Chilean Entrepreneurs Begin SRI Venture-Readiness Program in Silicon Valley

MENLO PARK, Calif., Jan. 18, 2012 /PRNewswire/ -- An elite group of Chilean entrepreneurs are beginning a one-month immersive work experience at SRI International to advance venture opportunities. The five teams participating in SRI's Venture Readiness Program were selected from more than 75 teams representing the top Chilean universities, in a program sponsored by CORFO, the Chilean Economic Development Agency.

The work experience is part of CORFO's "de la Idea al Mercado: Go to Market" program, which identifies early-stage venture opportunities for entrepreneurs who could benefit from relationships with Silicon Valley experts. The program is part of Chile's overall strategy to develop sectors of their economy into globally competitive industries.

"We warmly welcome this group of Chilean entrepreneurs to SRI as they embark on an important step in their efforts to commercialize their visions on the global stage," said Stephen Ciesinski, SRI vice president of Strategic Business Initiatives. "We will work with each team to develop components needed for market readiness and help them tap into the vibrant Silicon Valley ecosystem."

Many of the participating teams are from university-based research programs and represent the information technology, energy, and biotech sectors. The selected venture teams include technology to diagnose forms of cancer using biomarkers, minimally invasive surgical devices, mobile device security solutions, and technology to monitor the quality of agricultural shipments. 

"We truly believe SRI's Venture Readiness Program will add value to the teams and contribute to their success," said Thierry de Saint Pierre, head of the Tech Transfer department at InnovaChile - CORFO. "The program initiated lasted year was an important first step. This year, we are planning an expanded program where projects will first compete on campus and then the best projects from each university will compete for the final prize: SRI's Venture Readiness Program."

Team selections were based on SRI's systematic approach to innovation, called the SRI Five Disciplines of Innovation®. Each team had to demonstrate their focus on meeting important market needs, creating value, and having innovation champions and teams who are passionate about success.

The teams will advance their commercialization efforts by establishing relationships with experts at SRI and throughout Silicon Valley. SRI will refine business plans and coach teams in market, customer, and competitive research. 

About SRI International
Silicon Valley-based SRI International, a nonprofit research and development organization, performs sponsored R&D for governments, businesses, and foundations. SRI brings its innovations to the marketplace through technology licensing, new products, and spin-off ventures. SRI is known for world-changing innovations in computing, health and pharmaceuticals, chemistry and materials, sensing, energy, education, national defense, and more.

About CORFO
CORFO is the entrepreneurship, innovation, and business development government agency in Chile. It has been supporting the development of the country since 1939, generating main industries like electricity, telecommunication, energy, steel, forestry, and water treatment. Its main focus is transforming Chile into the Latin America hub of innovation and entrepreneurship.

SOURCE SRI International