Start-Up Chile launches BIG 10: call tech startups from around the world
Startups of all nationalities and industries can apply to the tenth generation of the BIG program, through which they will receive co-financing, mentorship and more.
Start-Up Chile, Corfo's public accelerator, announced the opening of a new application process for tech-based startups that want to develop their businesses in the tenth generation of their acceleration programs Build, Ignite and Growth (BIG).
The applications will be open until May 9 for startups of any nationality and industry that are innovative, scalable, and have an impact in Chile. The three programs vary in the development stage of the startup, with Build being the earliest and Growth being the most advanced.
The selected ones will receive cofinancing of free capital (that is, free of participation) between CLP $15 and $75 million, connections with key players, and an intensive acceleration work of 4 to 8 months, depending on the program.
Three Programs
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Start-Up Chile offers three program alternatives, depending on the development stage of the business.
- Build is the initial program, lasting four months, that offers co-financing of CLP $15 million for early-stage startups, meaning, those that have a validated idea to an initial prototype.
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- Ignite: of the same duration, which provides a fund of CLP $30 million and is aimed at startups that have a minimum viable product and seek to achieve product-market fit.
- Growth: for companies in the expansion stage and capital raising, which extends for 8 months and commits support of CLP $75 million.
The entrepreneurs who want to apply have a series of benefits within the framework of the Female Founder Factor initiative of the accelerator. Among them, at least 50% of the projects selected in Build will be led by women, and entrepreneurs from Ignite and Growth will have access to a higher percentage of co-financing from Corfo (90% and 60%, respectively).
In addition to co-financing, the selected companies will have access to other benefits, such as free physical workspace (Co-work), mentorship advice, and the opportunity to connect with large companies for early feedback, business opportunities, and collaboration.
How to Apply
The applications are available at www.startupchile.org and www.corfo.cl until Friday, May 9th at 13:00 hrs. In addition, with the aim of answering questions and inquiries, the accelerator will hold an explanatory webinar on Tuesday, the 22nd for Chilean entrepreneurs and Wednesday, the 23rd for foreigners, at 11:00 hrs on YouTube.
15 Years of Start-Up Chile: 3 thousand companies
Start-Up Chile is a program that has been running for 15 years and remains tremendously important for Corfo. It was an initiative that put Chile on the entrepreneurship radar globally, and today is considered the largest public accelerator in the world. More than 3,000 companies have passed through this space and, under this administration, we have continued to strengthen and promote this program, not only within Chile and its territory but also globally," emphasizes Jos茅 Miguel Benavente, the Executive Vice President of Corfo.
He added that, "Chile is a benchmark around the world in terms of support and entrepreneurship, both public and private, and we see it as a space of opportunities for entrepreneurs to come and develop their ideas and launch great companies".
"This is the tenth generation of our BIG program, through which we have seen startups grow that came to us when they were just an idea, others in the scaling phase, and there are very special cases that have gone through each of our stages, developing as they progress, just as we have been doing for the last 15 years," says Javiera Araneda, manager of Start-Up Chile.
The launch of the call was made at the offices of Buk, a Chilean startup that develops a comprehensive people management software and went through Start-Up Chile in 2018. It is currently one of the most successful startups in the country, reaching a valuation of US$ 850 million with presence in Chile, Peru, Colombia and Mexico.
"The entrepreneurial ecosystem plays a fundamental role in the country's development. When the different actors - entrepreneurs, investors, incubators, media - come together purposefully, the creation of innovative solutions with real impact is enhanced. Today, the talent in Chile is on par with technological hubs such as the United States or Europe. This is a huge opportunity to continue moving towards a development model where technology is the protagonist. We are ceasing to rely solely on traditional sectors and betting on a more diverse model, where innovation leads the way," says Jaime Arrieta, CEO of Buk.