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Chile Seeking International Start-Ups

The Chilean Economic Development Agency has launched a new program to help entrepreneurs and early-stage companies with innovative and high-growth business plans quickly launch and run their businesses in Chile.  The program, Start-Up Chile (InnovaChile), offers entrepreneurs entry and logistical assistance, funding, and a support network to aid in the successful launch of their operations.

The Start-Up Chile program will select 25 entrepreneurs through a competitive screening process. The program’s Web site describes the ideal candidate as “a high potential entrepreneur with an idea that: 1) is in its final development stages or already developed; 2) the project has the potential of bringing disruptive technology into its industry or the global market; and 3) presents clear opportunities of sales, growth, and profits.” Candidates should have business plans “with the potential of reaching multiple international markets.” The selection process takes about two weeks.

Those selected will get help securing a residency visa, opening bank accounts, getting a Chilean ID, and finding temporary office space. The program also provides seed funding of $40,000 to cover the entrepreneurs’ first six months’ expenses. Participants will get introduced to networks of Chilean NGOs, business incubators, and mentors, including angel investors and venture capital funds.

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