DDEC, UPR Mayagüez launch a second call for Innova that includes $100K incentive
The Department of Economic Development and Commerce (DDEC, in Spanish) and the University of Puerto Rico’s Mayagüez campus, signed a collaborative agreement to launch the second call for the Puerto Rico Innova program — a project that seeks local entrepreneurs — of which finalists may request a $100,000 incentive.
The finalists may also request a seed capital of $5,000 through a matching of funds, among other incentives available in the DDEC, part of a grant from the Economic Development Administration.
“Part of our vision for a sustainable and robust economic development involves innovation as a spearhead to promote the productivity and competitiveness of our local companies and boost their globalization,” said Economic Development and Commerce Secretary Manuel Cidre.
“To do this, we have joined forces with the UPR-Mayagüez to develop this initiative and, in this way, continue to encourage more local entrepreneurs to identify and develop the skills and competencies necessary to take their company to the next level,” he said.
In the first phase, 100 entrepreneurs will be selected to participate in the business training program virtually. Companies will have the opportunity to analyze and develop their idea and all its components.
In the second phase of the program, they will select the 40 best projects that have completed their business plan. These entrepreneurs will have access to specialized and individual strategic advice and will have a mentor/specialist who will assist them in the technical areas of business development.