4 ms·

The about page is very clear about the financial terms. It calls it "a $40,000 subsidy (no equity)" Also, here is an excerpt from TechCrunch's article on Start

by nyellin 16y ago

The about page is very clear about the financial terms. It calls it "a $40,000 subsidy (no equity)" Also, here is an excerpt from TechCrunch's article on Startup Chile 2010 (formatting is mine): "Seems too good to be true, doesn’t it? No obligation to stay; no equity ownership in return for the money; no onerous contracts that promise a pound of flesh—as VCs typically demand. Why would Chile do this? Because they’re betting that if they get enough smart, talented people there, three things will happen: first, many of the entrepreneurs going there will fall in love with the country and decide to stay; second, they will enrich the local ecosystem by teaching local entrepreneurs about global markets; and third, their tech community will develop stronger links to the world. Who knows, a couple of startups may also hit home runs. After all, isn’t this how Silicon Valley left tech centers like Boston in the dust and became the world’s tech leader?" Source: http://techcrunch.com/2010/08/21/chop-shop-workers-and-bootstrappers-chile-really-wants-you/ http://techcrunch.com/2010/08/21/chop-shop-workers-and-boots... Disclaimer: I am not affiliated with Startup Chile in any way. Hopefully someone from the organization can answer your questions.

jjm 16y ago
It's up to 40k. There is also a schedule table which outlines what funds may be used for. A few things not accounted for is living expenses, food, medicine etc... (I could have read wrong, I'm not a lawyer). Now I believe that some incubators allow you to decide what you want to do with the cash, and place no restrictions on it. Then again, they ask for equity. My point is moving to Chile is a big deal, and you'll have expenses. It's cheaper than living in the US or Canada but not by THAAAAT much. Another point required in the docs is you must incorporate and leave your base of operations in Chile. The one big question I have is how is the talent pool If I setup shop in Chile? I don't want to outsource.
- bobf 16y ago
  http://www.startupchile.org/what-does-the-subsidy-cover/ http://www.startupchile.org/what-does-the-subsidy-cover/ says the subsidy covers operations, living (housing, transportation, food), and HR costs associated with hiring.
- trevelyan 16y ago
  I'm in the program and am happy to answer any questions. Short version is that this is very much the real thing. The expenses need to be reasonable (there is a nominal review process), but I haven't run into problems. You can expense most things except alcohol and cigarettes as long as they are related to the business. This includes giving yourself and your staff salaries of up to around $3k USD per month. So a team of two can rent a nice apartment, pay for airfare and insurance, and spend the remainder on personal salaries -- effectively paying themselves to start a business. Eating out costs about the same as the US and Canada, but cost-of-living is otherwise much lower. And Santiago is an amazing city. Chile has a smaller pool of technical workers than elsewhere, so you can work with people here but are probably best off being a developer. And there's no requirement to incorporate and leave your base of operations in Chile.
  - jjm 16y ago
    I hear what your saying, but I'm confused. The terms are at: http://www.startupchile.org/wp-content/downloads/terms_and_conditions.pdf http://www.startupchile.org/wp-content/downloads/terms_and_c... Particularly points 3.i, and 3.iii talk about incorporation in Chile as a requirement. 3.iii talks about the 'intention' of leaving operations in Chile. I've copy/pasted the section. It's pretty hard to develop and do CEO/partner duties at the same time, especially in such an early stage. In fact I would think doing the hustle is about as much time consuming as doing the dev work. Also, It's hard to tell Chile that your not going to hire anyone because you couldn't find anyone; while taking their money. For more specific note, if you look at the requirements (dinners, talks, evaluations, presentations, publications), I don't see you'd find time to do more than 20% dev work without hiring someone. I would love to take Chile up on their offer, and as a super hyper serious startup founder I'm excited BUT at the same time very weary of anything 'too good to be true'. Section 3 below: 3. RESULTS AND ANTICIPATED IMPACTS. At a minimum, it is anticipated that the Projects and their Participants: i. Are incorporated to the national entrepreneurship environment and execute their Project in Chile for at least 24 (twenty-four) weeks. ii. Carry out activities required for the fulfillment of the goals proposed in their Projects. iii. Are incorporated in Chile as formal companies, with the intention of leaving operations in Chile. iv. Contract local talent. v. Attend at least 70% of the events 3 of the Program. vi. Lead at least 6 (six) group workshops. vii. Attend meetings with potential investors with the intention of raising capital during their participation. viii. Participate as mentors of national entrepreneurs. ix. Create and publish 3 (three) notes in English on the basis of their experience in international media * Update: Edited for spelling mistakes.
- bloury 16y ago
  Hi JJM, This is Brenna from Start-Up Chile. In the Terms and Conditions, incorporating in Chile is a desired result, not necessarily a requirement. If you begin to generate large amounts of revenue in Chile, incorporating would be required. If you have any further questions, please feel free to write us at: info@startupchile.org.

