Deadline: 18-May-21
Applications are now open for Startup Chile Ignite Program, a 4-month acceleration program for startups with at least a functional product or service, and less than 3 years of development to bootstrap their startups and use Chile as a foundation and to hasten the occurrence of customer-validated and scalable companies that will leave a lasting impact in the Latin American ecosystem.
Their Ignite program seeks to attract entrepreneurs with a global approach to doing business in Chile. Be part of their 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 their diverse community of entrepreneurs, focused on the Chilean and Latin American markets.
4-month acceleration program for startups with at least a functional product or service, and less than 3 years of development.
Selected companies receive $25 Million Chilean Pesos (USD $32k approx.) equity-free funding, a soft-landing program, and a hands-on acceleration program.
The startups that reach Demo Day will have the possibility to receive a $25 Million CLP extension.
Start-Up Chile is looking for globally-minded, early-stage entrepreneurs who want to start their business in Chile.
Your startup must be globally oriented and have the capacity to scale. It is fundamental that the Founder is willing to live in Chile for at least 6 months.
Objectives
- General
- 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
- 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.
Benefits
- As an Ignite participant, you will be a part of a groundbreaking entrepreneurial experience.
- A once in a lifetime opportunity to bootstrap abroad, grow skills and networks, work in a multicultural and collaborative workspace, and avoid rendering your company’s equity.
- Be a part of a group of young and dynamic entrepreneurs from all over the world.
Funding Information
- Four-month program.
- Two cohorts per year. Up to 30 startups each.
- Equity-free funding of $25M CLP (Around $35K USD).
- Possibility of a extension of $25M CLP (Around $35K USD).
Expected Results
- Incorporation in Chile of companies with the intention of expanding operations in their country.
- Recruitment of advanced human capital.
- Connection of projects to the national ecosystem, through participation in meetings with potential investors and organizations with the intention of raising capital and/or generating new clients and partners.
- Beginning or increase of sales and/or fundraising.
- Advancement of the projects to a new phase of development of the enterprise, in this sense, it is sought, for example, that the projects that participate advance from prototype to minimum viable product, or from minimum viable product to validated product, or from validated product a product with sales or capital raising, or a product with sales and/or capital raising at international scalability
Eligibility 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 5 months).
- If you win the EXTENSION OF CLP $25M, 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/