START-UP CHILE TO AWARD BABSON COLLEGE ENTREPRENEURS ENTRANCE INTO PRESTIGIOUS PROGRAM

Up to five Babson College bootstrappers will receive subsidies of $40,000USD and 1-year working visas

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After recently receiving over 300 applications from eager entrepreneurs around the globe, Start-Up Chile announces that up to five Babson College entrepreneurs will receive entrance into the renowned program as part of the 2011 Latin Entrepreneurship Forum. 

To be announced on Friday, April 1st, the applicants will be presented their entrance certificates by Mr. Hernán Cheyre, the Executive Vice President of the Chilean Economic Development Agency (Corfo) who is attending the Forum as a guest. Of a large pool of Babson applicants, a panel of professors has selected seven projects from which the final five elections will be made. 

The chosen Babson College entrepreneurs will join up to 100 other selected applicants in Chile on or before July 14th, 2011. Each startup team will receive a subsidy of $40,000USD, a one year work visa, and access to Chile’s most potent financial and social networks.

Criteria the Babson College and other worldwide applicants were judged on include: 

• quality of talent and commitment of the founding team members, 
• international market potential of the project, and 
• value of the applicant’s affiliated networks that will be injected into the Chilean entrepreneurship ecosystem. 

Judges determining the scoring of said criteria are industry experts, venture capitalists, and entrepreneurs with strong backgrounds in executing and advising startups. 

As Start-Up Chile’s first Memorandum of Understanding (MOU), Babson College’s participation is and will be instrumental in achieving the program’s goal of attracting up to 1,000 startup companies to participate in the program before the culmination of 2014. 

About Start-Up Chile 

Start-Up Chile is a program of the Chilean Government, created by the Ministry of Economy and executed by Corfo/InnovaChile, that seeks to attract early-phase entrepreneurs to bootstrap their businesses in Chile. In line with the Government’s goal of converting Chile into the innovation and entrepreneurship hub of Latin America, the program plans to bring 1,000 projects to Chile by 2014. 
During the six months the participants must be in Chile, for which they receive a 1-year working visa, the objective is to raise capital, hire talent, create networks, and to start their businesses from Chile while interacting fully with the local entrepreneurship ecosystem. 

The program, whose spinoffs include Startup America and Startup Britain, is the ideal opportunity for bootstrappers to receive funding without ceding equity while utilizing one of the strongest Latin American economies as their launching/development platform. Start-Up Chile has been featured in The Economist, BusinessWeek, TechCrunch, and Forbes, among others. 

Start-Up Chile Pilot Phase

23 teams arrived to Chile in 2010 to participate in Start-Up Chile’s pilot phase representing 14 nations: Israel, France, Argentina, Costa Rica, Uruguay, United States, Germany, Spain, Portugal, Great Britain, Canada, China, Ireland, and South Africa. In only a few months, results are already concrete. The founders of Junar, a platform that allows users to easily find and use data, raised $1.2 million USD in December, 2010, from Chilean, Costa Rican, and Argentinean venture capital firms and Angel Investors. Numote, a team headed by Harvard grad Vijay Kailas and Robert Balousek, recently garnered the prestigious title of Popular Choice Award in the Samsung Free TV Challenge.

Another early success has been the team, Entrustet--a pair of two young entrepreneurs from the University of Wisconsin who have created a service to protect digital assets (email, Facebook, etc.) for when internet users pass away. Their project is known worldwide and has captured the attention of diverse communication outlets such as The New York Times, Financial Times, CNN, and Mashable.

For more information about the Start-Up Chile experience, please visit www.startupchile.org.

Press Contact:
Brenna Loury
brenna@startupchile.org
+(56 2) 862-4336
+(56 9) 7-213-5893

Babson College in Wellesley, Mass., is recognized internationally as a leader in entrepreneurial management education. Babson grants BS degrees through its innovative undergraduate program, and grants MBA and custom MS and MBA degrees through the F.W. Olin Graduate School of Business at Babson College. Babson Executive Education offers executive development programs to experienced managers worldwide. For information, visit www.babson.edu.


By Michael Chmura, mchmura@babson.edu, 781-239-4549 | 01/04/2011 06:00