A consortium formed by KAIST Venture Investment Holdings and Checkmate Capital Group has been selected as a program operator for South Korea’s Tech Incubator Program for Startups (“TIPS”). The KAIST-Checkmate consortium has been selected as a specialist program operator in the Emerging Technology Expert category.
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TIPS is a venture accelerator program organized by South Korea’s Ministry of Small and Medium Enterprises. Program operators identify, evaluate, and select emerging startups based on the merit of their commercial potential. Once selected to the program, participating startups are matched with program operators to provide mentorship and are eligible to apply for R&D grants, investment matching funds, and commercial grants to be used for strategic advisory and transaction support services.
In its bid to be selected as a TIPS program operator, KAIST, with its successful track record of launching emerging technology startups in South Korea, partnered with Checkmate, a Los Angeles-based advisory and investment group with cross-border commercialization expertise. This consortium was selected by TIPS as a program operator specializing in helping Korean companies with strong IP achieve commercial success, both domestically and abroad.
“Checkmate is actively growing its presence in South Korea,” said Checkmate CEO Tom Paschall. “We are pleased to announce our collaboration with KAIST, a globally-recognized institution producing some of the world’s most transformative businesses and technologies.”
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“Through our joint participation as a TIPS program operator, KAIST and Checkmate look forward to helping early-stage Korean enterprises achieve global success,” added Checkmate Managing Director Jay Ryu.
KAIST Venture Investment Holdings CEO Henry Chung said, “We are excited to partner with Checkmate as our foreign advisor. Checkmate is already advising KAIST portfolio companies in the US, where Checkmate’s support and guidance has been instrumental to their global expansion strategies.” Mr. Chung added, “As a program operator, the KAIST-Checkmate partnership is strengthening the global reach and transactional capabilities of the TIPS program and is fulfilling KAIST’s commitment to support the success of exceptional Korean technology startups domestically and abroad.”
Other groups selected as specialist program operators in the TIPS program include Daewoong Pharmaceuticals, GS Retail, Seah Group subsidiary VNTG Corp, and Hite Jinro.
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