Start-Up Chile, the public seed accelerator of Chilean government, has opened a new call for technologically-based ventures that want to develop and expand their businesses in the Build, Ignite, and Growth (BIG) programs. This entity provides equity-free investment to tech based startups and entrepreneurs from around the world who are developing innovative, scalable solutions. To date, the government-backed accelerator has supported projects from 85 countries including Chile, the United States, India and Brazil, among others.
Three programs
Start-Up Chile offers three program alternatives, depending on the development stage of the business. The three programs vary in the development stage of the startup and in the amount of equity-free co-financing provided per project: with Build being the earliest ($15 million), followed by Ignite ($30 million), and finally Growth ($75 million):
- Build: is for early-stage startups, that is, they have from a validated idea to an initial prototype. The acceleration period is four months and provides co-financing of $15 million.
- Ignite: Follows it, is of the same duration, provides a fund of $30 million, and is directed at startups that have a minimum viable product and seek to achieve the product-market fit.
- Growth: Finally, for companies in the expansion phase and capital raising, there is the acceleration period. This period extends for 6 months and involves a support of $75 million.
In addition to financial support, selected startups will undergo an intensive acceleration work for 4 to 6 months -depending on the program- and will have access to a free co-work space, receive mentorship, and connections with key players in the local innovation ecosystem for early feedback, business opportunities, and collaboration. In the case of foreign entrepreneurs, they will also receive a two-year work visa to establish their businesses in Chile. To contribute to reducing the gender gap in technological ventures, female founders have a series of benefits within the framework of the Female Founder Factor initiative.
Applications open at https://startupchile.org/en/ until Friday, November 28th.