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$30K USD available for Ignite Acceleration Program in Chile

Deadline: 2-Nov-21

Do you know a startup that should be part of Start-Up Chile? Do you know a startup that meets the profile of Ignite Acceleration Program? If yes, then recommend it so the Start-Up Chile scouter can contact.

Ignite program seeks to attract entrepreneurs with a global approach to doing business in Chile. Be part of the 4-month acceleration program. They look for the best startups in any industry and country with a minimum validated product and have less than three years of development. Join the diverse community of entrepreneurs, focused on the Chilean and Latin American markets.

Objectives

  • General Objective: Generate socioeconomic impact in Chile, through the support of innovative technological ventures that allow to sophistication and/or diversification of the country’s economic base, through financial support and acceleration services provided by Start-Up Chile.
  • Specific Objectives 
    • Attract and accelerate technology-based ventures with global markets (both domestic and foreign), that see Chile as an asset to their businesses and that they have, at least, a minimum viable product (MVP) or functional prototype of the solution.
    • Increase the economic impact in Chile of the ventures supported by the Program.
    • Contribute to the growth of a sustainable, democratic and diverse entrepreneurship ecosystem, facilitating instances of connection between entrepreneurs, investors, companies and organizations.
    • Contribute to Chile’s position as a leader in innovation and technological entrepreneurship worldwide.

Program Activities

During their participation in the Program and during the project execution period, at minimum, the Team Leader must participate in the following activities:

  • Execution of the project in the territory of the Republic of Chile.
  • Implementation of necessary activities to fulfill the goals proposed in the project.
  • “Intro Day”: Presentation of the project, following the requirements duly informed by Corfo, in order to identify the specific stage of development in which it is. This presentation will be made at the beginning of the project execution period, on the date duly informed to the beneficiary.
  • “Pitch Day”: Presentation of the project, following the requirements duly reported by Corfo, in order to determine progress in its development. This presentation will be made to the Program participants and Corfo representatives, on the date duly informed to the beneficiary.
  • Attendance at the orientation presentation of the Start-Up Chile Program (Orientation Day), in which the team, acceleration, and accountability workshops will be introduced and explained, on a date duly communicated to the beneficiary.
  • Meetings with the technical and/or financial executive to account for allthe resources granted, including the one that accounts for the Final Report.
  • Demo Day: Presentation of those projects that have requested extensions in accordance with the provisions and have been selected at Pitch Day, following the requirements duly reported by Corfo, in order to see its progress. This presentation will be made before the other participants of the program, representatives of Corfo and the Chilean entrepreneurial ecosystem. It will be held in the last stage of the acceleration program, on a date that will be communicated in a timely manner.
  • Other activities of the Start-Up Chile Program that are classified as mandatory by Corfo, a circumstance that will be communicated to the beneficiary in a timely manner.

Benefits

  • For startups with a functional product an early validation.
  • From a functional product to reach product-market fit.
  • Four-month program.
  • Two cohorts per year. Up to 30 startups each.
  • Equity-free funding of $25M CLP (Around $30K USD).
  • Possibility to win an extension of $25M CLP (Around $30K USD).

Start-Up Chile will Offer

  • Resources
    • Equity Free Funding: You will receive financial funding without the need of giving up shares of your company.
    • Free cowork space: You will have access to ther entrepreneurs exclusive cowork at Downtown Santiago
    • Exclusive Perk deals: Up to USD $300,000 in exclusive benefits and discounts with services such as AWS, HubSpot, Microsoft and more specific ones such as legal, accounting, hiring, design, marketing and more.
  • Softlanding
    • Softlanding program: 1 year work visa for the whole team and significant others, which can be extended in time.
  • Acceleration
    • SUP Academy: Training program (workshops, talks and other learning experiences)
    • SUP Boards: Advisory board of voluntary experts in your industry with whom you meet every month to receive their guidance and connections and also to demonstrate your progress throughout the program.
    • Platoons: Peer to peer monitoring group of startups from your industry with whom you meet every month to demonstrate progress and gain peer insights.
    • Pitch Training: Group sessions where you can train your pitching skills on different subjects such as sales, investor or a general pitch of your company.
  • Community
    • Events & Experience: Special invitations to relevant external and internal events, the chance to give back through our Founders Lab activities (local ecosystem support program) and invitations to different community events where you can bond and network with peers and relevant ecosystem players.
  • Connections
    • Corporate Network: companies of all industries and sizes you can meet from feedback to business instances.
    • Mentor Network: mentors and industry experts which offer their guidance and connections at zero cost.
    • Investor Network: They coach you on how to reach VCs and connect you to +50 VC Funds and +50 angel  investors from Chile and the world.
    • Global Network: global connections which will support your international chances of success after the program: other accelerators, incubators, governments, embassies.
    • Alumni Network: +5,000 alumni from over 85 countries.
Criteria
  • The Startup must have at least, a functional product or service.
  • The Teams complementary skills have much better chances of being selected, but you can apply as a sole founder.
  • The Team Leader must have an exclusive dedication to her/his startup (full-time job).
  • The Team Leader must be a founder (owns more than 10% of the company).
  • The Company must have been created at most 3 years before the applications open. If you apply as a legal person, the 12 months will be counted from the date of the legal incorporation of the company. If you apply as a natural person, the 12 months will be counted from the moment when you started commercial validation of your product/service (market approach, interviews, potential clients, launch of websites/social media, etc).
  • The Team Leader has to settle in Chile throughout the whole duration of the program or until you’ve spent the entire grant (typically S months).
  • If you win the extension of CLP S25M, then you must stay in Chile until you’ve also spent the extension money (typically 7 months more).
  • The Team Leader cannot be changed after the application is completed, so please make sure to choose the right founder.
  • You can apply as a natural person or as a company (only if it is a Chilean company).

For more information, visit https://www.startupchile.org/programs/ignite/