Fase1 launches 1st open call of its business incubation program
Fase1, the program propelled by the Puerto Rico Science, Technology, and Research Trust has launched the open call for Intensive, the second part of its business incubation program.
This second stage known as Fase1 Intensive, opens space so that up to 50 entrepreneurs that completed the Fase1 Lab modules can go through a 12-week curriculum and develop a “minimum viable product” or MVP, of their business idea.
Participants will be granted space to build their prototype, support to register and incorporate their business, and develop their brands, among others, during the program. In addition, the hybrid curriculum will include group sessions and mentorship with local and international experts.
As part of the benefits, the best 30 ranked projects who complete the program with a successful MVP will get a direct pass to pre18’s next selection committee, organizers said.
Fase1 Intensive, which is also part of the Puerto Rico Department of Housing’s Small Business Incubators and Accelerators Program, under the CDBG-DR funding program, will run for 12 weeks starting in June.
To apply, the participant must complete the educational virtual modules of Fase1 Lab and then complete the Intensive application available on fase1.org.
“Part of Fase1’s mission is to give those who do not have the connections or traditional resources to launch their businesses, the tools that will allow them to validate their idea and transform it into a minimum viable product with the possibility of becoming an innovative enterprise,” said Bárbara Rivera-Chinea, the program’s director.
The program’s offering also includes meetings with the Fase1 team and in-person workshops with high-caliber mentors.
The program’s first stage, Fase1 Lab, launched in November 2021 and has received more than 500 participants of which 50% have completed its online educational modules.
“Since our launch in November, we have seen how hundreds of people, from students to older adults, have started and completed our educational modules focused on giving our participants the basics of entrepreneurship and offering them the tools to start a functional MVP of their idea or product,” Rivera said.
“From its inception, Fase1 aims to complete the entrepreneurship pillar of the PRSTRT. The number of people that have registered since its launch confirms the need for an incubator that helps entrepreneurs to qualify for programs like pre18. We are excited to see the second phase of this project with the launch of this open call,” said Science Trust CEO Lucy Crespo.
“This new space to grow goes hand in hand with the Trust’s mission to invest, facilitate, and develop capacities to advance the economy of Puerto Rico and its citizens’ well-being,” Crespo said.
The call will be open until June 1st, 2022, and application are found online.