Do you receive startups in ideation?
No, we don’t receive startups in the stage of ideation. Companies in our community usually already have traction in their own local markets, meaning they have either sales or at least a user database with investment. We have had a range of companies, some pre-revenue with an MVP ready to commercialize up to companies with annual revenues over USD 13 million.
I’m aiming to get into the Startup Visa program. When can I expect to receive the letter of support from LatAm Startups?
The letter of support is given to companies after they graduate from Phase II and receive approval from our board of directors after an interview. Phase III starts with the legal paperwork; the first step is to have the letter of support and documents before starting the acceleration phase sessions.
How much is the cost of the program?
Each program has a related cost.
- Market Validation (Phase I) is for companies with no experience in the Canadian market. This program lasts 1-month (minimum) and costs USD 2,500. The fee covers up to 5 co-founders from the same company.
- Market entry (Phase II) has a USD 2,500/month cost and a minimum commitment of 2-months. The fee covers up to 5 co-founders from the same company.
- Acceleration (Startup Visa Phase III) costs USD 9,500 (+taxes) and lasts for 6 months. The fee covers up to 5 co-founders from the same company.
Why does the program have a cost?
We’re a not-for-profit organization, and we don’t take equity over any startups. The fees that are required cover the costs of operating the different levels of the program. As a not-for-profit, all income is redirected to cover expenses related to mentors, staff, office space, internet and other costs applicable to the program.
Do you receive solo-entrepreneurs?
In some cases, we do. Depending on the stage of the company, we may require the solo-entrepreneur to commit to hiring local talent to grow the company in expectation.
What if I don’t have intellectual property?
You need to start your process. Our ideal case is to fill out IP in Canada. We understand this process may take months or years, depending on if you’re pursuing patents or copyrights. If you don’t have IP filled out, you will need to work in an IP strategy during our program if you get accepted.
How much in funding do I need to be admitted into the program?
Consider having enough budget for the first year of operations. This budget should include any costs related to incorporation, salaries for co-founders moving to Canada, any local talent you need to hire, and any other expense related that you believe will occur during the first year of operations.
What type of startups do you receive?
Our ideal cases are technology companies with intellectual property that already have revenue in their home countries.
Do you receive startups just from Latin America?
We receive startups from many regions other than Latin America.
Does LatAm Startups work only with technology companies?
Yes. Technology applies to many fields, including agricultural technology, biotechnology and many others. We don’t work with creative industries unless the solution has some AI or VR components.
What if I’m already a permanent resident, or I’m with another type of visa? Could I still apply?
Some companies may not wish the co-founders to move to Canada but may want to establish a second headquarters in Canada as a point of entry to North America. For those cases, we recommend the corporate program https://latamstartups.org/innovation-centre/
Where can I find more information about the programs?
We have frequent webinars and info sessions. You can also find videos on our Youtube channel or visit the programs page on our website (https://latamstartups.org/events/). You can also receive information through our newsletter.