To whom it is addressed?
Legal Persons, for profit, incorporated in Chile that aims to strengthen its operations in Chile, fulfilling the following requirements:
- No initiation of activities in the “Servicio de Impuestos Internos” (SII) of Chile, for more than 6 years, counted backwards from the application process opening.
- Beneficiary or final Beneficiary, whose Project was previously benefited by one of the programs described in number 4.2 of the T&C (also you can find it on our FAQ), and has finished the execution period or it is on the last month of execution of said Project. Seed Program Alumni can apply.
- Prove sales related to the objective of the Project and/or raised private capital for its development, during the last 12 months before the opening of the application process. Sales registered during the last 12 months must be for at least $20.000.000.- (twenty million pesos) and must not exceed $600.000.000.- (six hundred million Chilean pesos).
The application can be directly by the entrepreneur or through a Supporting Entity. If the application it’s done directly, then the legal person will be the beneficiary; in the other case, the Supporting entity will be beneficiary and the legal person will be considered the Final Beneficiary.
Every applicant can decide freely if they require a supporting entity to apply and develop the project.
What do we offer?
For every selected Company, Corfo will finance a total amount of $60.000.000.- (sixty million Chilean pesos).
The contribution of Corfo will add up to a maximum of 70% of the total cost of the Project. Thus, the entrepreneur’s team will have to put up to at least 30% of the total project, exclusively in cash or pecuniary.
Each team must consider mentoring services delivered by one of the members of the “Redes de Mentores de Corfo”.
How to apply?
- Download and read the Technical T&C, and “Bases Administrativas Generales de Emprendimiento” and any modifications.
- Download and read the application form in the language you prefer (the form is only a guide for the final application).
- Enter the system through the button “APPLY” that will redirect you to the Corfo site where you can select the language in which you want to submit your application.
- Fill all the information requested in the form and attach all the requested files.
- Please read the FAQ site for any questions, or you can write us to firstname.lastname@example.org.
1) The program filters the applicants to validate that the applicants match the legal requirements to apply.
2) The program evaluates the companies considering the following criteria, scoring them from 1 to 5, and organize them through a ranking
2.1) Sales and Private Capital Raised (40%)
a. Sales during the last Month: Net amount of sales during the last 12 months of the company according to the following:
|Net Sales Amount||Score|
|$ 0- $ 20.000.000||1|
|$ 20.000.001 – $ 80.000.000||2|
|$ 80.000.001 – $ 150.000.000||3|
|$ 150.000.001 – $ 300.000.000||4|
|$ 300.000.001 – $ 600.000.000||5|
b. Private Capital Raised: Amount of private capital raised, during the last 12 months before the application.
|Amount of Capital Raised||Score|
|$ 0 – $ 50.000.000||1|
|$ 50.000.001 – $ 100.000.000||2|
|$ 100.000.001 – $ 200.000.000||3|
|$ 200.000.001 – $ 350.000.000||4|
|$ 350.000.001 – and more||5|
2.2) Degree of Innovation (30%):
The degree of innovation of the proposed solution or business model will be evaluated, considering also the existing technology and its growth potential.
2.3) Video (30%):
We ask all startups to provide a 3 minute video (max), explaining the business opportunity, the product or service, the market and the business model. Also you should introduce the team members and why are you applying to SCALE. Videos with only animations will be rejected. Videos longer than 3 minutes will get -1 points.
3) After the evaluation, the Entrepreneurship Committee of CORFO, decides on the best companies to advance into the second phase. The ones who are not selected will be notify of this and feedback will be sent to them.
4) For the second evaluation, the companies will have around 2 weeks to prepare for an open event in which they will have to pitch in front a board of external judges. For this event, the companies will have to participate in two Pitch Training sessions before the event, in order to prepare themselves. All of the companies must attend at least 1 of the pitch training sessions.
5) The Pitch Day, is an event where external judges from the mentor network and investor club of Start-Up Chile will be evaluating the companies considering the application information and the pitch from the company’s founders.
6) In the Pitch event, the judges will evaluate the companies considering the following criteria, scoring them from 1 to 5, and organize them through a ranking:
a. Solution (45%): This considers the evaluation of the level of innovation and the product or service. This also considers the definition of the problem, the size of the opportunity and the value proposition.
b. Pitch Quality (15%): The coherence of the story in its totality and the management of the presenter with respect to the enterprise will be evaluated.
c. Team and collaborators (40%): This criterion considers the experience and technical capabilities of the team for a good execution of the project, their dedication to the business, their business networks, and strategic and commercial alliances. Finally, includes if the founding team has specialized mentorship and the convenience of the ones financed by CORFO during the Scale program.
7) After the evaluation, the new ranking will be reviewed by the Entrepreneurship Committee who will decide on the best companies selected for a final pitch in front of them. This Pitch will take place 2 weeks after this decision.
8) The program once again evaluates the companies considering the following criteria, scoring them from 1 to 5, and organize them through a ranking:
a. Activities and Expected results (45%): This criterion considers the current state of the business, the activities plan during the execution of the program, and the projected results.
Moreover, it will consider established milestones by the directing team after the 4th month period of the project, which will be reported according to the number 14 of the T&C of the program.
The strategic coherence of the investment plan will also be reviewed.
b. Business Model (15%): This considers the level of adjustment between the business model with the market, and its definition, the description of the client and users, its scalability and the potential growth in the market.
c. Impact (40%): This considers the impact of the business in the local industry and the target market. Also the problem or opportunity will be considered and the characteristics of the market.
9) In the final stage, the final companies will pitch in front of the Members of the Entrepreneurship Committee. These will be evaluated according to the application information and the pitch evaluation by the Entrepreneurship Committee members. Finally, the Committee will select the final companies to enter the program.
- Administrative T&C Modifications
- Administrative T&C
- English Application Form Template
- Spanish Application Form Template
- Supporting entities information
- Technical Terms & Conditions (english)
- Technical Terms & Conditions (spanish)