Hello!
This is LUMOS, your R&D expense management automation solution.
Today, we will be introducing a government-backed support program known as DIPS.
Overview
The Ministry of SMEs and Startups is recruiting startups in the top 10 deep-tech sectors to participate in "DIPS 1000+", the 2024 deep-tech startup fostering program. Eligible applicants are startups established within the last 10 years that operate in one of the top 10 deep-tech sectors. Approximately 121 companies will be selected. The technology sectors include system semiconductors, bio-health, medical devices, mobility, eco-friendly energy, robotics, AI/big data, cybersecurity/networks, aerospace/marine, next-generation nuclear power, and quantum technology. Please refer to the details below.
Support Details
Selected companies will receive up to 200 million KRW in commercialization funding annually for up to three years, totaling a maximum of 600 million KRW over the three-year period. These funds can be utilized for technology and product development, finalization, optimization, market entry, and general business operations. Additionally, the annual funding will be differentiated between 100 million KRW and 200 million KRW based on government funding evaluations, and matching funds must comprise at least 30% of the total project budget.
Furthermore, managing organizations will offer support for technology optimization, collaboration with large and medium-sized enterprises, and domestic and international investment attraction through initiatives focused on technology commercialization, open innovation, and investment facilitation.
Eligibility and Exclusions
Eligibility: Representatives of startup enterprises established within 10 years of the official announcement date.
Exclusions: A total of 12 exclusion categories apply, including prior recipients of the Innovative Sector Startup Package program, current participants in other startup commercialization support programs, closed businesses, employees of the supervising institutions, individuals in default of financial obligations, and individuals with outstanding national or local tax arrears.
Special Provisions: Exceptional cases exist where applications and selections are permitted (e.g., completed debt redemption, specific startup commercialization funding support, etc.).
Reference: Eligible startups must have an official establishment date on or after February 8, 2014.
Application Submission
The application period is from Wednesday, February 7, 2024, to Thursday, February 29, 2024, and submissions must be completed online.
Applicants must complete real-name and corporate verification on the K-Startup portal during submission.
Applicants must select one of the designated deep-tech categories and apply through the corresponding managing organization.
Required documents include the program application, business plan, business registration certificate, and supporting evidence for bonus points.
Upload size is limited to 30MB per file, and bonus points will not be awarded if supporting evidence is omitted.
Proposed Timeline
Application Submission Period: Feb 29, 2024 – Mar 15, 2024
Eligibility Review and Document Evaluation: Mar 15, 2024 – Mar 29, 2024
Presentation and Evaluation: Dec 2024 – Jan 2025
Settlement and Prep for Year 2 Tasks: Late Apr 2024 – Early Dec 2024
Final Selection and Performance: Early Dec 2024 – Apr 12, 2024
The schedule is subject to change depending on recruitment and evaluation progress. Detailed updates will be announced separately.
This concludes our overview of the DIPS program.
As the 2024 application deadline is approaching, we highly recommend preparing and submitting your application as soon as possible.
We will return with more valuable informational content in our next update.
Thank you.
