[JoongAng Daily] “FarmConnect” selected TIPS on October 30th 2020.

Agricultural Consulting Corporation “FarmConnect”(CEO: Mu-Hyun Kim) selected

TIPS(Tech Incubator Program for startup Korea) October 30th 2020.

Invested by ETRI(Electronics and Telecommunications Research Institute) and ETRI Holdings, “FarmConnect” develop agricultral consulting platforms.

TIPS program targets to support early-stage corporations with fine technologies and potential. 

TIPS is one of the most representative venture corporations supporting program run by the Ministry of SMEs and Startups Korea. 

Specifically, TIPS supports 1 billion Korean won (770,000 USD) for 2 years to support its R&D investments and domestic & overseas businesses.

Unlike its competitors, “FarmConnect” is developing platform that not only passing the simple data of the farm’s surroundings

but also the analyzed data including effects on its crops.

It allows farmers to manage their crops and property more easily even they are inexperienced.

"FarmConnect" aims to provide its platform to 150 domestic agricultural technology centers.

Currently “FarmConnect” acquired business orders from two agricultural technology centers in Chung-Yang and Gwang-Ju

and preparing to provide data service to farmers in the local area.

Furthermore, “FarmConnect” is preparing overseas business with “Yield Prediction System”, based on ‘Deep-learning’ technology which ETRI invested in.

Su-Jin Kim, head of platform planning, says

“Through out deep-learing technology, ‘Farmconnect’ will be the leading player in agricultural data analysis sector

both domestic and global.”

Meanwhile, the Ministry of Science and ICT selected “FarmConnect” as a 'Research Institute Spin-off Company (No.1030)’

this October after a business feasibility review.

‘Research Institute Spin-off Company’ is a corporation that is established in a designated ‘special R&D zone’ by investing 10 to 20% of its total capital.

It purposed to commercialize public research institutes’ technologies. Designated ‘Research Institute Spin-off Company’ allows additional administrative and financial support including tax discounts, R&BD, prototype production, service commercialization, marketing assistance, investment attraction, and so on.

Written in October 30th 2020. 9:00am(GMT+9)

Original Post Link (https://www.joongang.co.kr/article/23907583#home)