Words of the chilean Minister of Economy J.A. Fontaine
Start-Up Chile is a program of the Chilean Government, created by the Ministry of Economy, executed by CORFO via InnovaChile, that seeks to attract foreign, high-potential entrepreneurs to come to Chile to bootstrap their businesses with the end goal of converting Chile into the innovation and entrepreneurial hub of Latin America. This is a general mission of the recently inaugurated government and is the primary focus of the Ministry of Economy.
In 2010, the program has brought 25 teams from all corners of the world and has provided them a $40,000 subsidy (no equity) to participate for six months, and a temporary 1-year visa to develop their projects along with access to the most potent social and capital networks in the country. These selected entrepreneurs approved an admission process conducted by Silicon Valley experts and a Chilean Innovation board that focuses ardently on global mindsets and worldwide potential. Their projects mostly fit into the tech genre, but the variety is wide with teams specializing in energy, e-commerce, social endeavors, and design. Of all required criteria, it is essential that the chosen entrepreneurs work in a global mindset, believing that the route to success is via expansion not isolation.
