The Silicon Valley success story is known around the world: a small area on the west coast of the United States that has become a byword for the country’s booming technology industry, housing some of the world’s most important firms and creating a fertile breeding ground for innovation of all stripes.
Taking the San Francisco bay area as a model, a recent study by research group Opinno aimed to identify the world’s current and future hubs of innovation, detailing what stimulates growth in each one with the aim to develop potential and learn from their success.
The Chilean capital was one of only five cities — alongside London, Berlin, Tel Aviv and, of course, Silicon Valley — in the Innovative Ecosystems report and the only Latin American representative to make the cut.
“Santiago is an excellent example of how the public sector can nurture, sustain and foster an entrepreneurial mindset in a short period of time, by creating a visionary type of environment for innovation,” reads the report.
Earning special praise is the government’s push to foster entrepreneurship over the last half decade.
“Public authorities are making continual strong efforts to create a favorable entrepreneurial environment by attracting talent and capital from abroad, and encouraging international companies and institutions to locate their R&D operations in Santiago,” says Opinno.
The recent and highly successful Start-up Chile program was among the initiatives cited as fostering the city’s hugely promising environment through accompanying programs such as streamlined immigration applications, allowing foreign entrepreneurs to grow their business in the Andean nation.
“Start-up Chile is already taking advantage of the main weakness of Silicon Valley -— the strict foreign immigration policy — and making use of it to promote its own city,” reads the report.
The country’s universities are also mentioned as a strength, noted for the great impact they have on innovation.