Photo via Wikimedia Commons
Not only will you get $50,000 to bootstrap your company, you get a one-year work visa and plenty of business contacts to start with. And you can bring business partners with you. You can leave after you get your startup launched, but as the BBC reports, many Start-Up Chile businesses are making the choice to remain in Santiago (and that's a great article, by the way).
Business Insider has a lovely write-up of the program and already some Start-Up Chile companies are built up enough to be sold off
You'll need to move quickly, though. Round 2 of applications for 2012 starts on June 11th, 2012 and round 3 is opening September 14th 2012.
Check out all of the Start-Up Chile on Youtube videos to get a sense of what others are doing.
... and their Twitter feed
... and their Facebook page
On a side note, I've restarted a personal blog at blog.overseas-exile.com. Some things have leaked into this blog that should really be on a personal one. By having separate blogs, I can keep this more focused on "how to become an expat".