Business

Chile launches official program to finance startups in scientific fields

Through the program, early-stage startups can access up to CLP 200 million ($272,000) in funding

Image: Startup Ciencia logo / Screenshot
  • Covid-19 pandemic intensified the importance of research and development to develop tests and applications;
  • Startups like biotechs are capital intensive. Ethical implications of working in health-related industries also prove burdensome.

Chile’s Production Development Corporation (CORFO) — a state-funded agency that promotes economic growth and invests in startups — and the Chilean Ministry of Science announced the launch of “Startup Ciencia” program, through which early-stage startups in scientific fields can access up to CLP 200 million ($272,000) in financing. Firms may also get mentorships and take part in workshops, as Revista Capital informed.

The Covid-19 pandemic intensified the importance of research and development to develop tests and applications that mitigate the disease’s impact. Correspondingly, authorities in Chile determined that these types of initiatives need priority in help.

“We’re specifically promoting science-based entrepreneurial projects because they tend to be of a different nature,” explained Carolina Torrealba, Subsecretary of Science, Technology, Knowledge and Innovation. “They’re slower in their development, more costly, and more risky. However, their impact can transform our economy.”

Startups like biotechs are capital intensive. Ethical implications of working in health-related industries also prove burdensome. For which mentorships, financing, and guidance will be helpful.