BIG 7, BIG Changes

1. What programs does Start-Up Chile offer and how do they differ?

We have different programs. On the one hand, BIG, corresponding to the initials of Build, Ignite, and Growth, which open their call for proposals twice a year; and on the other hand, the Growth & Scale subsidy for startups in the process of going public with ScaleX, which is open all year round. Learn more about each of them below:

Build: Focused on startups with a validated idea or with an early-stage prototype.
>Acceleration program of 4 months from the start date. Team leader must be in Chile during this time, plus the time it takes to execute the fund (4 months approximately from the agreement’s sign).
>New! Equity-free co-funding of up to 90%, with a ceiling of CLP $15,000,000. That is, the beneficiary must co-finance the remaining 10% (CLP $1,666,666 approximately in the case of the maximum).
>New! Possible extension means direct passage to the IGNITE Program.

Ignite: Focused on startups that already have a functional product and are looking for product-market fit.
>Acceleration program of 4 months from the start date. Team leader must be in Chile during this time, plus the time it takes to execute the fund (approximately 6 months from the agreement’s sign).
>New! Co-funding equity-free of 80%, with a ceiling of CLP $30,000,000. That is, the beneficiary must co-finance the remaining 20% (CLP $7,500,000 in the case of the maximum ceiling). For Female Founders, the equity-free co-financing will be 90%, with a ceiling of CLP $30,000,000. In other words, the beneficiary must co-finance the remaining 10% (CLP $3,750,000 in the case of the maximum ceiling).
>New! Possible extension, getting an extra subsidy of CLP $20,000,000.

Growth: Focused on startups in an expansion stage.
>Acceleration program of 8 months. Team leader must be in Chile during this time, plus the time it takes to execute the fund.
>New! Co-funding equity-free of up to CLP $75,000,000, corresponding to 50%. That is, the beneficiary must co-finance the remaining 50% (approximately CLP $75,000,000 in the case of the maximum ceiling). For Female Founders, the equity-free co-funding will be 60%, with a ceiling of CLP $75,000,000. In other words, the beneficiary must co-finance the remaining 40% (approximately CLP $50,000,000 in the case of the maximum ceiling).

Growth & Scale: Co-financing instrument for startups that are in the process of going public via ScaleX, which seeks to support the costs of entering the market.

For more information, read in detail the T&Cs or write us at hello@startupchile.org / judges@startupchile.org

2. Can I apply to more than one program?

Yes, you can apply to more than one program. We recommend you to get informed about the requirements of each program that are present in our legal bases; and evaluate the current state of your startup to decide which program adds more value to the development of your business. If you get selected for more than one program, you will have to choose one. For more information, read in detail the T&Cs or write to hello@startupchile.org / judges@startupchile.org

3. How do I apply if I am a foreigner and do not have Chilean nationality or legal personality in Chile?

If you do not have Chilean nationality or a company established in Chile, you must apply as a natural person. In case you are selected to be part of one of our programs, you will have approximately 2 months from the date results are released, to obtain your residence permit. One of our staff members will guide you through the process, but the responsibility of getting the process done and arriving in Chile before the program begins is on the team leader. For more information, read in detail the T&Cs or write to hello@startupchile.org / judges@startupchile.org

4. What are the application, evaluation, results, and program start dates?

BIG (Build, Ignite, Growth)
Application: The application form will be available from November 2 from 13:00 hrs, until November 23 at 13:00 hrs, this year.
Evaluation and results: The evaluation process will begin on November 23rd and will end when the results are released at the end of January 2024. The communication of the results does not have a specific date, so we recommend to stay tuned to your email at the end of January.
Start of the program: From the day the results are published, it will take approximately 2 months for the program to start ( End of March 2024).

Growth & Scale: The application process is always open.

For more information, read in detail the T&Cs or write to hello@startupchile.org / judges@startupchile.org

5. What do we evaluate when selecting our startups?

We look for startups that are technology-based, with a scalable solution, providing some degree of innovation, either in a product, process, or service. For details of the evaluation criteria, please refer to the “Evaluation Criteria” section in our T&Cs.

6. Can I execute another Corfo fund simultaneously with Start-Up Chile?

If the alternative fund has an end date before the start of the Start-Up Chile program (March 2024), you can participate in our program. Otherwise, it will depend on the type of fund and the format in which you applied, both to Start-Up Chile and to the other fund.

For more information, read in detail the T&Cs or write to hello@startupchile.org / judges@startupchile.org

7. What is the sponsoring entity?

In the T&Cs it is indicated the figure of the sponsoring entity to apply, but all entrepreneurs must only apply with their idea or startup. The sponsoring entity is already designated for us and it is Co-work LatAm, an organization that hosts the entrepreneurs and provides services to them. For more information, read the T&Cs in detail or write to hello@startupchile.org / judges@startupchile.org

8. What are the cross-cutting requirements of the team leader and for each program?

Requirements for all Team Leaders:
_To be over 18 years old.
_To own at least 10% of the company’s equity in case of applying as a legal entity.
_To have an exclusive dedication to the startup as a full-time job from the beginning of the acceleration program.
_To settle in Chile during the period of execution of the Start-Up Chile program (See details in question 1 and check out our T&Cs).
_Foreign entrepreneurs must apply as a natural person.

Requirements for Build startups:
_Company must have less than 1 year of business development or with less than 1 year since the incorporation of the company in Chile.

Requirements for Ignite startups:
_To have at least one functional product or service (minimum viable product or MVP).
_Company with less than 3 years of business development or with less than 3 years since the incorporation of the company in Chile.

Requirements for Growth startups:
_To have accumulated sales between CLP $80 MM and CLP $800 MM in the 12 months (between USD $100K and $1 MM approx.).
_New! At the time of application, those who apply as a legal entity, must have at least 24 months of seniority (counted from the start of activities before the SII).

For more information, read in detail the T&Cs or write us to hello@startupchile.org / judges@startupchile.org

9. Should the whole team come to Chile or only the team leader?

It is not necessary, only the team leader will be responsible for executing the program in Chile and have exclusive dedication to the project.

For more information, read in detail the T&Cs or write to hello@startupchile.org / judges@startupchile.org

10. How long does the team leader have to be in Chile?

Although we want our entrepreneurs to have an impact in Chile through their exclusive dedication to the program, two variables will determine the length of their stay:

1. Program to which you are selected:
Build: 4 months from the start of the acceleration program, plus the time it takes to execute the fund (approximately 4 months from signing the agreement).
Ignite: 4 months from the start of the acceleration program, plus the time it takes to execute the fund (approximately 6 months from signing the agreement).
Growth: 8 months from the start of the acceleration program, plus the time it takes to execute the fund (approximately 12 months from signing the agreement).

2. Commitment to financial process and expenses report.

For more information, read in detail the T&Cs or write to hello@startupchile.org / judges@startupchile.org

11. What is the Female Founder Factor (FFF)?

The FFF, transversally across all our programs and as part of Corfo’s gender strategy, considers changes in the different programs to strengthen female entrepreneurship. The mission is to promote the participation of women to encourage their contribution to Chile’s economic development. Some of the measures implemented in this project are:
_At least 50% of the startups selected in our Build program will be led by women.
_Ignite and Growth programs: Female Founders will have access to a higher percentage of co-funding, 90%, and 60% respectively.
_Exclusive initiatives and opportunities for Female Founders of the Start-Up Chile community.

For more information, read the T&Cs in detail or write to hello@startupchile.org / judges@startupchile.org

If you still have any doubts, write us at hello@startupchile.org or judges@startupchile.org