#34 Magical Startups - Making 10X in Your First Fund

We spoke with Chris Thompson, Scouting Manager, and Maria Noel de la Paz, Communications and Marketing Manager at Magical Startups, a Chilean accelerator and venture capital fund. In this episode, we talked with them about:

• CORFO support in Chile
• The evolution of the Chilean ecosystem
• Making 10X in 1 portfolio
• The evolution of acceleration programs in LATAM

Key takeaways

‍How to create a 10X fund?

• Have a well-honed selection process.
• Don't get swept up in FOMO.
• Provide vital services to your startups.
• Help startups however you can (smart money).
• Measure your risk appropriately.

What is Corfo?

CORFO is Chile's Corporation for the Promotion of Production, which reports to the Ministry of Economy. It was initially established to support entrepreneurs as they develop their businesses. Later, it added an accelerator division, and eventually a division supporting investors.

At one point, CORFO provided funding to VC funds at a ratio of up to 3 to 1 and 2 to 1.