The Chilean underground startup ecosystem is finally starting to rise to the surface (meaning little known startups launched by Chileans).
Proving that startups can be successful outside of the popular government sponsored Start-Up Chile program, the team at BOMBAcamp has recently announced they have been successful in raising 100% of their first fund for their new BOMBAstars accelerator. Geared toward startups in Latin America, the program will award USD $25,000 to up to 20 selected startups a year.
We’re super excited about it at AndesBeat because it’s one of the few models we have seen that is more aligned with accelerators and equity stakes with the states. Less than 3 years ago it was not uncommon to hear of local investors who took up to 40% equity in startups and offered no mentorship, training or access to networks in exchange.
BOMBAstars is designed to be an intense, advanced 3 months acceleration program for startups that have successfully completed their wildly successful BOMBA_5 Weeks program (and meet other selected criteria). Startups will be vetted (twice a year).
The BOMBAcamp and BOMBAstars teams evangelize and live the ‘Lean Startup’ methodology developed by pioneer of the Lean Startup movement, Eric Ries. They strongly believe it will be the key ingredient for BOMBAstars anticipated success.
BOMBAstars early stage accelerator brings a strong, diversified in-house mentorship team available 24/7 . Similar to its 5 week flagship program, their support team goes through great lengths from Day 1 of the program to ensure the sustainability of all ventures who participate in the program.
BOMBAstars founders are among only a few veteran and highly knowledgeable lean startup + design thinking advisors in Latin America. They actively use it and integrate it throughout their business model and programming. Their founding team includes Chilean innovator, serial entrepreneur and startup pioneer Alfredo Osorio, Ash Maurya (via USA), author of Running Lean, Mijael Feldman and Sebastian Rojas.
They along with their resident mentors bring years of extensive experience working with startups, managing teams, co-founding and investing in early stage startups. They are also experienced with exit strategies and acquisitions. Each startup selected for BOMBAstars will receive an investment of USD $25,000 valuation and BOMBAstars takes 5% equity. BOMBAstars is funded with 100% private equity.
Ash Maurya, mentor, entrepreneur, author of Running Lean and BOMBAcamp’s partner, shared these comments from the USA:
“BOMBAstars is a great initiative for the Spanish speaking market. It will allow startups to accelerate even faster and find markets for their products; and then scale with their business models to other markets. I’m very glad to be able to participate actively in the success of this Program”. – Ash Maurya
Alfredo Osorio, Founder of BOMBAcamp and main mentor in BOMBAstars added:
“This 3 month program is the perfect complement and follow-up to the startups that were selected from BOMBA_5 Weeks acclerator Program. This will allow us to continue moving forward with the selected startups and ultimately reach product/market fit. Our group of mentors will relentlessly work to significantly raise the probabilities of success of their startups”.
The number of chosen startups varies between 4 and 10 startups for each BOMBAstars Program. Selections will be done 2 times per year.
Have completed the BOMBA_5 Weeks Program
Received an invitation by BOMBAcamp to participate after a selection process
Full time participation in BOMBAcamp Lab space during the 3 months of program
1st round of Selected Startups
Como en tu Casa
BOMBAcamp is a Campus for Entrepreneurs focused on helping founders build successful Startups. BOMBAcamp has three key elements for its success: fluent understanding and use of methodologies like Lean Startup and Design Thinking; passionate and highly qualified 24/7 mentors; and a working space designed to promote speed and creativity. @bombacamp