Start-Up Chile Co-Working Space

How My Company Chose An Accelerator Program

“This is the greatest program I’ve seen of this type in the world. I’m going to recommend it to my kids” — Steve Wozniak, Co-Founder of Apple, when referencing Startup Chile

HelpStay is going to Chile. We’re one of a hundred companies that will arrive in ‘Chilecon Valley’ this July to spend 6 months living and working in Santiago.

Start-Up Chile (SUP) was created by the Chilean Government in 2010 for high-potential entrepreneurs to bootstrap their start-ups and use Chile as the foundation to do so. Each of the 100 businesses selected are awarded up to 30,000 USD, a one-year work visa and the opportunity to be part of a process of acceleration and mentoring.

Finding the right accelerator is challenging, but when you choose well, rewards can include invaluable business advice, new connections, financing, introductions to potential investors, and the help and camaraderie of other startups.

How to Choose
During our quest for an accelerator that matched our needs, we found many program offerings, but most were not suitable to us. We had very specific criteria- particularly around future ownership and control of HelpStay, and how we want to see our company evolve in the future. We were also mindful of the time and effort required to make a strong application. Applying for accelerator programs can be time consuming, and usually involve taking valuable time away from completing important tasks that impact the immediate success of your startup.

Start-Up Chile Participants

To help narrow down your options and optimize your time, consider asking the following questions that will help you find the right program fit:

1. What is the alumni feedback? Would they do it again? Overwhelmingly, every one we spoke to about Start-Up Chile couldn’t recommend it highly enough. One particular start-up founder, friend and recent participant recommended it at the time with the words ‘this program would really suit your project, you guys should get your asses down here’ (his enthusiasm was part of what won us).
2. Do you want to (or can you) relocate?
   Sure we do. At Helpstay, we’ve always felt this was a necessary component, given we’re a community of travelers and we like nothing more than getting stuck into a new country. We also want to get a foot hold in the Spanish speaking market and Santiago is a great base to explore this option. Chile is one of the best economies in Latin America. It’s stability over the last decade has attracted investment from across the world. According to the 2017 Global Entrepreneurship Index, Chile is the best country in Latin America to start a business and 18th best in the world.
3. Do the managing directors and mentors have the expertise and connections you need? Try to interview some before accepting.
   Start-up Chile is run by the Chilean Government. There is a full team of people tasked with making the program a success. This program is a country play, it’s about making Chile a successful hub of innovation and entrepreneurship. Because of the program’s success, it has amassed a list of very strong mentors who cover a wide area of expertise and sector knowledge.
4. Do you want a frat-house or an office atmosphere? Assess the culture carefully-you’ll be part of it for months.
   A promotional video on Start-up Chile’s website spells out their mission “They arrive. They work. They connect”. Their mantra communicates a innovation, leadership, collaboration and thought sharing — not a sense of tech-bro elitism. This model of authenticity and skill-sharing is what Helpstay was founded on. As a group of entrepreneurs, we’ll work, rest and play together — building meaningful connections and relationships.
5. Can you handle the curriculum? Be honest about your ability to juggle the workload, classes, and lectures with your company’s needs.
   Start-up Chile requests that at least one team member is based full time in Chile for the 6 month period. The team member(s) are provided with co-working space. The program includes a variety of activities and/ or events. Participation is a mixture of mandatory and optional activities. The majority of time, while there, is made available to participants to work on growing their start-up.
6. How much equity are you giving away? Can you get it back if you drop out? Read the financial and legal terms carefully, and consult your own advisers before signing anything.
   Start-up Chile asks for no equity, making it one of a handful of programs that use this model. This was really important to us, as we want to maintain control of our company’s integrity and build a structure that’s in line with our philosophy.

Parinacota Volcano Chile

Getting Accepted
Some accelerators are harder to get into than Harvard, and Start-upChile is no different. HelpStay is one of the lucky 100 companies selected-from a pool of 2,000 + applicants.

Spend time on the written application. Spend time writing and rewriting your application to make sure your current business structure and goals come across clearly and to the point.

The video pitch is crucial and should be no more then 2–3 minutes in length. Prepare a script and practice it aloud before shooting. It’s worth getting help from a friend or media specialist when making the video. A pitch may sound great to you (knowing the business inside and out), but it’s handy to have someone who isn’t as up to speed on your product point out what’s working and what’s not. Picture quality isn’t important, any camera phone will do, but what you say and how you say it is very important. After all, you’re selling your company.

You’re video pitch should address the following areas:

1. The problem you’re solving.
2. The solution you offer.
3. Your team.
4. Why you want to participate in the accelerator.

Helpstay is appreciative of this opportunity to improve our product and help grow our community of altruistic travelers. We look forward to our journey with Start-up Chile and will be publishing anecdotes here on our Medium account as well as other social media . Stay tuned!