Under its P18 program, the company accelerates internationally looking for innovative companies ready to scale globally.
April 12, 2021
5 minutes of reading
Parallel 18 , the program’s Trust for Science, Technology and Research of Puerto Rico (FCTIPR), announced that as of Monday, April 5, they will open the call to the ninth group of the P18 international acceleration program. The San Juan-based international program is actively looking for innovative companies with a global vision to join Generation 9. Businesses fit in with this profile and have enough traction to expand operations. Action will be available until May 10 at midnight AST to complete Online application . Selected companies will have access to a network of investors, business partners and contacts that work closely with entrepreneurs to address all major aspects of their needs. company. Additionally, they will receive a grant of $ 40,000 – without giving up or joining the company – consulting and monitoring goals for 20 weeks. Participating companies will also have full access parallel 18 the all-inclusive community of program graduates, an extensive network of advisors, business clients and investors.
“At parallel18, we constantly seek and empower companies to deliver innovative solutions through their talent and / or products. We urge grassroots businesses that are underrepresented and to serve innovative solutions in underserved communities. This year, we are ready to reactivate an international call that, for the previous generation and as a result of the pandemic, must be local. In addition, we focus on fostering communities for domestic and international companies through a ‘mix’ approach. We will continue to provide entrepreneurs with access to high quality business education, as well Their network will help them to scale and expand globally. Our goal is to continue to highlight Puerto Rico as a hub for technological innovation around the world, “said Eduardo Padial, chief operating officer of parallel 18 .
“We continue with the mission of serving as a supporter for parallel program18 projects to grow and scale globally. I am confident that this new call will be filled with innovative solutions and products that will contribute to our economy. Every year, the number and quality of companies around the world and locally applying to parallel18 is staggering. I know that this call will never stop surprising us, “said Lucy Crespo, CEO of FCTIPR.
One of the added benefits P18 The participant is P18Connect , a business innovation program that promotes and links startups with large, recognized and highly respected corporations to foster business relationships and partnerships between the two. Even 24% of the 18 parallel graduates, according to the most recent Impact Report, indicate that they have been successful with their business partners thanks to the program. This benefit is provided by parallel 18 Has achieved more than 3 investment deals and over 150 unique interactions between business partners and companies.
Additionally, the startups complete the P18 participation and raise the eligible private capital to P18Ventures and “Match Fund”. This sub-program focuses on helping startups create a solid investment strategy while at the same time connecting them to a managed network of investors. Trust for Science, Technology and Research of Puerto Rico is the person who implements the entire investment of this fund.
To be eligible for the program, startups must be creative; have three or less years of operation; and has sales or a confirmed product; in addition to being able to expand internationally. Interested companies must fill out the request in Online before May 10 at midnight (AST / UTC-4). P18 will select up to 40 firms through a three-part competitive process: parallel team evaluation18; an evaluation panel of more than 100 judges; and a selection committee made up of investors, entrepreneurs and other members of the parallel community18. Selected companies will be announced in the first week of July and the program is scheduled to start in August. As part of the P18 initiatives, a virtual information session will be available on Wednesday, April 7th. Interested parties can register. here .
Since its launch in December 2015, the accelerator has received more than 4,000 applications from more than 60 countries, and 211 companies have completed the acceleration program. 65% of foreign companies have participated in the program to maintain operations on the island. On the other hand, 85% of companies have adopted parallel 18 continue to operate.