This paper analyzes the effects of Tech Incubator Program for Startup Korea (TIPS) program on innovation and growth of startups. TIPS is Korea’s first private-led startup support program that combines angel investment, incubating, mentoring, and R&D funding to encourage startups by high-level technical personnel. We estimate difference-in-difference models after constructing a control group based on propensity score matching. We find that startups after the TIPS support increased sales, assets, and the number of patents compared to the control group. Furthermore, we find that the TIPS program has mid- and long-term effects in which corporate performance continues to improve for 1 to 9 years after support. This study can make academic and policy contributions in that it is the first mid- to long-term evaluation of a technology startup policy in Korea that utilizes the private sector’s capabilities to discover and foster highly innovative, high-growth firms.