’21 EnterPRize business competition opens call for $220K in seed funding
EnterPRize, Grupo Guayacán’s business competition, announces a new call for entrepreneurs that seek to grow their emerging businesses.
The new edition of EnterPRize coincides with Grupo Guayacán’s 25th anniversary and brings a “renewed vision,” which includes prizes of more than $220,000 in seed capital, a record amount for the competition. Those interested must complete the online application by April 22, 2021.
EnterPRize offers a comprehensive entrepreneurial curriculum, coaching, and mentoring for businesses from diverse sectors, along with an opportunity to compete for thousands of dollars in seed capital to accelerate their development.
“For the second consecutive year, the program will be offered in a completely virtual format to ensure the safety and wellbeing of our community. Moreover, this edition of EnterPRize will offer additional coaching and mentorship sessions focused on business growth and scalability, as well as new workshops on topics such as brand development and communication,” said Evy Collazo, program manager at Grupo Guayacán.
A maximum of 25 businesses will be chosen to compete for the top prizes offered by Grupo Guayacán for $25,000, $15,000, and $10,000, respectively. The participants will also compete for special prizes within various categories and focus areas.
These categories are: Sustainability for $20,000, sponsored by Popular, Inc.; Health Innovation for $20,000, sponsored by MCS Foundation; Community Revitalization and Stabilization for $20,000, sponsored by FirstBank; Visitor Economy for $20,000, sponsored by the Puerto Rico Tourism Company; Agri-food Entrepreneur for $20,000, sponsored by Puerto Rico Farm Credit and Walmart Puerto Rico; Arts and Culture for $20,000, sponsored by the Flamboyán Arts Fund and Fundación Ángel Ramos; Technology and Innovation for $25,000, sponsored by Assurant, Ferraiuoli LLC, Liberty Puerto Rico, and Titín Foundation; and Women Entrepreneur for $20,000, sponsored by Aerostar Airport Holdings, EMR Advisors, Familia Díaz Rivera, Oriental, and TOTE.
The competition will also award the top Student Entrepreneur prize sponsored by EO Puerto Rico. In addition to $3,000 in seed capital, the winner will represent Puerto Rico at the Global Student Entrepreneur Awards (GSEA) in 2022. The three top winners will also receive advertisement space on billboards sponsored by bMedia Group valued at $240,000.
Lastly, the new Banquetazo prize, sponsored by Mampostea’o will offer its winner a full rebranding valued at $5,000. This program is also supported by the Puerto Rico Industrial Development Company.
“EnterPRize is like a great business school for start-ups in Puerto Rico. In such an important year for Grupo Guayacán, we are proud to present a program that is stronger than ever, responding to the needs of the entrepreneurial ecosystem and adapting to current reality,” said Katerina Sánchez, program director at Guayacán.
Businesses interested in participating must have a committed team as well as experience within their respective industries. The basic requirements for business eligibility to enter the competition are:
- Submitting an original project by the team;
- To be based in Puerto Rico;
- Having less than $500,000 in revenue and less than $100,000 in liabilities;
- Operating for at least one to six years; and,
- Have a team with at least two members that will participate in the program.
The workshops for the selected businesses will begin on June 4, 2021 and continue through November.