The Startup Ecosystem of Chile

One example of an effective program from a marketing standpoint is Startup Chile, which has garnered global acknowledgment for the country since it was launched in 2010. The program is not restricted to Chilean entrepreneurs and supports founders around the world through an accelerator in Santiago, along with a 1-year startup visa. This was an innovative way to attract foreign entrepreneurs that other countries are now trying to replicate. For this reason, we have marked Startup Chile as a member of the pantheon club on the StartupBlink map. Chilean ecosystem developers, like their Estonian counterparts, have assertively built a narrative. These efforts have clearly produced fruitful results as the country now has two unicorns: NotCo and Betterfly, as well as Cornershop, a notable exit acquired by Uber.

However, Chile’s startup ecosystems have untapped potential. One key challenge is the tendency of Chilean startups to target the relatively small local market rather than international markets. To strengthen startups and boost economic growth, the country should overcome market size constraints by focusing on regional and global expansion, alongside enhancing public sector support for early-stage businesses.

The collaborative and innovative startup playground of Santiago de Chile, coupled with forward thinking and advanced startup promotion initiatives from the Chilean government, will serve Chile’s startup ecosystems well over the coming years, as long as policy-makers are not distracted from the fact that the real heroes of the economy are its entrepreneurs who should be celebrated as heroes of future economic growth. Chile’s is a tale of innovative initiatives that have become somewhat stagnant. It can also become an example of a national startup ecosystem comeback if it returns to the path of growth. Chile’s startups have the potential to lead the region and attract global attention with the right strategic initiatives and support.