ainnovar, the university of chile’s incubator, offers good money… with a few hoops to jump through
Contxto – High-impact, early-stage Chilean startups specializing in biotech, science, communication, and information technology have until December 8 to apply to the INNOVO Center’s upcoming incubator, Ainnovar.
For the selected venture, what’s at stake is up to CLP$60 million (over US$73,000) worth of financing in this unique opportunity. This amount of capital will go out in three parts over two major stages.
Phases of Ainnovar
For those who may be unfamiliar with INNOVO, it’s the Center of Entrepreneurship and Innovation at the Universidad de Santiago de Chile in the capital city. Due to this incubation, funds will be reportedly be split into two phases. First and foremost comes the Technical and Commercial Validation phase prior to making sales.
With this, the program will finance up to CLP$10 million to fund commercial and technical validation to the designated venture. This will reportedly last for a maximum of five months.
But there’s a rub: The participating startups that reach this point will need to pay 25 percent of the costs to participate in this phase.
Following suit, the next step in the cycle comes in two parts. Firstly, it requires the chosen company to make sales and internationalization. With approval from CORFO—you remember CORFO, the Chilean economic development agency, right?—, the selected company will receive up to CLP$20 million.
This stage will also last a maximum of six months and require the startup to contribute at least 25 percent of costs.
All the while, the second part revolves around expansion, making the startup eligible to raise an additional CLP$30 million. During this segment, the participating company will be able to better pursue commercial consolidation. Once again, the entrepreneurial team will need to contribute 25 percent of the total costs. Like the others, it will also last for up to six additional months.
All things considered, this is the Chilean government’s latest attempt to promote innovative business solutions during political uncertainty.
-JA
