First Inspiring CVC in Chile: Generating More Innovation Areas and Investing in Risk Models
The first edition of the event organized by Imagine and supported by Corfo concluded with over a thousand registrants and hundreds of ecosystem actors.
While accelerators, public funds, and private investors are typically the financing avenues chosen by entrepreneurial teams in Chile and Latin America due to their consolidation, there is a fourth pillar of capital injection and opportunities that is gaining more strength: corporate venture capital (CVC).
In this context, Chile hosted an event in June that aims to be the “cornerstone” for promoting the CVC model in the country: Inspiring CVC, organized by the innovation orchestrator Imagine with the support of Corfo.
A total of over 1,000 registrants attended the two-day event, including hundreds of startups, large companies, entrepreneurs, authorities, family offices, VCs, and industry players. They participated in lectures, specialized workshops, and networking sessions focused on sharing the successful experiences of corporations that have implemented corporate venture capital models and how to carry out such projects.
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Francisca Rojas, Director of Ecosystem and Alliances at Imagine, stated, “For Imagine, it is very important to promote the corporate venture capital model because it has a differential approach compared to other types of investments. In CVC, large companies not only invest in startups for a medium-term economic return but also seek a strategic return, either by making a difference with some disruptive technology or solving a problem or challenge more quickly and economically than by driving a project internally.”
Inspiring CVC, 5 y 6 de junio: así será la gran cumbre de la inversión corporativa de riesgo con sede en Chile
“The core is transformation, fostering the adaptation of corporations around relationship building and bridging the gap with startups through mechanisms like corporate venture capital,” Rojas added.
A key novelty of the event was the participation of German entities to provide their perspective on innovation and relationships with large companies. In this vein, major global accelerator Start2 and the Representation Office of the State of Bavaria for South America participated as speakers.
Pamela Valdivia, representative of Bavaria for South America, stated, “We are interested in developing disruptive innovation and being a bridge. It’s a long road to get there. It’s important to understand that innovation doesn’t happen in isolation, as people require trust. That is only generated if we know each other, and events like Inspiring CVC allow us to meet the right people at the right time for a common goal. Instances like Inspiring CVC are ideal for generating long-term relationships that enable impactful technological innovation.”
According to CB Insights, Latin America contributes only 3% of the annual global share representing corporate venture capital investment. This might partly explain why the region only contributes 2.6% of the total number of unicorn companies worldwide. Specifically, in Chile, it was revealed that 25% of companies with a CVC model invest less than $500,000 USD.
“This cornerstone of Inspiring CVC aims for more companies to embrace the idea of generating their innovation areas and investing in risk models. Solving problems or anticipating opportunities with technology is crucial, but doing so through startups is much faster, more dynamic, and competitive. We wanted to be a catalyst for new companies, and based on the reception of the attendees, we believe this objective has been achieved,” emphasized Imagine.
The Inspiring CVC initiative, which experienced its first edition, seeks to be an event that brings together companies interested in establishing a CVC area, as well as startups looking to connect with large corporations. In the country, it is estimated that no more than 15 companies have implemented a corporate venture capital model. “The idea is to triple that number, with more and more companies relying on startups to remain competitive over time,” say representatives from Imagine.