How to get in Start-up Chile according to the founders that did it

Here’s what founders had to say about why they applied…

1. Its reputation as the leading public accelerator in Latin America and one of the first to adopt a model offering an equity-free grant.
2. Start-Up Chile offers a structured approach with three different programs, each catering to different stages of a startup’s growth, with funding ranging from $20k to $100k.
3. One founder needed funding to take your startup to the next level. 
4. Another founder said the program seemed like the perfect fit for turning their innovative idea into a tangible reality, providing them with the environment and support needed to develop our AI technology and bring our vision of hyperfoods closer to fruition.

Here’s what founders had to say about the Start-up Chile application process…

1. You have to answer a series of detailed questions, each with a word limit, to explain your business concept thoroughly. Then you’re required to make a video presentation, and finally, you’re invited to a 15-minute interview.
2. The application begins with a comprehensive survey of around 200 questions, more like an in-depth analysis of your startup. Additionally, applicants must upload a one-minute pitch and, if available, a demo of their product or service. This forms the first stage of the filtering process. 
3. The application started with filling out an online form and was followed by an interview phase.
4. The accelerator requires a letter from someone previously participating in the Start-Up Chile program.

Here are the founders’ tips on Start-up Chile’s application process…

1. To be successful, you have to have develoiped your idea beyond a hypothesis.
2. The acceptance into Start-Up Chile primarily hinges on three critical factors: scalability, solution validation, and traction.
3. One founder reflected that they stood out due to their focus on fintech and SaaS, the advantage of being second-time founders, and the traction we had already demonstrated in our field.
4. Belief in the innovation of your proposition, coupled with your ability to communicate this effectively during the interview, is absolutely key.
5. When preparing your application, focus on the scalability of your idea and the viability of your product.

Here’s what the founders had to say about the Start-up Chile program…

1. Each startup is assigned a business developer and a mentor who assists with development, then the program offers an array of resources like academic content, webinars, and numerous perks. 
2. The combination of mentorship, peer learning, and formal training sessions makes Start-Up Chile a comprehensive program for startup growth and development.
3. One founder reminisced that a typical day mostly involved virtual mentorship sessions and workshops.
4. A key aspect is the community of other startup founders. Interacting with peers who are also navigating the startup journey is incredibly valuable.

Here’s what founders had to say about Start-up Chile’s funding support…

1. Funding ranges from $14,000 in the first stage, up to $50,000 in the second stage, and an additional $5,000 potentially awarded during demo or pitch days. In the second program, an initial $25,000 is provided upon acceptance, providing valuable financial support for startups at various stages of development.
2. One founder reported that they received around $70,000. 
3. What’s remarkable about Start-Up Chile is that it’s an equity-free program. They don’t take any ownership stake in the startups they fund
4. Another founder was the awarded 10 million pesos, which is roughly equivalent to $9,000.

Here’s what the founders had to say about their achievements during the Start-up Chile’s program…

1.  For one founder, a major milestone was optimizing their processes to grow faster, especially in content creation. Another significant achievement was getting a considerable number of schools to implement their free demo.
2. One of our most significant milestones achieved during the Start-Up Chile program was reaching $100,000 in sales by ourselves in just a few months.
3. During the program, one founder successfully extended their services to Chile, Colombia, and Mexico.
4. Through connections with key players in Chile’s ecosystem, a founder was able to implement rapid growth strategies, marking a crucial turning point in their startup’s development.

Here’s what the founders had to say about their challenges during the Start-up Chile program…

1. One founder evaluated that the program itself provided the support and resources they required without any significant issues.
2. A founder had to deal with the travel restrictions and lockdowns in Chile due to the pandemic.
3. The money promised by the program isn’t disbursed immediately after acceptance; there’s typically a month-long delay. This can create problems for startups that begin hiring or incurring expenses in anticipation of the funding, only to find themselves in a cash flow crunch.
4. A final founder couldn’t say they faced any notable issues. They felt that the program was incredibly supportive. Despite the hectic environment with over 40 startups in each batch, the staff at Start-Up Chile was always eager to assist.

Here are the founders’ final tips about joining Start-up Chile’s program…

1. There’s no reason not to apply. It’s not just free money; it’s a stamp of quality.
2.  If your idea is solid, validated, and you’ve seen some traction or positive response, you stand a good chance. Remember, you don’t need to reinvent the wheel; you just need to show that your wheel can roll efficiently and effectively.
3. When choosing a program, consider factors like Start-Up Chile’s equity-free model. This approach ensures that you can maximize the benefits of the program without unnecessary dilution of your equity. 
4. One important aspect to note is that all program activities are conducted in English, so language barriers related to Spanish are not an issue. Beyond the program itself, being part of Start-Up Chile allows you to immerse in Chilean culture and recognize Chile as a hub for innovation in South America.