We’ve made, we have been selected for the Startup Chile Generation 9 (SUP) program but nevertheless I like to look back to see what we’ve been doing so far. It was a very interesting application process, with great questions that helped us sort our mission out as well!
Our list of To Dos
- Set up our team for the Latinamerican adventure
- Write the video pitch and film it
- Ask for recommendation letters from three influencers
- Create our 6-months and 3-year plan for Startup Chile but also for Latinamerica in general
- Write our application (for the company and for the team members)
- Improve information on our AngelList profile
- Do a competitors analysis for the Chilean market
- Prepare our site for Chile: Domain, localization, shipping partner, currency
- Inform ourselves about terms for importing and exporting to and from Chile
The Startup Chile committee asked a lot of interesting questions through the online questionnaire and they explained clearly how we should set-up our video pitch and what information it should contain. The video pitch should last three minutes and answer Why we are the perfect team to lead the project, What the problem is that we are solving and How we will socially impact Chile.
Even though the video was a basic requirement to participate in the selection process, the Startup Chile judges evaluate the company on two criteria: the Participants and the Project. The Participants value is explained as the “quality of the talent and commitment of the founding team members” as seen in their demonstrable achievements, their previous startup experiences and the networks and communities they belong to. The Project is evaluated on its strategy, differentiation and innovation factors. The judges will ask your investors and mentors for feedback and they will look at the global impact, competitive advantage, targeted audience, market size and competitors you face or have created.
On the startup Chile blog they explain that the are “looking for globally-minded, early stage entrepreneurs who want to start their globally-oriented and easy to scale project“. They are looking for committed individuals and ambitious projects to position Chile as innovation hub in South America. I am excited to soon be a part of this!
For this round of application, the questions for the project were:
- What is your project about?
- What is the problem you are solving?
- What is your product or service?
- Who are you selling your product/service to?
- Who are your competitors and how are you different?
- How does your company make money?
- Why are you and your team members the perfect team to lead this project?
- Who are your investors?
- Who are our mentors, advisory board members or consultants?
- What is your plan for the 6 months in the Start-Up Chile Program?
- What are the main uncertainties associated with your startup?
- What was the Primary source of the idea leading to your current startup?
- Which is the first industry that you plan to serve with your startup?
Like I said in the beginning, pretty tough but also very revealing questions! I was glad they put a strict word limitation to our answers – It really helped to be more precise and to cut to the point. In the second section of the questionnaire, we were asked individually as team members about our experiences and accomplishments:
- Tell us about your experience to date and how it is relevant to this startup?
- What is your most significant accomplishment? How did you achieve this?
- Tell us about a time that you hacked a system (computer or not) or a time that you defied conventional rules to do something great and why you are proud of this?
- How will you wow the Start-Up Chile community? Please describe how your personal networks will benefit the Chilean Entrepreneurial environment?
After having completed the questionnaire with the link to the youtube video and with three reviews from our mentors, we sent it in through their YouNoodle platform and waited about six week for the answer. If you want to participate in the 10th generation, your turn is up in March and you can find all necessary information on the Startup Chile website.