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| ChileGlobal Ventures | |
|---|---|
| Name | ChileGlobal Ventures |
| Type | Non-profit accelerator |
| Founded | 2010 |
| Founder | Corfo |
| Headquarters | Santiago |
| Area served | Chile |
| Products | Acceleration, investment, mentorship, networking |
ChileGlobal Ventures ChileGlobal Ventures is a Chilean accelerator and corporate venture initiative created to scale startups and link innovation with industry. It operates within Chile's national innovation ecosystem alongside Corfo, InnovaChile, Ministerio de Economía de Chile, and regional development agencies in Santiago and Valparaíso. The initiative mobilizes relationships across Universidad de Chile, Pontificia Universidad Católica de Chile, Universidad Adolfo Ibáñez, Techstars, and multinational corporations such as Amazon (company), Microsoft, Siemens, and BancoEstado.
ChileGlobal Ventures traces origins to policy reforms led by Corfo and strategic plans influenced by the OECD and bilateral agreements with Estados Unidos and Unión Europea. Early milestones include pilot accelerator programs run with Startup Chile, partnerships with MassChallenge and exchanges with Silicon Valley institutions like Stanford University and University of California, Berkeley. Expansion phases linked the initiative to sectoral strategies from Ministerio de Energía (Chile), Ministerio de Agricultura (Chile), and trade missions involving ProChile. Notable programs were launched in collaboration with World Bank consultants and investment delegations from Banco Interamericano de Desarrollo.
The organization is structured as a public-private partnership involving Corfo, corporate partners such as Banco Santander, academic partners including Universidad Diego Portales and Universidad Técnica Federico Santa María, and international venture networks like 500 Startups. Governance bodies reference statutes influenced by Chilean law and oversight from agencies such as Servicio de Impuestos Internos (Chile) for fiscal compliance and reporting to the Ministerio de Hacienda (Chile). Operational leadership has included executives with backgrounds at Telefónica, Codelco, and Enel Chile, and advisory boards populated by representatives from London School of Economics alumni and entrepreneurs linked to Y Combinator.
Programs include acceleration tracks for fintech, energy, agritech, and biotech sectors aligned with corporate partners like BancoEstado Microempresas, Enap, Agroindustrial Empresas, and Arauco. Services offered encompass mentorship networks with entrepreneurs from Start-Up Chile, investment vehicles co-managed with Angels, pilot testbeds at facilities such as Centro de Innovación UC Anacleto Angelini, and access to procurement channels with firms like Cencosud and Falabella. Training modules draw on curricula from INSEAD, Harvard Business School, and entrepreneurship centers at Universidad Adolfo Ibáñez.
Partnerships span multilateral institutions including Banco Interamericano de Desarrollo and United Nations Development Programme, alliances with technology firms such as Google, SAP, and IBM, and ties to venture capital firms like Sequoia Capital and Kleiner Perkins via mentorship programs. Collaboration networks include regional hubs such as Ruta N in Medellín, Wayra from Telefónica, and exchange agreements with ChileConsulate offices and trade bodies like ProChile. Research partnerships involve laboratories at Pontificia Universidad Católica de Chile and Universidad de Concepción.
Outcomes cited by stakeholders include job creation metrics reported to Corfo and startup valuation uplifts tracked by private partners including LarrainVial and BICE Inversiones. Alumni ventures have entered markets via strategic contracts with Cencosud, LATAM Airlines, and Arauco and secured follow-on funding from funds such as Kaszek Ventures and Moneda Asset Management. Impact assessments reference influence on national innovation indicators maintained by Ministerio de Ciencia, Tecnología, Conocimiento e Innovación and contributions to export promotion strategies administered by ProChile.
Funding sources combine public grants from Corfo, matched corporate contributions from banks like BancoEstado and Banco Santander, and co-investment syndicates involving local funds such as Magnetto Capital and international limited partners including IFC. The model uses milestone-based tranches, equity participation mechanisms consistent with Chilean corporate law, and project financing from multilateral lenders like Banco Mundial and Fondo Monetario Internacional for specific initiatives. Revenue streams include advisory fees from corporate innovation programs with Enel and pilot procurement contracts with Codelco.
Critiques have arisen in reporting by outlets such as El Mercurio and La Tercera regarding selection transparency, alleged capture by incumbent corporations including Cencosud and Falabella, and concerns voiced by startup collectives linked to Start-Up Chile and independent incubators like Chilean Association of Startups. Academic commentators from Universidad de Chile and public interest groups associated with Observatorio del Derecho a la Educación have discussed potential conflicts of interest and dependence on public subsidies, while labor advocates in Sindicato movements have raised questions about long-term employment quality in accelerated firms. Comisión Nacional de Productividad reviews have recommended periodic audits and enhanced reporting.
Category:Organizations based in Chile