Start-Up Chile

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How does the program work?

Allows innovative early stage entrepreneurs from all over the world to access equity free funding through three programs of investment: The S Factory, Seed and Scale. Each program gives funding (15K, 30K and 90K USD respectively), access to international mentors, investors and corporations in order to help them boost their businesses. Alongside an enriching experience within a community represented by more than 70 countries.

Timeline

Fixed-term programs from Corfo implemented since 2010. At first it only contemplated the Seed program (30K USD and 6 months). On 2015 Start-Up Chile expanded to two other programs: The S Factory (15KUSD, 3 months, focused on female-led startups) and Scale (90KUSD, 1 year, companies incorporated in Chile).

Monitoring + Evaluation Methods

Provide funding and acceleration for 250 startups a year.

What impact has been measured?

Start-Up Chile supports annually 250 startups in the three programs combined. So far, the startups that have been part of the program have raised more than 5,8 times the amount already invested in them by Corfo.

* We did a survey on 2016 Q2. Updated numbers will be shared in three more weeks.

What lessons can be learned?

Main challenge is to have acceleration services in a scalable way, given that regular accelerators operate with an average of 20 companies a year. Also to retain companies with potential to grow their businesses from Chile, therefore impacting in a more direct way in the mission to move the Chilean Economy in a more knowledge and innovation based, rather than natural resources intensive.

Notes + Additional Context

Allows innovative early stage entrepreneurs from all over the world to access equity free funding through three programs of investment: The S Factory, Seed and Scale. Each program gives funding (15K, 30K and 90K USD respectively), access to international mentors, investors and corporations in order to help them boost their businesses. Alongside an enriching experience within a community represented by more than 70 countries.

Fixed-term programs from Corfo implemented since 2010. At first it only contemplated the Seed program (30K USD and 6 months). On 2015 Start-Up Chile expanded to two other programs: The S Factory (15KUSD, 3 months, focused on female-led startups) and Scale (90KUSD, 1 year, companies incorporated in Chile).

Before Start-Up Chile there was already public policies towards early stage entrepreneurs. Corfo invested in the creation of incubators, accelerators and also created a national seed funding program. But none of them had a focus on businesses that wish to expand their operations to other countries and regions. That is why Start-Up Chile is so necessary, given that Chilean entrepreneurs didn´t have the networks to grow globally.

CURATED BY

Patricia Hansen

Accelerator Program Director
Start-Up Chile
Chile