Start-Up Chile

Apply to this 6-month startup accelerator for up $30,000 USD and all the perks and benefits of Chile’s robust startup ecosystem. Not to mention beautiful Santiago scenery and delicious Chilean food!

Applications for the next session open July 18 to September 5, 2017. Follow Lootstrap on Facebook for updates!

Award Amount

  • $20,000,000 CLP (approx. $30,000 USD)
    • 90% of expenses paid by Seed, team must cover 10%
  • Additional grant of $10,000,000 CLP (approx. $15,000 USD)

Location

  • Santiago, Chile

Length

  • 6 months

Additional Benefits

  • Workshops and training from experienced entrepreneurs and mentors
  • Free coworking space in Santiago
  • Perks such as discounted airfare, free cloud hosting, software assistance, etc.
  • Network with other international startup companies
  • Demo Day
  • 1-year resident visa for founder and 2 team members specified in the application

Who Can Apply

  • Early-stage, globally-oriented, scalable startups less than 3 years old
  • With a functional product and market validation
  • All participants must be over 18 years of age
  • Must be fluent in English, basic Spanish recommended (program held in English)
  • Wish to use Chile as a platform to scale globally
  • No consulting, import/export, franchises and other non-scalable businesses
  • No persons who have already benefited from a Startup Chile program

Selection Criteria

  • First-round evaluation by YouNoodle based on the following criteria:
    • Beneficiary 25%
    • Team members 25%
    • Product or Service 25%
    • Market and Competitive Advantage 25%
  • Second-round evaluation by CORFO based on the following criteria:
    • Team 25%
    • Product or Service 15%
    • Market and Competitive Advantage 20%
    • Impact in Chile 40%
  • Pitch video
    • What problem are you solving?
    • What solution are you proposing to this particular problem?
    • Introduce the team, their background and experience
    • Why are you applying to Start-Up Chile?

Application Process

  • Written application via your free YouNoodle account
  • 2-minute pitch video
  • Letter of recommendation from a mentor, fellow entrepreneur, teacher, or colleague
  • First-round evaluation by YouNoodle
  • Second-round evaluation by CORFO

Conditions

  • Funds delivered as reimbursement or advance payment plan for eligible expenses
  • Applicant must contribute at least 10% (approx. $3,333 USD) towards project
  • Beneficiary (the founder) must be:
    • 100% dedicated to the project (not in school or working outside jobs)
    • Willing to relocate to Santiago for 7 months
      • 6-month program plus one more month in Chile to take care of legalities
  • All team members must have valid residence visas to enter Chile
  • Must have own health insurance for the duration of the program
  • Give back to the startup community through the Founders Lab
  • Terms and Conditions

Post-Program Perks

  • Free use of the central coworking space for 9 months after you finish the program

Follow-Up Funding

  • Alumni may apply for another grant to continue working in Chile outside of Santiago
    • $10,000,000 CLP (approx. $15,000 USD)
    • For 6 months
  • Alumni are eligible to apply to the Scale program for further funding and benefits
    • $60,000,000 CLP (approx. $90,000 USD)
      • 70% of expenses paid by Startup Chile, team must cover 30%
    • Required to stay in Chile for the one-year-long program
    • Applicants must have significant traction and be generating revenue
    • Wish to use the funds to grow in Chile and expand into Latin America

Website

As always, this program takes ZERO equity!