by nyellin 16y ago

jjm 16y ago

It's up to 40k. There is also a schedule table which outlines what funds may be used for. A few things not accounted for is living expenses, food, medicine etc... (I could have read wrong, I'm not a lawyer). Now I believe that some incubators allow you to decide what you want to do with the cash, and place no restrictions on it. Then again, they ask for equity. My point is moving to Chile is a big deal, and you'll have expenses. It's cheaper than living in the US or Canada but not by THAAAAT much. Another point required in the docs is you must incorporate and leave your base of operations in Chile. The one big question I have is how is the talent pool If I setup shop in Chile? I don't want to outsource.

bobf 16y ago
http://www.startupchile.org/what-does-the-subsidy-cover/ http://www.startupchile.org/what-does-the-subsidy-cover/ says the subsidy covers operations, living (housing, transportation, food), and HR costs associated with hiring.
trevelyan 16y ago
I'm in the program and am happy to answer any questions. Short version is that this is very much the real thing. The expenses need to be reasonable (there is a nominal review process), but I haven't run into problems. You can expense most things except alcohol and cigarettes as long as they are related to the business. This includes giving yourself and your staff salaries of up to around $3k USD per month. So a team of two can rent a nice apartment, pay for airfare and insurance, and spend the remainder on personal salaries -- effectively paying themselves to start a business. Eating out costs about the same as the US and Canada, but cost-of-living is otherwise much lower. And Santiago is an amazing city. Chile has a smaller pool of technical workers than elsewhere, so you can work with people here but are probably best off being a developer. And there's no requirement to incorporate and leave your base of operations in Chile.
- jjm 16y ago
  I hear what your saying, but I'm confused. The terms are at: http://www.startupchile.org/wp-content/downloads/terms_and_conditions.pdf http://www.startupchile.org/wp-content/downloads/terms_and_c... Particularly points 3.i, and 3.iii talk about incorporation in Chile as a requirement. 3.iii talks about the 'intention' of leaving operations in Chile. I've copy/pasted the section. It's pretty hard to develop and do CEO/partner duties at the same time, especially in such an early stage. In fact I would think doing the hustle is about as much time consuming as doing the dev work. Also, It's hard to tell Chile that your not going to hire anyone because you couldn't find anyone; while taking their money. For more specific note, if you look at the requirements (dinners, talks, evaluations, presentations, publications), I don't see you'd find time to do more than 20% dev work without hiring someone. I would love to take Chile up on their offer, and as a super hyper serious startup founder I'm excited BUT at the same time very weary of anything 'too good to be true'. Section 3 below: 3. RESULTS AND ANTICIPATED IMPACTS. At a minimum, it is anticipated that the Projects and their Participants: i. Are incorporated to the national entrepreneurship environment and execute their Project in Chile for at least 24 (twenty-four) weeks. ii. Carry out activities required for the fulfillment of the goals proposed in their Projects. iii. Are incorporated in Chile as formal companies, with the intention of leaving operations in Chile. iv. Contract local talent. v. Attend at least 70% of the events 3 of the Program. vi. Lead at least 6 (six) group workshops. vii. Attend meetings with potential investors with the intention of raising capital during their participation. viii. Participate as mentors of national entrepreneurs. ix. Create and publish 3 (three) notes in English on the basis of their experience in international media * Update: Edited for spelling mistakes.
bloury 16y ago
Hi JJM, This is Brenna from Start-Up Chile. In the Terms and Conditions, incorporating in Chile is a desired result, not necessarily a requirement. If you begin to generate large amounts of revenue in Chile, incorporating would be required. If you have any further questions, please feel free to write us at: info@startupchile.org.