By Narayan Ammachchi
The Brazilian Ministry of Science & Technology is offering funding to overseas technology companies interested in developing innovative software and IT services inside Brazil – a move reminiscent of CORFO’s (Chile) creation of StartUp Chile launch several years ago.
The government has allocated 25 slots for foreign tech start-ups in its “Start-Up Brasil” accelerator program designed to foster innovation in Brazil’s software and information technology services industry.
“Shortlisted enterprises will be eligible for up to US$ 596,000 in funds,” said the Ministry in a statement.
‘Start-Up Brasil’ has a budget of US$ 19.8 million and aims to support 75 domestic companies besides their foreign counterparts.
“We want to encourage entrepreneurs in the area of information technology. This area is strategically important for us to develop new business for Brazil,” said Brazil’s Minister of Science, Technology and Innovation, Marco Antonio Raupp.
Participating companies are required to have been operational since the past three years and to develop innovative products or services that use software and IT services.
Foreigners whose projects are approved will be given temporary visas to Brazil.
In addition to the Brazilian federal government, the start-ups will also receive funding from accelerator companies.
“Private funds can range from US$ 9,897 to US$ 494,854 per company selected, depending on the accelerator associated with the project and its stage of development,” the statement said.
The accelerator companies include Acelera Brasil (Microsoft Participações), Wayra, 21212, Aceleratech, Papaya, Acelera MG (Fumsoft), Outsource Brasil, Start You Up, and Pipa.
The deadline for start-ups’ entries is May 31 and the shortlist will be announced in July.
The entrepreneurs will be physically located within the accelerator’s infrastructure, and benefits will include physical workspace, legal advising, coaching and mentoring.