop as a platform to foster global venture companies. We will do our best to contribute to the creation of quality jobs – one of key initiatives of the new government – by encouraging highly-trained technical professionals to open their new businesses.”