Following a “trailblazing cohort” where 45% of the teams had female leaders, parallel18 just launched an open call for its Generation 8 edition, the nonprofit announced.
The San Juan-based international accelerator program that has worked with more than 160 companies in the last four years is actively looking for innovative startups with a global vision to join the eight cohort.
Companies that fit this profile and have enough traction to scale operations will have until Feb. 17 at midnight to complete the online application. Up to 40 startups will have a chance to access a network of investors, business collaborators and contacts that work closely with founders to tackle every key aspect of a company’s needs.
With its eight opening, P18 is “looking toward three horizons, essential to the program’s mission and that have already started producing results with Gen.7,” executives said.
They are: strengthening their impact in Latin America and the Caribbean, continuing to provide opportunities to underrepresented entrepreneurs, and broadening their partner and investor network.
The 20-week program offers its participants an equity-free grant of $40,000, one-on-one mentorship and on-going support from the accelerator’s team members. Selected startups also get perks and discounts from P18’s forged partnerships with Amazon Web Services, HubSpot and more.
Additionally, in partnership with Google Developers Launchpad, P18 has access to the tech multinational’s global network, insights from the company’s Silicon Valley-based startup programs, and twenty years’ worth of Google research and best practice insights on building businesses, products, and teams at a massive scale.
Once startups complete the program, they’re eligible for P18Ventures, a follow-up fund of up to $75,000 in line with the investment alumni raise from private sources.
As of 2020, this investment portfolio is made up of 16 startups, three of which have gone on to raise more than $1 million each.
The latest Puerto Rican and international companies that have received the follow-up fund are GoPanza, Molcajete Foods, Vozy, and Adventure Bucket List. The second half of the program’s curriculum deeps dives into tapping investment opportunities for companies with innovation at their core.
Participants can also benefit from the corporate connections provided by P18Connect, a subprogram within the accelerator which links startups with recognized and high-profile multinationals to promote business relationships and collaboration between both parties.
“The program’s efforts, including integrating the island’s corporate wing with new innovative business proposals and investing in these new companies, have proven to be valuable assets for founders ready to scale in important markets,” said Sebastián Vidal, executive director of the accelerator.
“The results, summarized in our third Impact Report, show that this type of approach creates the ideal conditions for startups to grow within a multicultural and diverse ecosystem,” said Vidal.