Europe, Asia and Oceania: The three markets covered by the Corfo Power Program 2024
The program, which among its lines will support business accelerators targeting markets in Europe, Asia, or Oceania, also includes support for national acceleration, mentorship, incubators, and associative initiatives. Find out all the details in the note.
Europe, Asia, and Oceania were the three markets that Corfo announced as novelty in support of the internationalization of Chilean ventures. This, within the framework of one of the recently opened lines in the 2024 Call of Power, the program that provides funding to entities expert in incubation, mentoring, and national and international acceleration.
"With this call, we want to open new opportunities for the Chilean entrepreneurial ecosystem by promoting the creation and operation of entities that can provide specialized services and support to entrepreneurs in our country, with territorial relevance, so they can develop and scale their innovative solution proposals," explained the Entrepreneurship Manager of Corfo, Maricho Gálvez.
He added that, "With this objective in mind, the Potencia program promotes the emergence of incubation and acceleration services (both nationally and internationally) for businesses, encourages the creation of mentor networks and other local associative instances that contribute to positioning our country as a leader and benchmark in innovation and entrepreneurship."
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The applications for all these Power 2024 lines will be open until Friday, September 27, at 2:00 pm, at www.corfo.cl, and legal entities established in Chile can apply.
ACCELERATING POWER.
The so-called 2024 of Potencia Aceleradoras, with a national call, is a subsidy that must be used to support a portfolio of early-stage ventures if the aim is to start their internationalization in any of the markets of Europe, Asia, or Oceania; or businesses in growth/scaling stages to support them both for national expansion as well as their international immersion.
The state funding of the Potencia Aceleradoras 2024 is up to $240 million, with a maximum of $80 million for each stage and it also defines a differentiated co-financing.
What benefit does it provide?
For the National Acceleration category, an amount of up to $240,000,000 is provided in co-financing, according to the following:
- Stage 1: Up to 70.00% of the total cost of the stage with a cap of $80,000,000.
- Stage 2: Up to 60.00% of the total stage cost with a cap of $80,000,000.
- Stage 3: up to 50.00% of the total cost of the stage with a cap of $80,000,000.
Additionally, the beneficiary may receive a variable incentive of up to $40,000,000.- per year, which is awarded based on the results achieved by the portfolio.
For the category International Acceleration, a subsidy of up to $240,000,000.- (two hundred and forty million pesos) will be granted, considering a maximum of $80,000,000.- (eighty million pesos) per stage. In these cases, the maximum co-financing percentage will correspond to up to 70% of the total project cost and of each of the stages.
Additionally, Corfo will provide a variable subsidy, called "variable component", of up to $40,000,000 per stage, which will not be considered for the calculation of the co-financing percentage, which must be allocated to the attention of entrepreneurs in the target market or country.
For the 2023 call of this line, the focus was on the United States. On that occasion, Corfo selected four accelerators: Imagine Lab, Startup Bio Bio, Chilemass and Go Impact, which currently support their portfolios in that market.
Regional Mentors and Calls
In this version, the Power Program will also provide funding for Mentor Networks, Incubators and Associates.
- Mentor Networks, available to all regions of the country, entities that apply must connect startups with experts and/or specialists who, through their experience and knowledge, must provide support in the stages of creation, implementation and scaling of their businesses. For mentor networks, the Corfo subsidy is up to $210 million and considers a maximum of $70 million for each stage, with a co-financing of up to 70% of the total project cost.
- Translate the following sentence from Spanish to English: Power Incubators, with scope for the regions of Arica and Parinacota, Valparaíso, O'Higgins, Maule, Ñuble, Los Ríos, and Los Lagos. Entities that apply to this call must support and provide services to enterprises with the potential to be dynamic, having to choose in which stages (initial or growth/scaling) they will support the enterprises. The entities that apply to this call must support and provide services to enterprises with the potential to be dynamic, having to choose in which stages (initial or growth/scaling) they will support the enterprises. The selected incubators will receive up to $240 million in Corfo support, considering a maximum of $80 million for each stage and with differentiated co-financing for each one.
- Translate the following sentence from Spanish to English: Associative Power, available for the regions of Arica and Parinacota, Maule, Biobío Los Ríos. For this call, the key requirement is that two or more institutions (applicant beneficiary and at least one co-executor) must apply in an associative and complementary manner so that entrepreneurs, in the initial stages, can access their services in these territories. For this line, Corfo will provide up to $300 million and considers a maximum of $100 million for each supported stage, with a co-financing of up to 70% of the total project cost.
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