Chilean government will finance science startups with up to US$272,000

Contxto – Chile’s Corfo—a government agency commonly known for investing in startups—wants founders to unleash their scientific side. And what better way than through funding?

On Monday (25), it and the Chilean Ministry of Science announced the launch of their “Startup Ciencia” program. As the name (glaringly) suggests, officials are looking for startups with a scientific component to help them grow.

Through this government initiative, early-stage startups can tap into mentorships and workshops. Likewise, they can access up to CLP$200 million (over US$272,000) in financing.

For Corfo, Covid-19 was a wake up call

The Covid-19 pandemic showed the world the importance of research and development to develop tests and applications that mitigate the pandemic’s impact. Correspondingly, authorities in Chile determined that these types of initiatives need help in order to help others.

• Related article: CASPR Biotech developed a prototype to quickly diagnose coronavirus

“We’re specifically promoting science-based entrepreneurial projects because they tend to be of a different nature,” explained Carolina Torrealba, Subsecretary of Science, Technology, Knowledge and Innovation. “They’re slower in their development, more costly, and more risky. However, their impact can transform our economy.”

Rightly so, startups like biotechs, are capital intensive. Moreover, due to the ethical implications of working in health-related industries, means they must jump through plenty of regulations and standards. And even then, there are risks.

For which mentorships, financing, and guidance through programs like Startup Ciencia are not only useful, but also critical in saving startups tons of trouble.

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Startup Ciencia: What it takes

The Chilean government through Startup Ciencia wants early-stage startups that:

• Work with biotechnology, nanotechnology, robotics, artificial intelligence, virtual reality, and/or IoT tech. Note that this list is not exhaustive.
• Have a validated, in-lab proof of concept.
• Are less than five years old.

If you want to learn more, you can check out Startup Ciencia’s website here. 

Related articles: Tech and startups from Chile!

-ML