70% of Puerto Rico businesses are 3+ years old, Colmena66 study finds
A new study from Colmena66 found that 70.1% of businesses in Puerto Rico have been operating for more than three years — a 21.32% increase from 2023 — signaling progress in the island’s entrepreneurial landscape.
The data comes from Colmena66’s 2024 Interactive Report on the State of the Business Community in Puerto Rico, released this week with input from 777 entrepreneurs and 102 support organizations.
The report also shows improved revenue performance and greater confidence among entrepreneurs. According to the findings, 8.3% of respondents reported annual revenues exceeding $250,000, up 2.5 percentage points from the prior year. Additionally, 53.9% said they feel “prepared” or “very prepared” to sell or transition their business.
Permit processing times have improved, with 58.4% of respondents obtaining permits in under three months. The study also found rising interest in market expansion, with projected increases of 6.1% toward the U.S. market and 4.1% toward international markets.
Major gaps persist
The report also identifies five key gaps in the business ecosystem: business transition and succession, financial literacy and access to capital, disaster preparedness, access to specialized services such as sales and mentoring, and business formalization and permitting.
“The purpose of this report is not only to highlight challenges but to catalyze solutions using data gathered directly from entrepreneurs themselves,” said Lucy Crespo, CEO of the Puerto Rico Science, Technology and Research Trust, the umbrella organization for Colmena66. “It’s an invitation to act collectively to strengthen the ecosystem.”
The profile of local entrepreneurs continues to evolve. Among respondents, 60.7% identify as microenterprises, 38.3% are classified as new ventures, and 22.3% operate in professional, scientific or technical services. A new mentorship network from Echar Pa’lante has recruited more than 178 mentors to address support needs.
Real-life examples of innovation were shared at the event through case studies from Skootel, Amasar LLC, Divinissimo Gelato and Cultimar Technologies.
BE Fest returns next month
During the launch event, Colmena66 also announced the seventh edition of Boricua Emprende Fest (BE Fest), which will take place Aug. 29 at the Puerto Rico Convention Center. The island’s largest entrepreneurship event expects more than 2,000 attendees and will feature more than 50 sessions across nine educational tracks, more than 100 speakers and 80 entrepreneurial support organizations.
Highlights include a Mentor Lounge, Coffee Talks, a Pop-Up Market and a BE Marketplace offering services in legal, marketing and human resources.
“Boricua Emprende Fest is much more than an event — it’s the meeting place for everyone who makes up the entrepreneurial community,” said Denisse Rodríguez-Colón, executive director of Colmena66. “Year after year, we bring together those who start businesses, support them and invest in Puerto Rico’s future to accelerate connections, spotlight homegrown solutions and ignite new possibilities.”
In the week leading up to the event, starting Aug. 23, decentralized workshops and meetups will be held across the island as part of the BEMBÉ del BE Fest, the organizers said.
