- they don't invest on you, instead they give you access to a grant
- there are no real investors backing the program
- there are no real entrepreneurs backing the program
- they don't know anything about technology
- nobody is thinking about getting rich except the entrepreneurs joining the program.
EDIT: Well actually there are local entrepreneurs too.
What makes you think the foreign entrepreneurs are better than the local ones? I have not seen any such pattern in Startup Chile. In fact some of the best products (and teams) are Chilean.
In any selection process, any group that gets a boost due to irrelevant factors needs to meet a lower standard. Typically, a group of people meeting a lower standard will be inferior to a group of people meeting a higher standard.
Of course, if I'm wrong about Startup Chile boosting local teams, this reasoning wouldn't apply. Anyone know what their policies are?