Start-up Chile is a program started by the Chilean government that attracts early stage, high potential entrepreneurs to bootstrap their startups using Chile as a platform to go global. The end goal of this program is to position Chile as the innovation and entrepreneurship hub of Latin America.
The main difference between Ohio Third Frontier program and Start-up Chile is the equity-free funding and the benefits from immigration policies. The startups are chosen from around the world and are given equity free funding, one year temporary visa, office space and opportunities for mentoring and coaching. In my opinion the equity free funding to that many startups and the fact that anyone from anywhere in the world can apply for the program are the two biggest advantages. The interesting aspect of this model that I would like to explore during my trip is how long can this model be sustained. Jumpstart’s evergreen model ensures that the money is reinvested into sponsoring future startups.
1200 startups from 72 countries have graduated from Start-up Chile’s accelerator program till now and have raised over $100 million USD and created more than 1500 jobs. I am excited to learn more about the program during our session on March 9th.
The following article highlighted the achievements and challenges of this program and was an interesting read.
http://www.brookings.edu/blogs/techtank/posts/2015/08/19-startup-chile-chilecon-valley