Start-Up Chile launches new call for technology-based ventures from around the world
Applications for the BIG 11 acceleration program, which offers funds of up to $75 million, will be open until November 28.
Start-Up Chile, the public accelerator of Corfo, has opened a new call for technologically-based ventures that want to develop and expand their businesses in the Build, Ignite, and Growth (BIG) programs.
The call for the BIG 11 generation is for entrepreneurs from all over Chile and the world, who are developing innovative, scalable solutions that have an impact on the country. The three programs vary in the development stage of the startup and in the amount of equity-free co-financing provided per project: with Build being the earliest ($15 million), followed by Ignite ($30 million), and finally Growth ($75 million).
Three programs
Start-Up Chile offers three program alternatives, depending on the development stage of the business:
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Build: is for early-stage startups, that is, they have from a validated idea to an initial prototype. The acceleration period is four months and provides co-financing of $15 million.
Ignite: Follows it, is of the same duration, provides a fund of $30 million, and is directed at startups that have a minimum viable product and seek to achieve the product-market fit.
Growth: Finally, for companies in the expansion phase and capital raising, there is the acceleration period. This period extends for 6 months and involves a support of $75 million.
How to Apply
The applications are available at www.startupchile.org and www.corfo.cl until Friday, November 28 at 1:00 PM. With the aim of resolving doubts and inquiries, the accelerator will host an explanatory webinar next Thursday at 4 PM for Chilean entrepreneurs and Friday at 11 AM for foreigners (pre-registration required).
"Throughout our 15 years, we have been able to support more than three thousand purpose-driven startups, which are now very recognized beyond borders, with powerful teams, and that leave a positive impact, both for people and for the economy of our country. But what is experienced within our program goes much further. It generates a community among entrepreneurs of multiple nationalities and industries. That support and companionship is one of our main attributes and we are excited for more people to live this experience in BIG 11," says the manager of Start-Up Chile, Javiera Araneda.
In addition to financial support, selected startups will undergo an intensive acceleration work for 4 to 6 months -depending on the program- and will have access to a free co-work space, receive mentorship, and connections with key players in the local innovation ecosystem for early feedback, business opportunities, and collaboration. In the case of foreign entrepreneurs, they will also receive a two-year work visa to establish their businesses in Chile.
"This acceleration program has made a significant impact in attracting and supporting tech startups, putting Chile on the radar of the global innovation ecosystem. We have achieved this thanks to the thousands of founders using technology to develop solutions in various industries who want to leverage the benefits of our country as a platform to expand into the rest of the region," comments the Executive Vice President of Corfo, José Miguel Benavente.
To contribute to reducing the gender gap in technological ventures, female founders have a series of benefits within the framework of the Female Founder Factor initiative by Corfo accelerator. Of the total, at least 50% of the projects selected in Build must be led by women, and entrepreneurs in Ignite and Growth can access a higher percentage of co-financing from Corfo (90% and 60%, respectively).