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EnterPRize Business Competition opens with new prizes, workshops in hybrid format

Grupo Guayacán announced its open call for the 17th edition of the EnterPRize Business Competition, showcasing new prizes and a hybrid program of workshops and activities.

This competition for emerging businesses in Puerto Rico provides local companies from all industries with a comprehensive entrepreneurial curriculum and the opportunity to compete for more than $200,000 in seed capital.

Interested businesses must submit an online application on or before April 21st, 2022, through the following link.

“We kicked off 2022 with the largest number of open calls for entrepreneurial development programs in the history of Grupo Guayacán,” said Laura Cantero, executive director of Grupo Guayacán.

“The new edition of EnterPRize, our business competition, is added to the diversity of programs we will be offering this year to meet the needs of Puerto Rican entrepreneurs,” she said.

“At EnterPRize, we’re looking for emerging entrepreneurs aiming to scale their operations. This year, we are revamping the awards and adding new sponsors, instructors, and collaborators, which will help us boost our impact,” Cantero said.

The application is open to companies that meet the following requirements: an original project by the team, be based in Puerto Rico, operating for less than six years, the company should generate less than $500,000 in sales, and there should be at least two team members participating in the program.

The selected companies will benefit from a series of workshops focused on the scalability of their businesses and one-on-one business mentoring.

This year, the competition’s institutional prize structure remains the same, with three main prizes offered by Grupo Guayacán for $25,000, $15,000, and $10,000, along with advertising space sponsored by bMedia Group.

There are also 13 special awards: $20,000 for Sustainability, sponsored by Popular and StartUP Popular; $20,000 for Health Innovation, sponsored by MCS Foundation; $20,000 for One with Puerto Rico: Environmental Conservation, sponsored by FirstBank; $22,500 for Women Entrepreneur, sponsored by Aerostar Airport Holdings, LLC, the Díaz Rivera family, Oriental, and TOTE; $20,000 for Agrifood Entrepreneur, sponsored by Puerto Rico Farm Credit and Walmart Puerto Rico; $20,000 for Innovation and Technology, sponsored by Assurant, Ferraiuoli, LLC, and Liberty Puerto Rico; $5,000 for Social Innovation, sponsored by Luis Alberto Ferré Rangel and Sarah Bird; $5,000 for Tu Estrella Vive, sponsored by Heineken; and $5,000 for the Sembrando Futuro award granted by Grupo Guayacán.

Additionally, EO Puerto Rico will continue to sponsor the Student Entrepreneur award, whose winner, in addition to receiving seed capital, will have the opportunity to represent Puerto Rico in the Global Student Entrepreneur Awards, and Fundación Ángel Ramos will sponsor the Arts & Culture special prize.

Furthermore, Visa, the competition’s new sponsor this year, will grant $10,000 for the FinTech: Defining the Future of Payments prize, and for the second year in a row, Mampostea’o will select one company to win a brand redesign plan valued at $5,000.

The program is also supported by the Department of Economic Development and Commerce and the Special Joint Commission on Legislative Funding for Community Impact (CECFI, by its Spanish acronym).

As part of the recruitment process, the first info session will be held March 29th via Zoom, when attendees will get to meet the EnterPRize team, the competition’s sponsors, and hear the firsthand experience of Cuela, one of last year’s winners.

Participants may register here.

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This story was written by our staff based on a press release.

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