Any tech startup (prospective or current) comprised of at least two people with a concrete technical R&D plan can apply for TIPS.
No, you can submit your application to more than one accelerator, but you can only sign an investment agreement with one accelerator in order to receive the R&D funds from the government.
The R&D fund will be provided by the government, which does not require the transfer of equity interest from the tech startup. However, if the business is successful, the tech startup must pay back 10% of the R&D fund as a loyalty payback which can be paid in installments up to 3 years. The team shall not be held liable for this payment if the business fails.
Accelerators conduct investment appraisals all the year round. You should submit the business plan(Tech startup project proposal and application form) via email to the manager in charge of the accelerator or through the homepage(www.jointips.or.kr). You can also apply for an investment appraisal via networking event held by accelerators.
Yes, you can apply for TIPS whether you are a prep entrepreneur or you belong to certain company or institution as long as you establish a corporate body after selected by TIPS.
To apply for TIPS, overseas corporation must establish domestic corporation and the CEO of the domestic corporation must hold Korean citizenship. There is no problem if Korean citizen is a Co-CEO of the company. The nationality of the CEO of overseas corporation does not matter, but the main founder must hold Korean citizenship, and Korean founder must have more than 60% of the company shares.