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We are LUMOS, your automated solution for government R&D grant management.
Previously, we covered the core principles and general guidelines of grant management. Starting with this session, we will examine the specific R&D fund usage guidelines for the Tech Incubator Program for Startups (TIPS).
Before diving into the TIPS funding rules, it is helpful to understand the underlying framework of the TIPS program. You will frequently encounter terms such as "Supervising Authority," "Operator," and various "Committees" in the guidelines. Knowing which agency or committee governs each budget item is essential to understanding the overall workflow and compliance requirements for using your allocated funds.
In this session, we will identify the government department overseeing the TIPS program and outline the administrative processes established with key organizations. This foundational overview is the first step toward successful fund application and management.
TIPS Organizational Framework
Overseeing Government Agency: The Ministry of SMEs and Startups (MSS) oversees the TIPS program at the government level. The MSS selects the Supervising Authority to manage the operation of the program.
Supervising Authority
The MSS appointed the Korea Venture Investment Corp. (or Korea Angel Investment Association) as the Supervising Authority. They manage overall operations, select Dedicated Agencies, and designate TIPS Operators.
The Supervising Authority oversees daily program administration. It selects TIPS Operators via Evaluation and Deliberation Committees and evaluates applicant startups through R&D Evaluation Panels to determine final selection.
Dedicated Agencies
Dedicated Agencies manage and administer affiliated programs, delivering targeted support to selected startups based on specialized support criteria.
Specifically, they manage the "Global Marketing" and "Commercialization" tracks linked to TIPS.
TIPS Operators
To scale operations efficiently, the Supervising Authority designates established entities to discover, invest in, and nurture early-stage startups.
Operators are primarily venture capital firms, but also include corporate venture capital programs, accelerators, and technology holdings.
Lead R&D Institution (Startup) and Principal Investigator (PI)
Because TIPS is governed by the National Research and Development Innovation Act, standard R&D terminology is utilized. Consequently, recipient startups are formally referred to as "Lead R&D Institutions" rather than simply "startups."
The CEO of the startup generally serves as the Principal Investigator (PI). The PI holds primary responsibility for executing the R&D project and bears explicit accountability for grant administration and compliance.
Today, we reviewed the essential terminology used in TIPS grant administration. These terms will appear frequently across all subsequent funding rules.
Understanding these roles will help you gauge administrative requirements and procedural workflows. In our next session, we will begin our detailed review of the core funding and expense guidelines.
