Start-Up Chile has been undergoing quite a shakeup in recent months, following the election of President Michelle Bachelet and a number of adjustments in the government’s approach to investment, entrepreneurship and economics. And now, the organization is undergoing another big change – the exit of its director, Horacio Melo.
At the helm of Start-Up Chile for nearly three years, Melo announced his departure in an email this morning. He said that he will continue to contribute to specific projects within the initiative as an advisor and that the decision is a personal one. “I love SUP, but three years is a long enough personal cycle,” he explained.
As for what’s next, he indicated that he will be focusing his attention on revolutionizing the electricity industry in LatAm, “democratizing the generation with a more green and affordable solution and hopefully killing some monopolies.”
Sebastián Vidal, Assistant Director at Start-Up Chile, will take over Melo’s role.
Melo has emphasized this his motivations for leaving Start-Up Chile are not politically-driven. However, this does come on the heels of a number of changes at the organization and the institution behind it, CORFO. Just last week, CORFO announced a number of new regional directors throughout the country, a month after the appointment of Eduardo Britán to lead the entity.
Start-Up Chile has placed Chile on the entrepreneurial map and inspired similar programs in countries like Brazil and Peru. Melo has played an instrumental role in the program’s development. Moving forward, the initiative’s makeover will surely continue.
*Editorial Note: We originally referred to an article from La Tercera regarding plans for Start-Up Chile to raise US$100 million, which misquoted Melo. Start-Up Chile hopes that its startups will raise US$100 million in private capital. The program’s funds are already committed.