As reported by TechCrunch, the Founder Institute is expanding internationally and one of their chosen destinations is Chile. With South America being the fourth continent onto which they have expanded, Bogotá, Colombia and Santiago, Chile are the two locations where applications are now being accepted. The institute in Colombia will be opening in April of this year while the Chilean counterpart will be inaugurated in September. Early applications are already being accepted, with a deadline of August 7th, 2011.
Among various economic reasons for expanding, governmental support has been a major selling point for the countries that have been elected. Singapore’s government, another chosen expansion location, “backs 100% of Founder Institute graduates with investment grants, market access and other service” states TechCrunch writer Sarah Lacy who also adds that Juan Manuel Santos, Colombia’s President, “plans to invest more than $2 billion in communications and information technology sectors, including a $30 million fund to stimulate the development of a local venture capital industry.” Add that to the initiatives, such as Start-Up Chile, that the Chilean government has designed to foster entrepreneurship, and there leaves little doubt as to why the Founder Institute has chosen these countries as viable branches.
The Founder Institute is a technology pre-seed incubator and, according to their site, their program “identifies high-potential entrepreneurs using predictive social science testing, and then guides them through weekly company-building sessions featuring a network of over 350 CEO Mentors. All program stakeholders, including the participating founders and CEO Mentors, share in the equity generated by companies formed in the program. In addition, participants get access to free and discounted services, and are not required to quit their day job.”
The application to apply to participate in September in Chile can be found here.