Seven years after its launch, 53% of the 1,600 start-ups that have passed through Start-Up Chile are still in operation today, and have created about 15,000 jobs.
The figures were presented this week by Start-Up Chile executive director Rocio Fonseca (pictured above) during the inauguration of the programme’s new offices in Santiago, Chile.
Launched in 2010, the programme provides grants to start-ups from around the world that base themselves in Chile. The Chilean government usually reserves about half of the places for participants for locals (on the last round – the 18th, 42% were Chilean).
At the launch of the new offices, Fonseca pointed out that since the programme’s launch in September 2010, about a third of the surviving graduates have elected to remain in Chile.
This is a similar level to results presented by Start-Up Chile last year (see this post and this link ).
In all 21% of participants are women, which the programme attributes to its S-Factory initiative aimed at female entrepreneurs and launched in 2015.
Fonseca said about 5,000 highly skilled jobs had been created by graduate firms in Chile, while a further 10,000 had been created in the rest of the world. It works out to an average of about 17 jobs per graduate company – quite a sizeable number for a start-up.
The Chilean government has so far spent $53 million on the programme. Participants have been able to raise a further $1 billion once they graduate from the programme – of which about $200m has been kept in firms domiciled Chile itself.
Start-Up Chile claims six countries have replicated the programme, while a further 50 have developed similar initiatives. The programme is in talks with Thailand, Russia, South Korea and Japan to share its experience with these countries.
More countries should look to Start-Up Chile and the success the programme has had in encouraging innovative start-ups to take root.
Timm is a South African who writes on small business. Click here to sign up for the monthly Small Business Insight newsletter.
Stephen Timm is a