How Should Techno Parks Innovate to Support Start-ups and Small and Medium-Sized Enterprises Effectively in the Era of the Fourth Industrial Revolution?

In 1995, the Republic of Korea started to establish Techno Park (TP) in order to develop the regional industry while promoting the balanced development of the land. By 2008, 18TPs were established nationwide and have become cradles for developing local industries. And recently evolved forms of TP such as Daedeok Techno Valley and Pangyo Techno Valley emerged. In addition, 19 Centers for Creative Economy and Innovation (CCEI) were established nationwide and Tech-Incubator Program for start-ups (TIPS) was introduced to support and mentor start-ups. TPs in Korea become bureaucratic in course of time, and the new trial of innovation of TP is needed. In Korea, professional TIPS-accelerators mentoring and investing start-ups have a history of only five years. But they support and mentor start-ups efficiently, and have obtained good results. In this paper, we propose that TP attract TIPS-accelerators actively and collaborate with each other to support and mentor start-ups and SMEs effectively.