Start-Up Chile Impact
Today, Start-Up Chile is the main Accelerator Program in LATAM and one of the main ones in the world. It is globally recognized as a bold experiment from the public sector and after Start-Up Chile was created, more than 50 countries created a similar program. Why was created? What’s the impact?
In 2010, Start-Up Chile was created by the Chilean Government (Ministry of Economy & CORFO) with two main intentions: to change the nation’s culture towards entrepreneurship and to position Chile as the hub of innovation for Latin America.
In 2015 these goals were reached and new goals were set. Since 2016, Start-Up Chile’s new goals are to ensure that Chile remains a world hub for technological innovation and to be known as drivers of technological enterprises that impact the domestic economy positively.
The following information details the global, economic and cultural impact of Start-Up Chile since the beginning of the program in October 2010 to August 2017.
Global ecosystem impact
Start-Up Chile was the first program of its nature in the world. Since its inception, it has spurred replica models, grown its networks and has been the focus of academic research all over the world. In the past 7 years, Start-Up Chile has received more than 1600 startups across its three programs, each application process we assess applicants from new areas of the world.
In August 2017 Start-Up Chile conducted a survey to measure the economic impact of the program. The data set of respondents accounted for 89% of our portfolio. Those surveyed were participants across all of Start-Up Chile programs (TSF, SEED, and SCALE) who participated from 2010. Of the 89% of responses, 22% reported formal valuations and overall the findings demonstrated the positive effect of Start-Up Chile.
Shifting the Chilean mindset to become entrepreneurial was the original goal of Start-Up Chile. Over the past six years, our entrepreneurs have boosted the change, impacting more than 300k Chileans by participating in events and mentoring. With the support of our startups, Chilean entrepreneurs were able to increase their performance substantially. Start-Up Chile provided the tools to change the Chilean mindset however, it is the entrepreneurs from Start-Up Chile portfolio who ensured its success.