With Chile as one of the top destinations for startups, most certainly in South America, what is Chile’s secret? And what is the secret for his transformation to a popular destination in Latin America?
- The Chilean government and the entrepreneurship programs like CORFO and Start-Up-Chile are pushing the startup scene to create economic, social, and environmental benefits in the country. The programs offer start-up capital, mentoring workshops, co-working spaces, and access to investors.
- Otherwise, to attract foreign entrepreneurs the country launched 2017 a Visa Tech, which allows technology talent to acquire a visa in just 15 days.
- In the first half of 2022, Chile's venture capital industry raised US$550 million in investment compared to US$411 million in the same period a year ago, according to the Chilean Venture Capital Association (ACVC)
- And despite the country’s relatively small size, it is a reliable market where entrepreneurs test pilots in Latin America
- Another advantage of Chile over its neighboring countries is the high proportion of the population that has access to the Internet and the speed of the Internet. As a result, the country is creating good conditions for the development of new and future-oriented business models.
- In addition, Chile has become the ideal environment for clean energy like wind and solar energy, such as the production of green hydrogen, placing itself as an attractive country for investors and the development of new business models.
In what way are your selected startups reflecting the best aspects of Chile’s growing startup scene?
The Chilean start-ups, just like the big companies, are looking for answers to the great challenges of our world today and in this context this year the focus on solutions that deal with the environmental issues
In this way, the selected startups are reflecting this aspect and offering solutions by collecting data in a wide variety of ways and using computer programs and artificial intelligence to predict occurrences and help companies become more sustainable.
What do you think makes startups successful in the international market?
First of all, the startup should be established and successful in the local market before thinking about an international expansion.
Furthermore, it's important that the startup has developed a scalable business model with an international approach.
In addition, it is vital also to understand and to know the culture and its differences where your new market is located.
And it is very helpful to find an experienced local partner with proven expertise in the market you are targeting, and the startup should define and monitor its KPIs.
What are Chile’s startups most keen on in Germany and this tour?
The German market is one of the most popular European economies and the region of North Rhine-Westphalia, as a leading economic region, is generally very attractive for the expansion of foreign start-ups. Most of the interest of the Chilean startups lies in getting to know potential investors and partners, who make it easier for them to enter the German market.