Deadline: 26-Apr-23
The P18 Gen 11 Program welcomes companies from around the world to help them scale from Puerto Rico to global markets.
A five-month acceleration program that provides grants, high-quality business training, funding, and networks to international startups to help them scale globally.
Parallel18 is a top-level, performance-driven international startup program with a social mission: offering entrepreneurs from all over the world access to high-quality business training, grants, mentors, business contacts and investors to help them scale globally while working to position Puerto Rico as a unique hub for innovative businesses and technology.
The program is part of the Puerto Rico Science, Technology, and Research Trust (“Trust” or “PRSTRT”), a private non-profit organization created with the goal of maximizing Puerto Rico’s participation and creation of jobs in the global knowledge economy by promoting investment and financing of science and technology research development. The organization manages and hosts over a dozen initiatives that range from grants and technical support to meetups and educational resources for researchers, entrepreneurs, farmers, investors, and other groups.
Specific Goals
- Sustain the parallel18 program over a long period of time by remaining politically agnostic and showcasing the value that parallel18 brings to Puerto Rico.
- Ensure buy-in from both the private sector and in all areas of the government by showcasing success and furthering economic development.
- Encourage local and global angel, venture capital and private equity funds, together with other capital allocators to invest in the best and brightest startups emerging from Puerto Rico.
- Assist in overcoming some of the challenges that the Puerto Rican economy is currently facing, while pushing growth in the island’s economic development.
- Develop a creative and innovative environment within the community that moves beyond technology and extends to the arts, culture, culinary, tourism and other interests.
- Encourage parallel18 corporate partners to engage in business development with startups to explore new opportunities for corporate innovation.
- Further the growth of the local economy.
- Position Puerto Rico on the map as an active member in the global startup ecosystem and as a center for innovation and entrepreneurship.
Benefits
- The Puerto Rico Science, Technology, and Research Trust will provide a grant, in other words, a transfer of money to the company’s local commercial bank account for $40,000.00 (forty thousand dollars (USD)) delivered in various sets throughout the program, or as deemed appropriate by the program, subject to the participant’s compliance with the terms and conditions set forth herein. All disbursed and used funds need to be properly declared by showing corporate bank statements, and in certain cases an invoice of the service or product acquired, or a contract in the case of apartment rental or an individual hired or contracted, per the Program rules.
- Additionally, upon compliance with the program, and contingent to the signature of a Simple Agreement for Future Equity (SAFE), the Puerto Rico Science, Technology and Research Trust will provide $20,000 as part of the investment agreement at the end of the program, or as deemed appropriate.
Expected Results
- Companies developed with high global potential, scaling from Puerto Rico.
- Direct partnerships with local organizations to help integrate the program and its participants into the local business and startup ecosystem.
- Increased retention efforts of local university students by presenting them with opportunities to intern and work for the new companies created through the program.
- Increase repatriation efforts of the Puerto Rican diaspora by promoting opportunities for employment with the new companies created through the program.
- Positive global visibility by positioning Puerto Rico in the global media as an innovation hub.
- Development towards inclusion in global innovation indexes.
Participation
- Startups that apply must have less than three (3) years in operation and must be incorporated in Puerto Rico or in the United States with authorization to do business in Puerto Rico. In the case that your company is not incorporated in any of these locations, only founders that own fifty percent (50%) or more of their startup may apply. To participate, a company must have at least two (2) founders. The founders applying to the Program must be over eighteen (18) years of age, and the Program participants may not be more than three (3) people. Parallel18 reserves the right to use its discretionary faculty to accept team members below the age of eighteen (18) as extraordinary situations may arise.
- The Project’s participation in the Program shall be for five (5) months (the “Program Term”). Program Term commences on the date set for Orientation Day. Selected companies must be physically located in Puerto Rico for the entire Program Term. While it is not required that companies be physically local to apply, once selected, the participating company must relocate to Puerto Rico for the entire Program Term to comply.
Requirements
- Requirements for P18 Gen. 11 applicants:
- Traction: They have seen the best success with startups that already have sales or users willing to pay for their products.
- Enterprise/Marketplace startups: $21c In MRR (monthly recurring revenue) with a positive growth.
- Consumer products: 3k MAUs (monthly active users) with a positive growth.
- Scalability: Companies that have a business model that can be adapted to other markets but that have already tried their products in at least one market.
- Early-stage companies: Startups that have been operating for three years or less. This timeline counts from the moment the company starts selling
- Move to Puerto Rico for five (5) months: Get involved with Puerto Rico’s startup and business ecosystem and be witting to stay on the ‘stand for the duration of the program Have a plan for your performance in Puerto Rico. this includes hiring and acquiring customers, among others.
- Innovation: Although they are industry agnostic. they are in the search of innovation. This Ll doesn’t mean that your company should be based in technology. but you should differentiate in your category.
- Full-time team: Startups that apply (or Pi8 should have at least two full-time founders. This should not be a side hustle. They look for entrepreneurs that are deeply passionate and who possess a tremendous work ethic
For more information, visit Parallel 18.