Gov’t allocates $9.5M to Puerto Rico Science Trust
The Puerto Rico government has allocated $9.5 million to the Puerto Rico Science, Technology and Research Trust to strengthen research, innovation and entrepreneurship, an investment officials said is aimed at positioning the island more competitively in the global knowledge economy.
The funding, announced by Gov. Jenniffer González and Sebastián Negrón-Reichard, secretary of the Department of Economic Development and Commerce, will support 46 research and innovation projects at different stages of development, up from 13 funded in the previous fiscal year.
Officials said the investment is expected to mobilize up to six times its value through federal funds, intellectual property development and the creation of new companies.
“Puerto Rico is competing today in an economy where true value comes from the ability to generate knowledge, innovate and transform ideas into real opportunities,” González said. “This allocation of $9.5 million is a strategic decision that corrects that historical gap and positions Puerto Rico to participate to the best of its ability in the knowledge economy.”
Negrón described the allocation as an economic policy tool designed to strengthen the entire innovation pipeline.
“Economies that manage to sustain long-term growth are those that deliberately invest in research, technology and innovative entrepreneurship,” he said, adding that the allocation includes defined metrics, monitoring and accountability mechanisms.
Of the total funding, nearly $6.1 million will be directed to research and development, including $5.5 million for competitive research grants and $500,000 for the Trust’s Technology Transfer Office.
The remaining $3.3 million will support entrepreneurship and innovation, with $2.8 million allocated to Parallel18 and $500,000 to the Small Business Innovation Research and Small Business Technology Transfer program administered by Colmena66.
Science Trust CEO Lucy Crespo said the funding “reaffirms the government’s confidence in the transformative role of science and technology for Puerto Rico’s economic development,” adding that it will allow the organization to continue investing in intellectual property and innovation-driven businesses.
