The Gyeongnam Center for Creative Economy and Innovation announced on the 22nd that the startup Humeal Co., Ltd. has been officially selected for the Ministry of SMEs and Startups' TIPS (Tech Incubator Program for Startup Korea) program.
TIPS is Korea's premier tech startup development program, which selects startups with globally competitive technological innovations for private-led incubation and support.
The Ministry of SMEs and Startups partners with private investment firms designated as TIPS operators to provide selected startups with investment, mentoring, and matching funds for R&D, offering a chance to expand into global markets.
Last year, the Gyeongnam Center was designated as a TIPS operator, enabling it to directly identify promising startups, invest in them, and recommend them for TIPS qualification through a rigorous evaluation process.
The center discovered Humeal, invested in the company, and strategically prepared its recommendation, leading to Humeal becoming Gyeongnam's first TIPS company.
Humeal will receive KRW 500 million in R&D funding over two years and additional funding of KRW 100 million each for commercialization and overseas marketing in the future.
Through the TIPS program, Humeal plans to develop its oat milk powder technology, utilizing its proprietary ultra-short (HWB) process, achieving over 50% cost competitiveness compared to existing commercial raw materials.
Lee Dong-hyung, the center's director, stated, “Humeal’s selection as our first TIPS recommendation is highly significant. We will continue to identify and nurture promising startups in strategic industries and deep-tech sectors to contribute to the growth of Gyeongnam’s startup ecosystem.”
Refer: http://www.gnnews.co.kr
The Gyeongnam Center for Creative Economy and Innovation announced on the 22nd that the startup Humeal Co., Ltd. has been officially selected for the Ministry of SMEs and Startups' TIPS (Tech Incubator Program for Startup Korea) program.
TIPS is Korea's premier tech startup development program, which selects startups with globally competitive technological innovations for private-led incubation and support.
The Ministry of SMEs and Startups partners with private investment firms designated as TIPS operators to provide selected startups with investment, mentoring, and matching funds for R&D, offering a chance to expand into global markets.
Last year, the Gyeongnam Center was designated as a TIPS operator, enabling it to directly identify promising startups, invest in them, and recommend them for TIPS qualification through a rigorous evaluation process.
The center discovered Humeal, invested in the company, and strategically prepared its recommendation, leading to Humeal becoming Gyeongnam's first TIPS company.
Humeal will receive KRW 500 million in R&D funding over two years and additional funding of KRW 100 million each for commercialization and overseas marketing in the future.
Through the TIPS program, Humeal plans to develop its oat milk powder technology, utilizing its proprietary ultra-short (HWB) process, achieving over 50% cost competitiveness compared to existing commercial raw materials.
Lee Dong-hyung, the center's director, stated, “Humeal’s selection as our first TIPS recommendation is highly significant. We will continue to identify and nurture promising startups in strategic industries and deep-tech sectors to contribute to the growth of Gyeongnam’s startup ecosystem.”
Refer: http://www.gnnews.co.kr