The Chilean Economic Development Agency (CORFO) estimates that $100 million will be spent on R&D in the country during 2008 through InnovaChile, CORFO’s innovation department. If private industry meets government investment, total R&D funding could reach $200 million this year. The majority of funding will go to clusters recommended by the National Council of Innovation for Competitiveness, including those in the mining and food and beverage industries. Last year, InnovaChile distributed $73 million in funding for 950 innovation projects. Fifty-one percent of InnovaChile’s funding, which was up 19% over 2006, was generated by a tax on the mining industry. Particular successes during 2007 were an increase in the number of funded academic R&D projects—from 140 in 2006 to 191 in 2007—and the assistance of more than 11,000 small- and medium-sized enterprises with technology transfer. For 2008, efforts include a tax credit for R&D and the development of angel investor networks.

Source: CORFO