Pay to start a new business?

Startup Chile offers $40,000 (equity-free) to entrepreneurs from around the world just for starting a business in Chile for 6 months and bringing a global perspective to Chilean entrepreneurs. What are the results of this initiative and what can we learn from it?

Startup Chile offers $40,000 (equity-free) to entrepreneurs from around the world just for starting a business in Chile for 6 months and bringing a global perspective to Chilean entrepreneurs. Undoubtedly, a successful idea with a first-world vision, which has been replicated by countries like Denmark, the United States, Spain, Brazil, Greece, Jamaica, among others.

A few days ago, I had a very interesting conversation with Horacio Melo, Executive Director of the Startup Chile program. "We are experiencing a revolution of Startups and we hope to welcome the companies leading this movement," he told me. "In 3 years, we have had over 800 projects from more than 65 countries, mainly the US, Chile, and India. In addition, among 90 projects, more than 30 million dollars have been raised, which has driven the entrepreneurial culture of young Chileans and attracted venture capital."

Horacio told me that despite entrepreneurship still being difficult, today it is much cheaper with the internet, and there is more support such as mentors and investment. On the other hand, I asked him about his experience in contact with so many entrepreneurs, what qualities he had seen in successful entrepreneurs, to which he told me that there was no recipe that worked 100%, but he saw the following:

• Persistence, not giving up in the face of any obstacle.
• Team, having an extraordinary team where each member contributes different qualities that add a lot of value to the project.
• Vision, it is time to undertake with a global vision and seek scalability.
• Relevant problem and relevant solution, that the market values the solution offered by the Startup to its problem, in addition to listening to what the market has to say about what is being offered to them.
• Passion, with teams truly excited and obsessed with their Startup, which makes them work long hours.
• Very good executing teams, ultimately ideas are worthless until they are executed.

It is very interesting and it brings a lot of pride to know that other innovation hubs are developing beyond the US, even in Latin America. The interesting thing to analyze is whether Mexico will also join in creating a program that attracts entrepreneurs, even paying for entrepreneurship.