Grupo Guayacán announced that it will award a $1,000 cash grant to all emerging companies selected to participate in the EnterPRize 2020 business competition, to help them deal with the blow dealt by the COVID-19 pandemic.
“We are facing a new reality that requires using all the tools at our disposal to support our small and medium businesses,” said Laura Cantero, executive director of Grupo Guayacán.
“For 15 years, EnterPRize has been one of the main growth platforms for emerging businesses in Puerto Rico, and each year we update our offering to make sure it is aligned with our entrepreneurs’ needs,” she said.
“This year, thanks to our sponsors’ unconditional support, we are proud to offer this cash grant to all participants. We trust that these funds will help them cope with the difficult economic situation they face, given the interruption to their regular operations caused by the COVID-19 pandemic,” Cantero added.
The call for EnterPRize 2020 is open until April 30. Those interested in participating must complete an online application through the YouNoodle platform.
EnterPRize provides Puerto Rican startups from diverse industries access to an educational curriculum, mentoring, coaching and the opportunity to compete for awards exceeding $200,000 in seed capital. The special cash incentive is an additional prize for all participating teams.
Guayacán is looking for emerging companies with early sales traction, significant market potential, and a solid experienced team. To be eligible for participation in EnterPRize 2020, teams must:
- Have an original project;
- Be based in Puerto Rico;
- Have less than $500,000 in sales and less than $100,000 in liabilities;
- Have been in operations for less than six years; and,
- Bring a team with at least two members participating in the program.
This years’ competition features a new track prize structure focused around six pillars, or themes, each featuring more than $20,000 in cash prizes sponsored by corporate partners and local foundations:
- Agribusiness & Food: $20,000 Sponsored by Puerto Rico Farm Credit and Walmart Puerto Rico
- Arts & Culture: $20,000 Sponsored by Fundación Ángel Ramos and Fundación Flamboyán para las Artes
- Health Innovation: $20,000 Sponsored by MCS Foundation
- Innovation and Technology: $30,000 Sponsored by Liberty Puerto Rico, Ferraiuoli LLC, Assurant and Firstbank
- Social Impact: $25,000 Sponsored by Popular, Grupo Ferré Rangel, Causa Local and ConPRmetidos
- Women Entrepreneur: $23,750 Sponsored by Titín Foundation, TOTE, Aerostar Airport Holdings, Familia Díaz Rivera and Oriental Bank
In addition to the six pillars and the special incentive, the Puerto Rico Chapter of Entrepreneurs’ Organization will sponsor the fifth annual Student Entrepreneur Award. This prize includes $3,000 in seed capital and the opportunity to represent Puerto Rico at the Global Student Entrepreneur Awards in 2021.
Guayacán covers the competition’s three main prizes of $25,000, $15,000 and $10,000 and the winners will also receive billboard space for their startups sponsored by bMedia Group.