Deadline: 25-Apr-22
Applications are now open for the Parallel18, a top-level performance-driven international startup program with a social mission: offer entrepreneurs from all over the world access to high-quality business training, funding, and networks to help them scale globally while working to position Puerto Rico as a unique hub for innovative businesses and technology.
High-quality business education is a must for every founder, especially when they are looking to grow and scale their business.
What they will provide for GenX #p18startups?
- $125K: Grant with 1% pledge to boost your startup Growth
- $25K: Investment on an uncapped safe with a Most Favored Nation Provision (MFN)
- 100+: Hand-picked mentors and experts that have the best fit with the cohort so they can share their knowledge through talks and one-on-one meetings.
- Ventures: The parallel18 investor network is composed of hundreds of local and international members, which actively invest in startups from Latin America, the United States, and Puerto Rico.
- Connect: Through their parallel18 Connect program, they match startups with local and international companies that are eager for innovation and can see their solutions as a way to move forward.
- Perks for All: they offer discounts on related services (Google Cloud for Startups, AWS, Hubspot, and more).
Types
- P18: Their acceleration program welcomes companies from around the world to help them scale to global markets. Their team works hard to provide high-quality business education, develop business connections, and create investment opportunities for all their startups.
- Pre18: Their local pre-acceleration program is focused on helping innovative, early-stage Puerto Rican startups that have global potential, to get to market. They are closing the funding and education gap that allows them to focus full-time on their new business and dream big.
What do they ask from startups?
- Traction
- They have seen the best success with startups that already have sales or users willing to pay for their products. For GenX the traction metrics will be evaluated as follows:
- Enterprise/Marketplace startups: $2k+ in MRR (monthly recurring revenue) with 20%+ monthly growth.
- Consumer products: 3k+ DAUs (daily active users) with 5%+ weekly growth.
- Scalability
- Companies that have a business model that can be adapted to other markets but that have already launched 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 months
- Get involved with Puerto Rico’s startup and business ecosystem and be willing to stay on the island for the duration of the program.
- Plan for Puerto Rico
- Have a plan for your performance in Puerto Rico. This includes hiring and acquiring customers, among others.
- Innovation
- This does not mean that they necessarily have to be technology-driven companies; they measure innovation as introducing a new process that solves an issue, or a technology that is intellectual property.
For more information, visit https://parallel18.com/