When asked what the most widely anticipated business visit on our itinerary was, our group, without a doubt, would answer with “Start-up Chile”. Many groups we met prior to our visit to Start-Up Chile had spoken of the company in some way, which got us even more excited about our visit. What was all the buzz about? The company must be doing something right, must be doing the Chilean economy good.
So, who is Start-Up Chile? Start-Up Chile is an accelerator created by the Chilean government to boost entrepreneurship and innovation in Chile. It has done a distinctive job in guiding and supporting both domestic and foreign entrepreneurs in their business endeavors. It has worked with over 3,000 entrepreneurs and 1,000 startups from over 70 countries since its founding five years ago. Since 2010 six other countries have replicated Start-up Chile’s business model.
The accelerator accepts 200 to 250 companies to work with every year, and puts them through a three phase program depending on the stage of development of the firm. The three phases include The S Factory, Seed and Scale which support (1) proof of concept, (2) functional product / validation, and (3) scaling of business respectively. Most of the companies that are selected for acceleration are from the 2nd stage (averaging 180 companies a year compared to the 50 1st and 3rd stage companies). The acceleration program provides training and “peer to peer monitoring”; it connects entrepreneurs with mentors and investors from all around the world; it facilitates soft-landing and builds a support network for businesses. It also provides its customers with Start-Up Chile also holds internal and external events during which companies can showcase and demo their products with potential investors as well as customers. The company also provides their foreign companies with a one-year working visa. It also holds seminars for people, both from inside and outside of the company, on topics such as elevator speech, building a business model, and examples of successful businesses. They reach out to universities and the public to increase awareness of entrepreneurship and the growth opportunities available to startups.
During our visit, we not only heard from an employee but also a customer about his experience working with Start-Up Chile. Start-Up Chile provides their companies with a laid-back and resourceful hub to work together and get inspired. According to the presenter Chile holds 16th place on the Global Entrepreneurial Index. It owes this to its talent market, ease of testing products (regulations / geography), tax friendliness, economic stability, low cost of living and women friendly environment.
Start-Up Chile has been the hub of innovation and entrepreneurship for Santiago in its five years of existence and will continue to be a very valuable asset to Chile in growing the country's business environment out of its comfort zone. It was a great experience to get to see the accelerator at work, pushing the boundaries of entrepreneurship in LATAM.
So, who is Start-Up Chile? Start-Up Chile is an accelerator created by the Chilean government to boost entrepreneurship and innovation in Chile. It has done a distinctive job in guiding and supporting both domestic and foreign entrepreneurs in their business endeavors. It has worked with over 3,000 entrepreneurs and 1,000 startups from over 70 countries since its founding five years ago. Since 2010 six other countries have replicated Start-up Chile’s business model.
The accelerator accepts 200 to 250 companies to work with every year, and puts them through a three phase program depending on the stage of development of the firm. The three phases include The S Factory, Seed and Scale which support (1) proof of concept, (2) functional product / validation, and (3) scaling of business respectively. Most of the companies that are selected for acceleration are from the 2nd stage (averaging 180 companies a year compared to the 50 1st and 3rd stage companies). The acceleration program provides training and “peer to peer monitoring”; it connects entrepreneurs with mentors and investors from all around the world; it facilitates soft-landing and builds a support network for businesses. It also provides its customers with Start-Up Chile also holds internal and external events during which companies can showcase and demo their products with potential investors as well as customers. The company also provides their foreign companies with a one-year working visa. It also holds seminars for people, both from inside and outside of the company, on topics such as elevator speech, building a business model, and examples of successful businesses. They reach out to universities and the public to increase awareness of entrepreneurship and the growth opportunities available to startups.
During our visit, we not only heard from an employee but also a customer about his experience working with Start-Up Chile. Start-Up Chile provides their companies with a laid-back and resourceful hub to work together and get inspired. According to the presenter Chile holds 16th place on the Global Entrepreneurial Index. It owes this to its talent market, ease of testing products (regulations / geography), tax friendliness, economic stability, low cost of living and women friendly environment.
Start-Up Chile has been the hub of innovation and entrepreneurship for Santiago in its five years of existence and will continue to be a very valuable asset to Chile in growing the country's business environment out of its comfort zone. It was a great experience to get to see the accelerator at work, pushing the boundaries of entrepreneurship in LATAM.