It is demonstrated that Puerto Ricans are creative enough (‘el boricua se las inventa’) and manage to develop their businesses during difficult times. Parallel18, the startup accelerator in Puerto Rico, announces excellent results as the application period for the preparatory program that will grant $20,000 of capital for business development, comes to an end.
San Juan, Puerto Rico. January 22, 2018– Parallel18 (P18), the global business accelerator operating since 2015 as part of the Puerto Rico Science, Technology and Research Trust, in collaboration with the DDEC (Department of Economic Development and Commerce of Puerto Rico) and PRIDCO (Company of Industrial Development of Puerto Rico), reported excellent results obtained in the first application period of the pre-accelerator pre18, which consisted in educating, guiding, and attracting business prospects to request to the program. A total of 307 projects- all from entrepreneurs in Puerto Rico- participated in the application process and, for 80% of applicants, this will be the first time they participate in an entrepreneurship program.
Pre18 is a program dedicated to helping innovative businesses in Puerto Rico, in early stages, with global potential to reach the market. This initiative emerged from the desire to help local entrepreneurs who had just started their businesses before, during, and especially after Hurricane Maria. “Evidently, the most inopportune moment became the most opportune one to search and find those committed entrepreneurs that are also willing to contribute to their country’s economy,” said Sebastian Vidal, executive director of parallel18. “Because we believe that entrepreneurship is the key to the economic recovery of Puerto Rico, today more than ever, we must focus our efforts in that direction,” added Vidal.
Lucy Crespo, chief executive officer of the Puerto Rico Science, Technology and Research Trust, pointed out how fundamental it is to continue supporting entrepreneurship and how this directly impacts economic development: “We are witnessing the positive results that programs such as pre18 and parallel18, developed by the Trust, emerge in the business community of our country and strengthen business growth.” “We are looking forward to the next stage of the competition when participant pre18 projects are to be selected,” said Crespo.
More results
In order to reach the largest possible number of entrepreneurs and interested parties to apply for pre18, as well as aware of the historical moment when basic services, communications and Internet lacked or were interrupted, parallel18 was given the task of visiting different towns of the island, between November 2017 and January 2018. Approximately 282 people received free orientation through ‘info sessions’ that took place in universities, co-working spaces, and business support centers, many of them who also benefitted from ‘office hours’ with professionals who helped them fill out applications online, and answer any questions they had.
Of the 307 applications received, projects were mainly observed in the following industries or categories: e-commerce, IT and software, energy and clean technologies, education, and media & advertising. About 76% of the projects have at least one founder dedicated full time to the project and 46% are incorporated businesses; 74% said their businesses were created in the past 12 months, which indicates that entrepreneurship is gaining excellent momentum in our population.
Another interesting fact that was reported by applicants is that while the majority has not received support from external capital, 21% responded they’ve had it, including investment in their companies that some said exceeds $100,000.
Next, all applications will be evaluated and selected by a designated committee. The names of the enterprises that will participate in pre18 will be announced in March. Up to forty (40) Puerto Rican companies may be admitted to the program, which will include workshops, mentoring for twelve (12) weeks and will receive a grant of $20,000. The business development curriculum will be offered by the local and international mentors, so they work sessions can be offered in English or Spanish. Selected companies also have access to a package of services with local and international companies such as: Amazon Web Services, SendGrid, HubSpot, and others, equivalent to more than $200,000.
For more information and follow the progress of the program, please visit and stay tuned at elboricuaselasinventa.com, parallel18’s social media network or write to [email protected].
About Parallel18 and the Puerto Rico Science, Technology and Research Trust
Parallel18 is an economic development initiative that seeks to attract and create high impact startup companies that can scale from Puerto Rico to global communities beyond the Island, including the United States, Latin America and Europe. The mission of the program, operated jointly with the Puerto Rico Science, Technology and Research Trust and in collaboration with PRIDCO (Puerto Rico Industrial Development Company) and the DDECC (Department of Economic Development and Commerce of Puerto Rico) is to expand, in the short term, the horizons of Puerto Rican and international entrepreneurs and generate long-term economic activity. For more information, visit: www.parallel18.com. The Puerto Rico Science, Technology and Research Trust, as described in Public Law 214, is a nonprofit organization created in 2004 to promote the participation and creation of jobs in the Island in the global knowledge economy by promoting investment and the financing of research and development of science and technology. By investing in technology research and commercialization, the Trust serves as a catalyst for the creation of jobs and the retention of highly qualified and often bilingual residents of the Island. It is also responsible for the public policy of Puerto Rico for science, technology, research and development. For more information: www.prsciencetrust.org.