As we at CIC Miami prepared to open last year, we worked to identify key areas of strategic and programmatic focus to guide our efforts. We fundamentally believe that our success is defined by the value we add to the entrepreneurial communities we expand to, and a large part of that value lies in identifying the unique gaps in that specific city and doing our part – mindfully, collaboratively, inclusively, excitedly – to address them.
In Miami, one such gap lay in contributing to make South Florida a more effective isthmus between Latin America and North America – a promise our city is perfectly positioned to keep, but only if we work to create tangible and bidirectional bridges between us and the region’s main innovation hubs.
In this context, Chile was a natural ally. Distinguished as one of the most robust and stable innovation engines in the continent, Chile’s startup scene has been praised as “magical” by Bloomberg News. The Chilean tech ecosystem has aggressively expanded during the last six years, primarily through various incentives spearheaded by the Chilean government through the National Development Corporation (CORFO for its acronym in Spanish). In fact, Chile was highlighted by Gust as the Nº1 country in Latam in terms of public investment.
As such, we are thrilled to announce the four inaugural agreements CIC Miami has signed with Chilean partners. These organizations represent various perspectives, stakeholders, and approaches, but stand united in their desire to foment their local ecosystem and help connect it to the U.S. via Miami. CIC Miami will be a key partner to the incubators/accelerators which receive CORFO’s Scaleup/Expansion funding, aimed at supporting startups to increase their revenues, receive more funding, and internationalize. CORFO is also incentivizing venture capital investment via a tax benefit for international investors that invest in a public fund based in Chile (dividend distributions and capital gains on the sale of quotas from the this fund are subject to a 10% withholding tax, instead of a tax rate of 35%).
As CIC Miami, we have been fortunate to find not just willing, but experienced and seasoned partners to sign agreements with as we set out to map out new directions from collaboration and bidirectional engagement. It is our hope that these relationships will allow entrepreneurs and innovators in Chile and Miami to access valuable information about each respective market, provide strategic connections with clients, peers, investment capital, talent, et al. Ultimately, we believe this is the first step in promoting new investment and business opportunities in both markets and look forward to working together.
Start-up Chile – This well-known –government sponsored– public accelerator awards selected startups with up to $45,000 in non-equity funding, along with a four or six-month residency in Santiago. For their role in boosting and enlivening Chile’s economy, Fast Company named Start-Up Chile the most innovative company in Latin America in 2017.
Chilean Association of Venture Capital – The ACVC seeks to promote the venture capital industry in Chile by communicating the positive role of VC industry in the Chilean economy and promoting the Chilean industry to local and international entrepreneurs and investors, government, press/media and civil society. Currently composed of 12 member entities, ACVC seeks to increase capital deployments to $100 million/year, focused mainly in Pre-Series A or Series A rounds of $500.000 to $3 million.
Endeavor Chile – Endeavor Chile seeks, selects and delivers strategic support to entrepreneurs who have the potential to become high-impact entrepreneurs. Endeavor’s goal is to catalyze economic and social development through the impulse to entrepreneurship in the countries where it operates.
Endeavor helps entrepreneurs achieve the economic sustainability of their companies, generate growth and employment, become role models and foster an entrepreneurial culture that motivates more people to think big.
Fundación Chile – is a private non-profit organization that fosters innovation and its partners are the State of Chile and BHP-Billiton-Minera Escondida, one of the largest mining companies in the world. FCh develops local and international networks, delivering high impact solutions in areas such as sustainability, human capital development, education, aquaculture, entrepreneurship and foods.
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