Just as a side-note I would like to mention that the Colombian government will soon start a similar initiative called "Apps.co"[0]; probably is going to be less attractive than Start-Up Chile but it haves to start somewhere. I would also like to mention that I am a Colombian developer willing to create a Start-up in this country; if that is also your case please get in touch (my email is in my profile).

[0]http://www.vivedigital.gov.co/appsco/ (Spanish)