Countries

Country Snapshot

Chile’s entrepreneurial environment has experienced a number of favorable changes in the last few years. The country has begun to integrate universities, incubators, angel investor networks, various private investment funds, and mentoring networks, as well as government organizations like Corfo and NGOs like Endeavor. These new elements are allowing those with an innovative project to gain access to mentoring and capital, opening up further possibilities of turning an idea into a business. Moreover, Chile recently joined the PCT which facilitates the process of obtaining international patents and intellectual property rights. Increased media attention and coverage is changing the way entrepreneurship is perceived socially, turning entrepreneurs into admired role models - especially those who have been successful.

Nonetheless, there is still a lot of work to be done to increase not only the quantity, but more importantly the impact and quality of entrepreneurship in Chile. Although the government has pushed SME creation, few are truly innovative and even less have an international vision. Further, the concentration of wealth continues to be an issue: the wealthiest 20% of the population earns 13.10 times more than the poorest 20% of the population. Additionally, no more than 20 Chilean corporations generate 85% of the country’s GDP.