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Start-Up Chile is an accelerator program created by the Chilean government that seeks to attract high-potential startups to bootstrap their startup using Chile as a platform to go global. Our goal is to foster the interaction between Chilean and global entrepreneurs to strengthen the relationship between Chile and other innovation hubs around the world.
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- Being part of a new, groundbreaking and accelerating entrepreneurial experience. Bootstrapping abroad, learning new skills, working out of a multicultural and collaborative workspace, not rendering your company’s equity, feeling the energy of young and dynamic entrepreneurs from all the corners of the world, networks that will last a lifetime and span continents.
- Start-Up Chile provides access to a mentors network, attendance to weekly networking events, and the support of the Program which offers all the necessary contacts to find the money, the talent, the expertise, the visibility or other support that you may need. The Program assigns a $40k grant per project ($20,000,000 CLP), a 1-year resident visa to every founding team member provided on the application, a temporary workspace (desk & wifi). A great team– we are hired to make sure you have the best experience.
- No. We expect the applicants to be the company’s founders because we believe that a founder of a startup brings a certain energy, edge, and conviction to their project that’s not always present in other team members. If selected, we expect the founder to be the one who participates in the six month term of the program.
- The beneficiary is the founder– a natural person–who is the sole recipient of the reimbursement for company expenses as the capital will not be distributed to the actual startup, rather to the beneficiary. The name of the beneficiary must appear on all purchases that are submitted for monetary reimbursement. He/she is responsible to uphold the rights and the obligations that are established in the Subsidy Agreement and is the party who is legally responsible before InnovaChile.
- There is a limit of two additional team members who will be able to join the program upon their team’s acceptance. Team members are are also allowed to submit their expenses for the reimbursement process. All expenses must be under the name of either the founder (beneficiary) or one of the team members specified in the digital application.
- No. Applications can be sent from worldwide.
- No. The program is open to entrepreneurs of all nationalities, including Chileans residing abroad.
- Yes. As we judge all applications under the exact same criteria, we require the exact same documentation from all applicants. If you expect to be a successful global start-up, at a minimum, you will have a passport to allow for global business transactions.
- No. The Program communications will all be in English. But remember– you will be living and working in a Spanish speaking country, the basics are always recommended.
- Projects will be screened out in two processes. First by a panel of three judges per project selected by YouNoodle. The judges will evaluate each project and will give it a score. Second, the projects will be passed along to be judged by the Subcommittee of Entrepreneurship of InnovaChile– the entity though which Start-Up Chile receives funding which is comprised of a team of innovation, technology, and entrepreneurship experts.
- From the application process opening to the selection announcement, it takes a little less than three months.
- All participants must be adults under the laws of Chile (18+ years of age). Projects can be from any industry.
- We don’t require a completed business plan for the application, but the application is inherently based upon the details of a business plan.
- Competition managers and judges will have access to documents to verify eligibility of the entry. All documents are kept fully confidential in accord with clauses 6 and 13 of the legal terms and conditions.
- Yes, the company can be based in Chile or any other country at the time of application.
- No. But you should check out: www.investchile.com.
- No, all the results and ratings of the judges and the subcommittee are confidential.
- Unfortunately, the volume of applications does not allow us to provide individual feedback.
- You will receive an email with a letter of acceptance to join the program.
- You will not be part of the program, but will be notified by email. We still encourage you to consider Chile to start-up your company. There are no restrictions to reapply for the next round.
- You should contact the Chilean Consulates that corresponds to your region, with your letter of acceptance ASAP. You need a Temporary Resident Visa. More information regarding this process will be provided in the Entrepreneur’s Handbook that accepted teams will receive.
- No. Be sure to bring with you all the requirements asked by the consulate. The requirements are available here: http://www.chile-usa.org/visasgral.htm
- Usually 2 weeks. You must make an appointment before arriving to the consulate.
- Yes. The application for the visa follows standard procedures. However the letter of acceptance to the program is a strong plus. So far, all Start-Up Chile entrepreneurs have been granted visas.
- Yes, for all founding team members, fully identified in the application. Also, your direct family members (spouse/significant other, children) and key employees necessary for the execution of the project. Note that the cost of obtaining said visa will be reimbursed only for founding team members identified on the application.
- No– to participate in the program you must arrive to Chile with the Temporary Visa already stamped in your passport.
- Yes. Only if you arrive to Chile with the correct visa, and did not use miles to pay for the ticket. The beneficiary and founders identified on the application will be able to reimburse the flight.
