April 12, 2021 5 min read

Parallel18 , program of the Trust for Science, Technology and Research of Puerto Rico (FCTIPR), announces that, as of Monday, April 5, it will be opening its call for the ninth group of its international acceleration program P18. The San Juan-based international program is actively seeking innovative companies with a global vision to join its Gen. 9. Businesses that fit this profile and have enough traction to scale operations will have until May 10 at midnight AST to complete the online application . The chosen companies will have the opportunity to access a network of investors, business partners and contacts who work closely with entrepreneurs to address all key aspects of a company’s needs. In addition, they will receive a grant of US $ 40,000 – without giving up or giving participation in the company – advising and monitoring goals for 20 weeks. Participating companies will also have access to the entire parallel18 community that is made up of all program graduates, a broad network of mentors, corporate clients, and investors.

“At parallel18 we do not stop to continue searching and giving the opportunity to companies that bring innovative solutions through their talent and / or product. We call on underrepresented grassroots businesses to provide and serve innovative solutions in underserved communities. This year we are ready to reactivate the international call, which with the past generation and as a result of the pandemic, had to be local. In addition, we are focused on fostering community for local and international companies through a ‘blended’ mode. We will continue to offer the entrepreneur access to high-quality business education, as well as a network of contacts that will help them scale and expand globally. Our goal is to continue highlighting Puerto Rico as a center of technological innovation worldwide, “said Eduardo Padial, operations director of parallel18 .

“We continue with our mission of serving as a facilitator for the ventures that come to the parallel18 program to grow and scale globally. I trust that this new call will be filled with innovative solutions and products that will contribute to our economy. Every year the quantity and quality of companies around the world and local that apply to parallel18 is incredible. I know that this call will not stop surprising us, “said Lucy Crespo, CEO of FCTIPR.

One of the additional benefits for P18 participants is P18Connect , a corporate innovation program that promotes and links startups with large, recognized and high-profile corporations to promote business relationships and collaboration between both parties. Even 24% of parallel18 graduates, according to the most recent Impact Report, indicated that they managed to close business with corporate partners thanks to this program. This benefit provided by parallel18 has achieved more than 3 investment agreements and over 150 unique interactions between corporate partners and companies.

In addition, startups that complete their participation in P18 and raise private capital are eligible for P18Ventures and its “Matching Fund”. This sub-program focuses on helping startups create a solid investment strategy while connecting them with a investor network already curated. The Trust for Science, Technology and Research of Puerto Rico is the one who makes all the investment of this fund.

To be eligible for the program, startups must be innovative; have three years or less in operations; and have sales or a validated product; in addition to being scalable internationally. Interested companies must fill out the requestin online before May 10 at midnight (AST / UTC-4). P18 will select up to 40 companies through a competitive process consisting of three parts: parallel18 team evaluation; an evaluating committee of over 100 judges; and a selection committee made up of investors, entrepreneurs and other members of the parallel18 community. The chosen companies will be announced the first week of July and the program is scheduled to begin in August. As part of the P18 initiatives, a virtual information session will be offered on Wednesday, April 7. Those interested can register here .

Since its launch in December 2015, the accelerator has received more than 4,000 applications from over 60 countries, and 211 companies have completed the acceleration program. 65% of the foreign companies that have participated in the program maintain operations on the island. On the other hand, 85% of the companies that have passed through parallel18 continue to operate.

For more information on P18 you can visit www.parallel18.com or write to cobi@parallel18.com . The online application can be accessed here .