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Start-Up Chile’s Admission Process
Start-Up Chile is a groundbreaking initiative created by the Chilean Government that seeks to attract high potential, globally oriented startups to bootstrap their businesses with the Start-Up Chile Global Network for 6 months using Chile as a platform to go global while providing them with equity-free seed capital of CLP$20.000.000 (approximately USD$40,000) and a 1-year work visa.
The long-term goal of the program is to convert Chile into the innovation and entrepreneurship hub of Latin America by utilizing the networks that the participating entrepreneurs will inject into the country.
In exchange for investing in you and your idea, we need your help to:
Change the way local entrepreneurs perceive risk and reward, success and failure. With the objective of promoting long term and permanent change in the local environment, we want you to help stimulate and promote changes in the Chilean entrepreneurial culture by organizing local events, presentations, workshops, and classes in order to transfer your knowledge and global vision.
Increase the overall amount of business operating in Chile in order to positively impact job creation and overall economic growth. We believe the mechanism of Start-Up Chile is one of the best and most tangible vehicles that will drive Chile’s economic growth in the next decade, catapulting the nation into more advanced economic status, bringing access to better education, higher health care standards, and an overall better quality of life for its citizens.
In order to accomplish this, we need your energy, your skills, passion and access to your international network to activate the local entrepreneurial environment with ideas, enthusiasm, and a global vision.
When we ask you to “be a part of it”, this is what we’re talking about!
Understand and follow the formal reimbursement process established in your contract. Failure to comply with the Terms and Conditions Generation 4 could result in rejected expenses or even termination in the Start-up Chile program.
Execute your project in Chile for no less than 24 weeks. You will be able to extend your benefits for a maximum of up to ONE month. If you do not use the capital within this amount of time, you will not be able to recover the remaining amount. Thus, you must create an appropriate plan that corresponds to this timeline to avoid underutilizing the provided funds.
In 2012, we will open 3 application rounds to seek another 300 startups.
Round 1: OPEN: March 5th, 2012, CLOSE: April 3rd, 2012, (application platform will be open JUST from March 19th to Abril 3rd). (arrival dates: June 27th or July 25th, 2012)
Round 2: Opening June 11th, 2012 (arrival dates: September 26th or October 24th, 2012)
Round 3: Opening September 14th 2012 (arrival dates: TBC)
The program lasts 24 weeks and any globally-minded entrepreneur is eligible to apply, regardless of his or her nationality and all applications will be judged under the same criteria.
Start-Up Chile’s admission process is organized with the support of YouNoodle, a California-based company that provides a technology platform used by leading entrepreneurship clubs and university competitions worldwide. An internal selection panel will make the final approval. Applications can only be submitted online and in English – Start-Up Chile will not receive applications sent via email.
Candidates will have a defined amount of time to submit their applications. During this period they will be able to view and edit their draft applications. Customer service will be provided to guide the candidates in submitting a proper application and making sure the materials and answers are clearly articulated.
Upon the submission deadline, applications cannot be updated, corrected, supplemented or changed in any way. The material submitted at the time of the deadline will be used to evaluate the project and determine the results of the competition. Incomplete projects will not proceed to judging.
YouNoodle will generate a professional pool of judges comprised of technical experts, investors, and an experienced entrepreneurs who will be asked to sign a confidentiality agreement applicable to all information submitted through the process. Each project will be evaluated by all three categories of judges.
Teams/projects will be judged on four criteria values:
Human Capital (weight: 33%): quality of the talent and commitment of the founding team members.
Project (weight: 34%– composite): Strategy, differentiation, and innovation factors of the product/service purported:
- Product/Service (weight: 17%)
- Market (weight: 17%)
Environment (weight: 33%): Value of the founding team’s networks for the Chilean entrepreneurship ecosystem.
Judges will score each criteria on a scale of 1 to 5. Projects will then be passed on to InnovaChile’s Subcommittee of Entrepreneurship and Innovation for the final judging round.
d) Selected Entrepreneurs
The selected entrepreneurs will be invited to participate in the Program via a Letter of Acceptance sent by email. Once selected, the Program Office will send all pertinent information regarding obtaining visas, moving to Chile, etc.
May we remind you?
The contract Terms and Conditions Generation 4 must be read carefully to avoid any misunderstanding
The company founder must come and establish himself in Chile for at least 6 months
The capital provided by a process of reimbursement and are not given without an invoice or a technical validation by the Start-Up Chile accounting division.
InnovaChile provides the beneficiary a non-refundable cash subsidy with a cost ceiling of $40,000 USD. The cash award is reimbursed on a monthly basis against company expenditures. Since the founding team is expected to contribute the additional 10% of the funding towards their project, Start-Up Chile will reimburse 90% of the total of your expense reports.
Flights to Chile can be reimbursed for every team member (up to max 3)
We recommended you bring enough money to live on for the first two months of your stay in Chile ($5,000 USD)
Important to note that in Chile most rental agencies ask for one month deposit up front
We recommend you generate an action plan for each of the 6 months of your stay so we may apply our project tracking application to your project. This will also help you plan your expenditures in a timely manner, to make sure you utilize your money in no more or no less than the 6 month period of time.
Changes to the Terms and Conditions Generation 4
As we grow as an organization, we are constantly striving to make improvements both to the program and to the legal Terms and Conditions to which each project is legally bound. For this round, we’ve made some minor improvements to the Terms and Conditions Generation 4 in order to ensure that you are afforded a world-class experience during your time as a Start-Up Chile participant, please read it carefully.
Please check out the Frequently Asked Questions regarding the application process.
For any other questions, please email us to email@example.com.