Santiago, Chile, has become an unlikely hub for global startups, under a government programme that aims to attract global talent into the country to diversify its economy.
Operating from Santiago’s fashionable Providencia neighbourhood, the government-funded Start-Up Chile is one of around 15 hubs – or ‘accelerators’, in Silicon Valley terminology – in the country. Since it was opened in 2010, more than 1,300 companies have passed through Start-Up Chile, receiving a total of almost $40 million (£32 million) in financing. Funding worth between $30,000 and $90,000, which comes from the government-backed Corporación de Fomento de la Producción de Chile, is provided to each business to help them get off the ground while founders follow a rigorous syllabus of talks, seminars and networking opportunities.
The Chilean government does not take equity in these companies. Essentially this means that, for those startups deemed worthy enough, the $90,000 funding comes free.
The start up program offers:
- One year working visa (renewable)
- Up to $90k in equity free funding
- $100k of perks
- Free training and access to mentor programs
- Introductions to investors and venture capitalists for further investment
For more information on this program visit: www.startupchile.org