A US $40,000 grant to help your startup lay the foundations for growth. The money is divided into two halves, one when companies begin the program and the other once they pass a mid-point evaluation. How can you use the money? Read here for more details.
More than 100 mentors are part of the parallel18 network. Each generation, we select experts that have the best fit with the cohort so they can share their knowledge through talks and one on ones. In addition, we have a group of Mentors in Residence and Entrepreneurs in Residence that offer personal mentorship in specific fields.
Through our P18Connect program we match startups with big local companies that are thirsty for innovation and can see their solutions as a way to move forward. 45% of our alumni say they are still in contact with leads they met while in the program, while 29% of them have closed business in the island. (According to 2019’s alumni survey.)
In just four years, parallel18 has managed to help startups raise more than US $10M investment from Puerto Rican investors*. In addition, the program offers a follow-on fund of up to US $75,000 for qualifying alumni. So far, P18Ventures has invested in 16 alumni. But that is not all, each cohort, our team looks for investors who are ready to put their money in startups that participate in P18.
(*According to 2019’s alumni survey.)
A team of professionals with vast experience working with bilingual and multicultural companies is put at our startups disposal to help them in the process of setting up shop in Puerto Rico, while being compliant with the United State’s legal system.
The government of Puerto Rico offers several tax incentives for businesses that operate from the Island and serve customers worldwide. They give growing startups the tools the need to grow better and faster.
Puerto Ricans are known for their warmth and hospitality. Our Caribbean lifestyle, all year-long warm weather, Latin culture, and United States infrastructure allow startups to work in a place they will love. It’s a win, win, right?
Puerto Rico is located in the middle of the Caribbean, many commercial airlines offer direct flights between San Juan and key cities in the United States, Latin America, and Europe.
We have seen the best success with startups that already have sales or users that are willing to pay for their product.
Companies that have a product that can easily adapt to other markets.
Startups that have been operating for 3 years or less.
At least 1 founder, who can make business decisions, must be in the island at all times.
This includes hiring, acquiring customers, among other commercial activities.
The P18 team does an internal screening to evaluate which startups comply with the basic requirements of the program.
Those companies are then evaluated by more than 100 international judges using our selection criteria (below).
Finally, a selection committee picks the up to 40 startups that will participate in the program.
Parallel18 offers Puerto Rican and international entrepreneurs access to high-quality business training, mentors, business contacts and investors to help them scale from Puerto Rico. The program is part of the Puerto Rico Science, Technology and Research Trust, a private non-profit created with the goal of maximizing Puerto Rico’s participation and creation of jobs in the global knowledge economy by promoting the investment and financing of science and technology research and development.