Touting itself as “A new startup hub in paradise”, Parallel18 Accelerator is seeking entrepreneurs and innovators from all over the globe who will bring their startups to Puerto Rico. The Accelerator publicizes one very unique competitive advantage of being able to offer hard working entrepreneurs the opportunity to be in close proximity to lovely beaches that will allow them to play as hard as they work.
But that is only the beginning of the advantages Puerto Rico presents to entrepreneurs who locate to the island. They can expect the support of its Department of Economic Development and Commerce, Industrial Development Company, and the Puerto Rico Science, Technology, and Research Trust. Parallel18 is intended to serve as the gateway to Puerto Rico for startups that have the potential to scale globally and who will most benefit from the support of local government agencies.
Puerto Rico offers startups a highly-trained workforce, attractive tax structure, and a strong local infrastructure. As a result there is a “burgeoning entrepreneurial community” having co-working spaces and a collaborative environment that makes it very attractive place to grow a business, as described on the Accelerator’s web site.
Running for five months and open to startups from any field, the Accelerator’s past applications have been from over 48 countries. Offering mentors local to Puerto Rico and from other countries, international business connections, and equity free investment and funding opportunities, the accelerator already has two generations of alumni.
Second generation alumni and co-founder of Caila, Alana Matos, talked about the accelerator on the company’s website, saying, “When you really analyze the ecosystem in Puerto Rico, the market is so small and dense that you end up moving things faster than in the United States.”
To apply, startups must have three years of operation or fewer, a validated concept, and enough traction to scale operations. Key criteria in order of importance is the product or service offered, a clear market and competitive positioning, the team’s qualifications, experience, and mix, the startup’s traction, and the applicant’s focus and dedication.
