Two factors are behind the trend. First, America’s harsh immigration laws are Silicon Valley’s “weak spot,” according to the Economist. Second, Start-Up Chile offers roughly $40,000 and a year’s visa to select entrepreneurs. By the end of 2013, Start-Up Chile aims to fund 1,000 firms.
Chile’s success appears to be the inspiration for a Brazilian program aiming to recruit foreign talent. But imitators beware: most country’s attempts to build another Silicon Valley have resulted in failure.
Graphic from abcnews.com