The Chilean government agency Corfo introduces a $20 billion plan under Entrepreneurship Manager Maricho Gálvez to enhance financial skills for entrepreneurs and startups, reducing their dependency on state subsidies.
The Chilean government agency Corfo has introduced a comprehensive plan aimed at enhancing the financial readiness of entrepreneurs and startups nationwide, ultimately reducing their reliance on state subsidies. The newly appointed Entrepreneurship Manager, Maricho Gálvez, is spearheading this initiative, which is framed within a budget of $20 billion for management this year.
Gálvez, who completed a selection process by the Public High Management and was confirmed in her role just days ago, has been with Corfo since 2021. Her previous work involves critical programs that benefit entrepreneurs, including seed funds, and she has held various positions within the organization, most recently serving as the Regional Director of Corfo in La Araucanía during 2023. Speaking to Diario Financiero, Gálvez noted that one of her significant achievements has been the increase in projects led by women, with this percentage rising from 20% to over 50% by the end of 2024.
Integral to Gálvez’s plan is addressing financial gaps that impact entrepreneurs seeking to benefit from Corfo’s subsidies and programs. She observed that despite having strong value propositions, many projects often struggle to scale due to weak financial structures. “What is expected is that when these good ideas graduate from our programs, they have solid and substantial robustness to present themselves independently to other sources of alternatives, beyond subsidies,” Gálvez explained.
To tackle these concerns, Gálvez announced that beginning in March, at least half of the content in Corfo’s management programs will be dedicated to essential financial skills and strategies, including basic financial principles and due diligence processes. This instruction will involve collaborations with strategic partners to enhance the efficacy of these educational initiatives.
Another pivotal area of focus for Gálvez is the decentralization of Corfo’s specialized services. The aim is to establish robust support systems for entrepreneurs across all regions in Chile. This includes the implementation of incubators, startup accelerators, coworking spaces, and networks of mentors and investors. Gálvez set an ambitious goal to achieve 100% coverage by the end of her government term, particularly targeting areas such as Arica and Parinacota, and Aysén.
To facilitate this expansion, Gálvez plans to leverage collaboration opportunities with various entities—such as universities hosting coworking spaces or business incubators—to enhance service delivery across the nation. Additionally, she mentioned an ongoing initiative known as ecosystem measurement, which assesses and diagnoses the availability of these specialized services in different territories. The regions of Atacama, Los Lagos, Valparaíso, and Ñuble were evaluated last year, with plans for four new regions to be assessed in the coming year.
Through these strategic efforts, Gálvez aims to strengthen the support framework for entrepreneurs in Chile, fostering a more sustainable approach to raising private capital and enabling startups to thrive independently in a competitive marketplace.
Source: Noah Wire Services