- Prior to your arrival to Chile, we will only reimburse expenses related to your flights and visa fees assuming that they are paid for between the date of the official acceptance letter and the time you arrive to Chile. You must remember to bring with you all of the documentation required to submit for reimbursement – receipts in the name of the beneficiary, and a copy of the beneficiary’s bank statement that clearly states the expenses as they relate to the beneficiary. The reimbursement process will begin once you receive the legal resolution from program. If all the papers are all correct, it will take approximate 15 working days from the day you arrive to Chile to receive the money in your account. Your account executive with help orient you towards these documents and processes.
- In orders to solicit reimbursement, you will need to present the invoice or receipt, together with a copy of your bank statement that reflects the cost.
- (FAQ: Will you cover the cost of travel for my family? Do you cover the cost of the acquisition of the work visa? From when do you begin to cover the expenses associated with participation in the program?) The maximum limit of reimbursement for the program is $20.000.000 CLP, which corresponds to 90% of the program financing. The remaining 10% is the responsibility of the program participant to pay out of pocket. There are only 2 restriction clauses included in the contract: 1.) The salaries or fees of members of the team have a monthly limit of $350,000 CLP. 2.) Monthly Rental expenses will be awarded according to the following: 1 Participant – Up to $400,000 CLP Monthly Spending 2 Participants – Up to $600,000 CLP Monthly Spending
- The reimbursement process intends to reimburse expenses incurred during participation of the program within 15 working days from the time the expense report is presented, against the progress of your activities as they relate to your project. If you receive only a partial reimbursement, it either means you did not present the required supporting documentation (invoice, bank statement etc) in which case you will be allowed to resubmit your report with the required supporting documentation, OR that your expenses have been rejected because they do not fall under the guidelines of the terms and conditions that relate to your contract. We suggest that you bring enough money to cover at least one month’s expenses so that you don’t risk economic insolvency.
- A team member from the Program Office in Santiago will be expecting you at the airport. You will then be driven to your place of accommodation and given further instructions about the upcoming days.
- Yes. It will start on the arrival dates: February 29th, 2012, and March 28th, 2012.
- Yes. With a Temporary Visa you can open a bank account in Chile. You are required to open a local bank account in order to receive reimbursement against progress on your project.
- No. You must provide evidence of a valid health insurance covering the duration of the program. You must show proof of this insurance before being allowed to sign your subsidy contract.
- No. We strongly recommend for you to check for housing before traveling to Chile. The Handbook will provide more information.
- The program wants you to be involved in the Chilean entrepreneurship ecosystem – you will be required to give talks and attend events. During the stay entrepreneurs should seek to achieve the goals stated. Hopefully accomplishing their early stage financing, prototyping and testing, settling a development unit in Chile, and other necessary steps to consolidate your business plans.
- You are free to contract foreign or chilean labor at your will. In order to do so, you will need to demonstrate a formal contract agreement that describes the agreed to salary conditions, a description of the service rendered, and the amount of time required to complete the project. It is acceptable if this agreement is acquired by e-mail. In order to process the reimbursement, you are required to present a copy of the commercial contract, the invoice, and a copy of your bank statement. Remember that as part of the terms and conditions, for professional services with a value more than $2,500,000; you will have to present at least 3 different proposals before you receive permission to select one of them.
- If you were to contract a computer programmer this would be considered under “professional services”. Please refer to question "Is it admissible to subcontract employment outside of Chile? Or am I only allowed to hire local Chilean contractors?".
- The program lasts 24 weeks.
- If during the term of your project you are required to make a business trip that specifically relates to your project, and you can prove will have a direct impact on the outcome of your project, you will be authorized to make the trip, and the cost of said trip will be reimbursed. However, it is strongly advised that you make a formal request for any kind of trip of this nature BEFORE you schedule it. We would advise the same for any and all professional service contracts you expect to sign. By alerting the reimbursement team BEFORE you undertake any major expense, you will be able to save yourselves a lot of time, and avoid any misunderstandings about what and what is not admitted in the reimbursement process.
- No. But the program will arrange for the entrepreneurs to have meetings and/or events and/or activities with Chilean business incubators, angel investors and venture capitalists as well as other informal investors.
- The program will provide access to different business mentors networks of leading Chilean businesspeople.
- Our team has arranged for you to interact with Chilean entrepreneurs. There is a whole area of the program devoted to opening networks to immerse you into local ecosystem. The assistance includes: introduction to local talent and network; recommendations with regards to incubators, angel investors and local VCs; understanding of the Chilean business environment; connection with helpful institutions, and other “needs”.
- No. A founding team cannot apply to fund more than one project per application round. The restrictions listed in the Terms and Conditions limit any team from receiving funding for two projects at the same time, this also goes for other lines of seed capital offered by the Chilean government. We also ask for total dedication to the project throughout the 6 month duration of the program, something that is not feasible while working on two separate projects.
If you have any further questions, please contact stgo@startupchile.org