Chile Technology Business Incubation and Acceleration Program

In concert with the Chilean Economic Development Agency (CORFO), and its Innovation Committee (INNOVA Chile), GCG is engaged in a program to develop an “industry” of technology incubation and business acceleration management.  This initiative is part of an “offset” program designed in collaboration with Lockheed Martin Aerospace and the Chilean government, the goal of which is to build cooperative, action-oriented programs focused on technology incubation, commercialization and business acceleration

The program assesses selected Chilean incubators and trains incubator managers, CORFO staff and entrepreneurs through hands-on training, workshops and business development activities. Training topics include: technology screening and assessment, technology business development, and international commercialization and incubator management.  Additionally, the program provides assessments and selection of Chilean technologies, and provides international business development of those technologies by matching Chilean enterprises with business opportunities outside Chile in order to produce cooperative agreements and open new markets and opportunities for Chilean companies.  

Program Components

Assessment of Chilean incubators
Based on an empirical rating system, along with other agreed criteria, IC² Institute officials visit on-site with 18 incubators, in Santiago, Puerto Montt, Valdivia, Temuco, Concepción, Valparaíso, Antofagasta and Talca to benchmark the incubators against selection criteria previously established by GCG and CORFO/INNOVA Chile.  Their observations of each incubator in the benchmarking criteria, as well as overall observations of the Chilean technology commercialization landscape, are documented, along with final recommendations of the incubators to be included in future phases of the program.  This benchmarking report is submitted to the CORFO Innovation Subcommittee, who make the final decision and announcement of the selected incubators.

Training of incubator managers in screening of Chilean innovation and recruitment and screening of Chilean innovation
GCG officials deliver a seminar to management representatives from the incubators and representatives from INNOVA Chile, consisting of one day of presentations geared to teach them how to effectively work with innovators in universities and other research centers, and how to screen for high-potential innovative technologies with global application, followed by individual meetings with each incubator manager to discuss specifics related to their incubator, sector(s) and region. The GCG Program Manager then works on-site with each incubator, helping them to screen and select  technologies to be brought to a workshop in Santiago, as well as attending meetings with inventors and innovators at each incubator location to do some "real-time" coaching on how to encourage academic research staff to work with the incubator to bring their innovative ideas to the marketplace.  Workshop sessions follow, to review concepts presented in the earlier seminar, as well as to offer best practices training on how to identify high-potential technologies for commercialization. During these sessions, incubator managers collaborate together with GCG  officials, using analytical tools to make decisions as to which technologies hold the most promise for future validation and business development work.  GCG and its network of entrepreneurs and business professionals then execute initial validation of the selected technologies for future business development work by the incubator managers and the GCG business development team.

Training incubator managers, innovators, entrepreneurs and Chilean academic faculty members
This occurs over several months and includes activities in both Austin, Texas and Santiago, Chile, such as (1) training in an IC²/GCG technology assessment methodology; (2) mentoring and assisting program participants in the completion of technology assessment research reports on Chilean technologies; (3) providing best practices in incubator management with presentations and activities customized to the Chilean marketplace; (4) working with Chilean incubator managers at their sites to implement these best practices; (5) training attendees in technology commercialization; (6) providing a six-week entrepreneurship workshop for Chilean technology business representatives, delivered by IC² faculty in Santiago; (7) training for Chilean university faculty in the curriculum delivered during the six-week training so that they may replicate it over the long term in their universities; (8) coaching Chilean technology business representatives prior to a competition to select businesses for international acceleration.

Selection of technology enterprises for international business development
In a competition, held in Santiago, judged by experts from both Chile and the US, representatives of the selected technology businesses deliver presentations on their technologies and business plans.  At the close of this competition, the bi-national board recommends eight for business acceleration support through the program.  All competitors are provided feedback on their presentations and business plans, whether or not they are selected for future acceleration activities.

Acceleration of selected technology enterprises in the global market
The focus of the final phase is on creating business engagement agreements between Chilean and global entities interested in their technologies, as well as providing hands-on training for program participants in international business acceleration. GCG business development team members work closely with incubator managers and technology company innovators and entrepreneurs, establishing contacts and working agreements together, fostering both learning and business acceleration.

Quotes from program attendees

“The opportunity to take advantage of coaching in entrepreneurship, incubation and technology commercialization, both theoretical and at the same time practical, from one of the most prestigious organizations in the world  is a luxury that cannot be passed up!  The IC² Institute and the University of Texas provide us a noticeable improvement in our ability to detect, develop and cement innovation opportunities, through work with technological knowledge and capital networks, service providers and customers.  Working with Chilean and American industry professionals provides opportunities to develop long-term relationships, which are necessary for the improvement of Chilean enterprises, a fundamental part of the mission of Fundación Chile.”
Carlos Cifuentes, Fundación Chile   

“Incubation is a continuous challenge, not only for entrepreneurs, but also for the people that manage the process. This program impacts the status quo of innovation in Chile and will change the horizon for our technology entrepreneurs.”
René Villegas, 3IE Institute

“Being part of this program means that now our incubator is “running the right race” in terms of working with “real innovation”, innovation which is extracted from the seed; a seed that I didn´t value before I started working in the program, because I thought that our University was too far away from this kind of “scientific business”.  And I was wrong. Our University has a lot of important knowledge available to transfer to the community based on its research. The problem is that we don´t know how to it!,  And that is why I´m so motivated to continue the learning process: to help our scientific community to transfer their technologies and start new successful companies based on the work between the inventors, incubator and IC².”
Macarena Sáez, Austral Incuba

“A renowned institution, the University of Texas at Austin, especially the IC² Institute, offers a well-structured and customized program in incubation and innovative project development, giving us all the best knowledge available and offering its huge experience through its highly-skilled teachers, confirming known and unknown theories, giving a significant professional opportunity and an extremely valuable option for technology transfer by developing the incubation industry in our dear Chile. “
Roberto Rock, Crece Business Incubator

“I believe that this program is very important due to the fact that at INER Los Lagos we are beginning to form a closer partnership with university researchers, and what better than to have this training and to learn from an institution with years of experience.  In addition, the learning combined with practical application has been very helpful in our daily work – for example, how to improve our selection criteria and initial evaluation of innovative business ideas.  Also, it is not only the know-how that you provide which is notable, but also the human quality of all of the professionals involved in the program, their disposition to openly share their knowledge and experience with us.”
Patricia Catalán, INER Los Lagos

"The IC² Program has been a great experience for learning hands-on how to successfully support technological entrepreneurs.  Doing so correctly will have a tremendous influence in the industry, given that these technologies have potential global impact"
Sebastián Melin, Octantis

“I believe that this program will upgrade the Chilean incubators, in management as well as in business acceleration, further enhancing the support that they provide to our entrepreneurs. As a CORFO project executive, I think is very important that Chile develop the most productive ventures possible, providing them the opportunity to be marketed internationally, because through this avenue we will be able to achieve the desired growth that our country really needs.”
Elena Moreno, Project Executive, CORFO/INNOVA Chile