[Editorial Notes: Startup Chile is one of the few accelerator programs that give you seed funding without taking any equity in your startup. Applications to the program are open. If you are looking to join them, here are some tips from Balaraman, an entrepreneur who has been through the program]
Some months back I wrote an article about Startup Chile program and its advantages and disadvantages. As the application for Startup Chile 10th generation is about to close by March 25, I wanted to write how to maximise your chance for getting selected to Startup Chile program.
Before applying to Startup Chile, I suggest you to read these FAQs and these quora answers to have a clear idea about Startup Chile application. I see that there are a lot of new additional questions in Startup Chile application now from what I filled for 6th generation application.
Checklist for Startup Chile application:
* Be ready with a prototype and a website
* Prepare a pitch video within 3 minutes
* Create AngelList profile for founders and the company (optional)
* Be ready with your passport softcopy
* Find a suitable person to recommend you for the program
You should present your idea very well that your solution is something unique and is solving a global problem. You should be very clear about how you can give the favour back to Chilean society. In other words, you need to explain how your startup can impact Chilean society. Also, you need to reinforce that your team is the right expertise to execute your idea. And, you need to mention about your target customers and how they can get benefit from your solution. All the aforementioned points should form the crux of the 3 minutes pitch video. The quality of the video production doesn’t matter. I made my pitch video using powerpoint!
There is no need to have a fully functional website or prototype with you. But, the website should give some idea about what your product is about. I was just having a launchrock page for my product Crispify when I applied to Startup Chile. Also, it is better to have profile of founders and company in LinkedIn, AngelList, F6S and Crunchbase.
Be clear about the problem you are solving and how differently you are solving. Collect facts about your close competitors and list the advantages of your solution comparing to your competitors. Be ready to explain how you can generate revenue from your idea. It can be cost-per-download, in-app purchase, advertisements, B2B model, licensing, subscription, selling API or whatever. But, be ready to explain why that particular revenue model suits your idea. Have an interesting story to share when asked why did you start to work on this idea. If you are ready with all these answers, you can fill the application form easily.
[About the Author: Balaraman Lakshmanan is the founder of Crispify, an Android app to increase the tempo of the video automatically and intelligently while compressing the file size during the process.]