Deadline: 3-May-22
The Ignite Acceleration and financing Program is now open for startups that, with a functional product, seek to find their product-market fit to scale sales.
Objectives
Generate a socioeconomic impact in Chile, through support for innovative technological enterprises that allow the country’s economic matrix to be sophisticated and/or diversified, through financial support and acceleration services provided by Start-Up Chile.
- Attract and accelerate technology-based ventures with global markets (both national and foreign), that see Chile as an asset for their business and that have, at least, a minimum viable product (MVP) or functional prototype of the solution.
- Increase the economic impact in Chile of the undertakings supported by the Program.
- Contribute to the growth of a sustainable, democratic and diverse entrepreneurial ecosystem, facilitating instances of connection between entrepreneurs, investors, companies and organizations.
- Contribute to the positioning of Chile as a benchmark in innovation and technological entrepreneurship worldwide.
Benefits
- Startups with a Working Product: They look for the best startups regardless of industry and country, that have a functional product, early validation and have been developing for less than 3 years.
- 4 Month Acceleration: The program is tailored to grow your startup exponentially through board sessions, academia, and connections with the best corporate and investor networks.
- Equity-Free Financing: In addition to the complete acceleration program, they will give you a fund of 25 million Chilean pesos free of shareholding so that you can grow your business without having to give up part of it.
- 25 Million Extra Pesos: Possibility of accessing an extension of 25 million (approx. 31K USD) Chilean pesos to continue developing your business.
- Female Founder Factor: This is an initiative with a gender focus! Startups with women leaders in the team will have up to 90% financing.
- Suppers: They call everyone who goes through the program SUPpers. Annually they receive 2 generations of Ignite of up to 30 startups each.
Activities
During their participation in the Program and during the execution period of the project, at least the Team Leader must participate, compulsorily, in the following activities:
- Execution of the project in the territory of the Republic of Chile.
- Carrying out activities necessary to fulfill the goals proposed in the project.
- Attendance at the induction presentation on the Start-Up Chile Program (Orientation Day), in which the team, the social impact system, acceleration and accountability workshops will be presented and discussed, on the date duly informed to the beneficiary.
- ‘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 found. This presentation will be made at the beginning of the project execution period, in the date duly informed to the beneficiary.
- “Pitch Day”: Presentation of the project, following the requirements duly informed by Corfo, in order to determine the progress in its development. This presentation will be made before the Program participants and representatives of Corfo on the date duly informed to the beneficiary
- Meetings with the technical and/or financial executive to account for all the resources granted, including the one that accounts for the Final Report
- Demo Day: Presentation of the project that has requested an extension in accordance with the provisions and has been selected on Pitch Day, following the requirements promptly informed by Corfo, in order to see its progress. This presentation will be made before the denies participating in the program, representatives of Corfo and the Chilean entrepreneurship ecosystem. It will be carried out 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 timely communicated to the beneficiary.
Criteria
The participants of a project are the following:
- Beneficiary (only one): It is the participant who benefits from the granting of the subsidy for the execution of a project. In the event that your project is awarded, you will be the recipient of the subsidy. responsible for its execution before Corfo, and will be the active and passive subject of all the rights and obligations established in the subsidy agreement or contract, including the delivery of detailed reports of expenses and activities, carried out by it, other participants and third parties.
- Executors (maximum three) (optional): Optionally, the participation of up to 3 (three) Chilean or foreign natural persons may be considered, who at the time of the application are at least eighteen years old, and who are duly individualized in said capacity in the respective application form.
- Sponsoring Entity: The Sponsoring Entity is an institution that acts as a specialist intermediary between Start-Up Chile and the Beneficiary, which must provide support services for technical follow-up, support for financial follow-up and make available adequate infrastructure so that entrepreneurs carry out a correct execution of the respective project, accompanied by the acceleration methodology of Start-Up Chile, in order to increase the chances of success of their ventures.
For more information, visit https://startupchile.org/postula/ignite/