HiKey Resources has been selected as part of Generation 18 of Startup Chile: More than 800 young companies have applied and we are thrilled to be one of the selected ones! Starting on July 1st HiKey will be part of the Seed program, which is set up for six months until the end of 2017. Besides funding HiKey will also receive access to a huge network of businesses, mentors, investors and numerous perks from companies such as AWS, PayPal or Transferwise.
In this blog post, we would like to present you the Startup Chile a little bit closer and explain you the benefits that the program provides.
Chile – a country in transformation
From a business perspective, Chile is famous for one thing: being the biggest copper producer in the world. About 1/3 of the world’s copper output is produced here, which means from a Chilean perspective that about 2/3 Chile’s exports are related to copper products. But Chile’s resources are a double-edged sword. As the prices for resources have been falling for the last years, hence the economy has suffered a lot and in 2017 the GPD has grown only very slowly.
In order to diversify the economy and to prepare Chile to be a modern business location the Chilean government started in 2010 the incubator program Startup Chile. The goal is “to change the nation’s culture towards entrepreneurship and to position Chile as the hub of innovation for Latin America.” Until 2016 more than thousands of startups from 79 countries have participated in the program. Those have created already more than 1,500 jobs only in Chile and worldwide more than 5,000. Due to the enormous success, Startup Chile got nominated as one of the Top 10 accelerators for startups worldwide and today, about 50 other startup programs exist that follow the role model of Startup Chile. This big success has also drawn the attention of big players: Steve Wozniak, Co-Founder of Apple, once said: “This is the greatest program I’ve seen of this type in the world. I’m going to recommend it to my kids.”
Startup Chile is now well known, not only to entrepreneurs around the world, but also within Chile. The awareness of the startups and entrepreneurship has risen a lot in the previous years, so Startup Chile has set a new goal for themselves: “to ensure that Chile remains a world hub for technological innovation and to be known as drivers of technological enterprises that impact the domestic economy positively.” HiKey is proud to be one of the 100 startups that have been selected by the program in order to accomplish their goals. We promise to give our very best to establish a long-term prosperous business relationship in Chile.
Startup Chile – a bunch of benefits
Being part of Startup Chile brings mutual benefits to the startups and its entrepreneurs:
First of all, and probably the most important to the majority of the entrepreneurs, the money. The selected entrepreneurs and startups receive approx. 30,000 USD and a work visa for one year. As this money comes without any trade of equity it is super attractive to many startups in the seed stage.
Second, Startup Chile established partnerships with enterprises like Amazon, PayPal, United, etc. For example, does Amazon Web Service (AWS) offer a credit for using their services for 12/24 months. This and many perks help young companies to scale their business quickly.
Third, being part of a big community. 100 startups are taking part in Startup Chile – only for this generation. But community includes also previous generations of the Seed program. Hence entrepreneurs have the possibility to talk to many people facing maybe similar challenges or exchange best practices. Furthermore, Startup Chile organizes events that shall help entrepreneurs to get a foot on the ground or to move forward: pitch training, networking with investors, fuck-up nights… All this should also help us to extend our growth here in Latin America.
Last but not least, living in Chile for at least one year. Some might say, Santiago may not be the most beautiful city in the world, but it definitely has its charm: located at the foot of the Andes, it is surrounded by mountains of 5,000 and 6,000 meters. But also, the ocean is not far away. So, living in Santiago means, within 2 hours, you can go surfing, go for a walk on the beach, visit one of the many vineyards, or go hiking/skiing in the mountains. And this is just the Metropolitan Area. Exploring Chile means to discover Patagonia, the Atacama desert, going to an observatory, do whale watching,… There is plenty visit, even with a schedule of a startup founder.
Seed, what else?
Aside of the seed program, Startup Chile also offers to two other programs: One is The S Factory which helps female founders to get their business started and the other is Scale, which is basically the follow-up program on Seed. As HiKey is planning to stay long-term in Chile, our goal is now to fulfill all targets set up by the Seed program in order to have good changes to apply for Scale afterwards.
But that’s all still up in the air. For now, we are happy the be part of Seed and for now, we will give 110 % to be successful!