Accelerator in Chile: 3 Advantages of Start-up by Corfo
The equity-free Start-up Chile program is the perfect choice for adventurous founders in South America.
Views are my own.
The start-up scene is no longer limited to Silicon Valley, London, Paris or Berlin: Santiago de Chile is catching up fast! Imagine working in a creative, innovative environment and being able to explore the Andes or relax by the Pacific Ocean after work. If you would like to work overseas, here are some tips for job hunting abroad.
Chile has really caught up in terms of start-up culture in recent years. There is a growing tech scene, the costs are manageable and the people are so open and welcoming. The circumstances are also tempting, with up to $100,000 equity-free (depending on the exchange rate)!
⚠️ Please note that details may change at any time and the actual conditions may differ from this independent article. Therefore, I recommend checking the official website for up-to-date information:
What is Start-up Chile by Corfo?
The program is organized by the government, more precisely by the Corporación de Fomento de la Producción: Known as Corfo. This is the Chilean office for economic development. Over 2000 start-ups are already in the portfolio. Everything takes place in the capital Santiago de Chile and is designed for start-up teams at different stages of development:
Build
⏰ Duration: 4 months
🔭 Focus: Pre-acceleration, e.g. for start-ups in the early phase, from prototype to MVP (Minimum Viable Product)
💰 Funding: 15 million Chilean pesos (approx. $15,000) equity-free funding
More about Build↗
Ignite
⏰ Duration: 4 months
🔭 Focus: Start-ups that have already proven themselves receive additional funding and market strategies
💰 Funding: 25 million Chilean pesos equity-free funding plus the option of 20 million additional pesos for further development
More about Ignite↗
Growth
⏰ Duration: 8 months
🔭 Focus: The aim is to help companies enter the international market and develop scalable business models
💰 Funding : 75 million Chilean pesos (approx. $75,000) equity-free financing
More about Growth↗
There are different cycles per year, and sometimes an extension or follow-up funding is possible. After all, the government is obviously interested in helping as many start-ups as possible to grow in the country.
1. Up to 100,000 US Dollars & Mentoring
You’ll receive between 15 million (approx. $15,000) 75 million pesos (approx. $75,000) equity-free: This means you don’t give up any shares in the company. You also get access to workshops, experienced mentors and a huge network.
One of the world-class mentors is the co-founder of Apple, Steve Wozniak.
Of course, start-ups are also prepared for pitches in front of angel investors and VCs with whom they have close ties.
But money is not everything: the social aspect should also be emphasized, as founding teams are expected to give a little something back to society. Whether language courses or innovation support, there is a culture of mutual exchange. This alone makes participation worthwhile. If you’re interested in a regular job, consider a VIE program with an assignment in South America or on another continent.
2. Start-up Chile: Female Founders Factors
In Chile, 77% of female founders have to use their savings for financing, while only 14% have access to funding from public or private programs.
Equal opportunities are a top priority! Half of the places go to start-ups run by women. It’s a place where women can develop their visions without having to constantly prove themselves.
The promotion of women is firmly anchored in the concept and, according to the official website, is based on four pillars:
- ⏳ Higher chance of survival thanks to women
Experience shows that women in founding teams have a positive impact on the survival rate of start-ups. - 🤷♀️ Too few women in the ecosystem
Although the gap has narrowed over the years, women are still underrepresented in STEM (science, technology, engineering and mathematics) professions. If you’re still in school or know a female student, you should definitely check out Germany’s STEM Girl’s Day initiative! - 💰 The funding gap
There are more and more women founding start-ups, but only a few of them manage to raise capital. You also need to be careful during the job application process: Discover why it’s smart to be cautious when sharing salary details. - 👠 The glass ceiling in management positions
Women are still severely underrepresented in management positions in the innovation and entrepreneurship ecosystem. Start-up Chile cites a well-known example: Only 8% of CEOs in the Fortune 500 list are women.
Learn more about the Female Founders Factor here:
3. Start-up Chile: Your gateway to Latin America
Personal
This is your chance to live in an exotic foreign country and work on your dream of starting your own business. You will see one of the most beautiful and aspiring countries in the world, which will not only boost your CV enormously. You will also improve your Spanish or learn it for the first time. While countries like Australia and the USA are westernized by default, Chile brings a whole new flair. If you’d rather spend less time abroad, a short course at UAL in London could be a great choice.
Even if your start-up doesn’t become the next unicorn and you just want to give it a try, this station will set you apart from the competition for life. It’s always a good idea to pursue your own dreams anyway. Especially right after school or at the end of your studies, it’s a perfect fit! On top of that, you get to meet valuable contacts from over 85 countries who can certainly open lots more doors for you. Boost your networking game with the new career platform read.cv! If you never try, you can’t make it. So why not do it in a country as far away as Chile?
Professional
Chile is a country that is not only known for its beautiful nature, but also as an innovative hub for the all of Latin America. Chile will give your CV a real boost and you will stand out from the crowd forever. South America on your CV will make you unique and you can also learn a lot in terms of skills in the Accelerator. Now is the time to try things out, because that is also part of your career. Thanks to the direct line to the government, everything runs with relatively manageable bureaucracy and the entire program is well-organized. So you can focus completely on the product.
Santiago is an established part of the innovative world: this fascinating South American country has really caught up in terms of start-up culture in recent years. There is a growing tech scene, the costs are manageable and the people are so open and welcoming. With a stable economy, relatively good security, international connections and countless opportunities, Chile is the perfect location for tapping into new markets. Fancy Germany instead? Make sure to check out these Job Boards for Expats in Germany.
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