It's the second South American country to create a government-backed accelerator program offering funding to local and foreign talent. Up to $78 million will be offered, on the condition that the companies stay for a while.
With two major global events coming up — the 2014 World Cup and the 2016 Summer Olympics — now sounds like a good time for the Brazilian government to announce a startup accelerator program. The country’s Ministry of Science, Technology and Innovation is offering up to $78 million to entrepreneurs that apply to Start-Up Brasil for one of 100 slots. Selected participants will go through a business accelerator for six to 12 months. About one-quarter of available slots will go to foreign companies, but only if they plan to stay for a few years; the government will help them get visas.
What’s the Big Idea?
Start-Up Brasil director Felipe Matos wasn’t a huge fan of the government when he started his own incubator, but when he was approached to run this project, he “thought that this would be a fantastic opportunity to do something for the Brazilian startup ecosystem.” He believes that businesses can take advantage of a shift towards those who can afford to choose entrepreneurship over other professions. Brazil is the second South American country to create this type of program; Chile began its version in 2010.
In the Chinese Zodiac, the snake is a mythical creature that symbolizes academia, wisdom, and the pursuit of knowledge. What better year than this to talk about the coming expansion of Chinese thought and the rise of China’s terminologies.