The Ministry of SMEs and Startups announced the "Private Investment and TIPS R&D Expansion Plans" at the 2nd Ministerial Meeting on Science and Technology. TIPS (Tech Incubator Program for Startups) is a private-led technological innovation program where private investors identify R&D projects from innovative companies, invest in them first, and the government then provides matching R&D funding. Minister Han stated, “We need to expand TIPS R&D budget, which has been leading the startup and venture ecosystem, to drive innovation in a wide range of technologies and industries.  In particular, TIPS plays a crucial role as one of the key policies to foster regional venture investment, and it’s vital for encouraging private investment in regional innovation companies.”