- Universidad de Santiago’s Innovo Center was awarded these funds to run the Flexible Allocation Seed Grant Fund for four years in order to accelerate the development of innovative scientific and technological business ventures of international impact.
- “This grant is in recognition for the work done by the Center’s Business Incubator, which has dedicated itself to promote the innovation and entrepreneurship culture and has helped to create new technology-based companies,” Innovo’s Director said.
In order to strengthen scientific and technological business ventures, the Chilean Economic Development Agency (CORFO, in Spanish) awarded Universidad de Santiago’s Innovo Center 2,600 million pesos to run the Flexible Allocation Seed Grant Fund (SSAF, in Spanish) for four years. These funds will be earmarked for supporting innovative, high-impact start-up companies.
“The objective is to accelerate the development of local scientific and technological business ventures at an early commercial stage which are based on technologies in their last mile of development and have a potential international impact. We have 500 million pesos available for the first year and then, 700 million pesos every year,” Luis Lino, Innovo’s Director, explained.
These resources will be given to scientific and technological entrepreneurs through contestable funding. Those who are interested and meet the requirements will have to apply for it. For the business ventures that are granted SSAF funds, Innovo Center considers a first stage of international commercial validation. For this purpose, Innovo has 10 million pesos available, and for the second stage of commercialization support, it has 50 million pesos. Both stages require co-funding, as entrepreneurs will have to provide 25% of the total cost of the project.
“The contestable funding call will include entrepreneurs with technological projects, as well as other Chilean academic or research centers. The first call is scheduled between August and October this year and the projects will be evaluated according to their innovation degree, teamwork, technology development and their impact on the country,” Lino explained.
In Director Lino’s opinion, this grant is in recognition for the work done by the Center’s Business Incubator, which has dedicated itself to promote the innovation and entrepreneurship culture and has helped to create new technology-based companies.
Today, 33 companies are being incubated in fields like engineering, life science, biomedicine, and information technology with impact on industry. Some business ventures that are worth to mention are the development of a tidal power harvesting equipment, a biotechnological treatment for mining industry liquid wastes, the first electric car developed in Chile and a new energy dissipation system for buildings, among others.
Translated by Marcela Contreras
