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Grupo Guayacán kicks off 14th edition of EnterPRize Business Competition

Grupo Guayacán, Inc. (GGI) announced the official kick-off of its 2019 EnterPRize Business Competition which provides startups with access to an educational curriculum that includes workshops, mentoring, coaching, and the opportunity to compete for a record-breaking $171,500 in equity free seed capital from GGI and a broad group of corporate partners. 

The kick-off event took place yesterday at Fundación
Banco Popular in Hato Rey and featured a keynote by Diana
Kander, an entrepreneur, innovation expert, and New York Times Bestselling
author.  Kander spoke
about curiosity as the greatest asset to drive constant innovation and help
companies thrive in today’s world, and in the future.

The
presentation was based on her new book, “The Curiosity Muscle.”

During the event, participants
received an orientation about this year’s competition, the cash prizes
available, as well as a detailed account of the application process. Attendees
also had the opportunity to hear directly from sponsors of the special track prizes.

The competition’s top three ventures will
receive $50,000 in prizes by GGI: $25,000, $15,000, and $10,000, respectively. The
three top winners will also receive $240,000 in billboard space, sponsored by BMedia.

Start-ups are also eligible to compete for an
additional $121,500 in a series of focus areas sponsored by a varied group of
collaborators from different sectors and industries. The following prizes are
back for the 2019 competition:

  • Agribusiness & Food: $12,000 sponsored by Puerto Rico Farm Credit, Caribbean Produce Exchange, and new sponsor, Walmart Puerto Rico.
    • Puerto Rico Farm Credit may offer an additional $4,000 prize to the business that demonstrates the greatest level of innovation in agriculture.
  • Social Enterprise: $10,000 sponsored by Popular Inc.;
  • Health Innovation: $10,000 sponsored by the MCS Foundation;
  • Customer Experience: $10,000 sponsored by Liberty Puerto Rico;
  • Innovation: $5,000 sponsored by Ferraiuoli LLC;
  • Woman Entrepreneur: $5,000 by new sponsor, Oriental Bank;
  • Student Entrepreneur: $3,000 plus a direct pass to the 2020 Global; Student Entrepreneur Awards sponsored by Entrepreneur’s Organization Puerto Rico Chapter;
  • Disruption: $2,500 plus six months of business coaching sponsored by Integro Success Unlimited;
  • Technology: Programming course valued at $6,000, sponsored by Codetrotters;
  • Sharing Economy: Membership to Piloto 151 Café valued at $3,000, sponsored by Piloto 151; and,
  • Tourism & Hospitality: Membership to the Kingbird Innovation Center valued at $3,000, sponsored by Kingbird Innovation Center at Universidad Ana G. Méndez Recinto de Carolina.

Eight
new prizes were also added to the lineup for 2019:

  • InsurTech Development: $10,000 sponsored by Assurant;
  • Social Innovation: $10,000 sponsored by the Grupo Ferré Rangel;
  • Arts & Culture: $10,000 sponsored by Fundación Ángel Ramos;
  • Uno Con Puerto Rico – Community Revitalization or Stabilization: $10,000 sponsored by FirstBank;
  • Customer Service Excellence: $5,000 sponsored by TOTE Maritime;
  • Hustler Team: $5,000 sponsored by Causa Local; and,
  • Two new prizes of $5,000 each, sponsored by Titín Foundation: Clean Tech and Alternative Energy & Girls in Science.

“We
are thrilled to launch the 2019 edition of the EnterPRize Competition with a
record-breaking amount of cash prizes, including eight new awards,” said GGI Executive
Director Laura Cantero.

“Since
2005, EnterPRize has served as a unique platform to support local start-ups
through education, mentorship, coaching, and access to capital,” she said. “This
effort would not be possible without the unwavering support of our sponsors,
instructors, coaches, and mentors, a group that continues to grow every year.”

“This
is a true testament to the potential of Puerto Rico’s entrepreneurs and the
significant role they will play in building a sustainable long-term recovery.
We invite all emerging and aspiring entrepreneurs to accept the challenge and
apply to be part of the competition,” Cantero said.

EnterPRize
is GGI’s longest-standing entrepreneurial development offering, and it continues
to evolve by strengthening its educational curriculum and adding new
partnerships for Special Track Prizes. This year’s competition will feature 18
educational workshops offered by a series of expert instructors from Puerto
Rico and international guest speakers. The workshop topics include: Lean
Start-Up Methodology, Business Model Canvas, Financials & Revenue Models,
Marketing & Sales, and Legal Concepts & IP Protection, among many
others. The curriculum also features additional workshops and coaching from
veteran angel investors that are part of the Angel Resource Institute, the
leading organization in early stage investment education. The educational
curriculum is complemented with a series of coaching sessions where start-ups
will have the opportunity to pitch their ventures to a group of experienced
entrepreneurs, investors, service providers, and instructors who will provide
feedback and recommendations. The program is also sponsored by the Puerto Rico
Industrial Development Company (PRIDCO).

The competition will focus on its selection process on the
following criteria: highly innovative idea and business model, significant
market potential, and strong team. EnterPRize’s eligibility requirements are
the following:

  • Be an original project of the team
  • Be based in Puerto Rico
  • Not have received institutional investment
    before entering the competition
  • Have less than $500,000 in revenues and $100,000
    in liabilities since inception
  • Be in operations for less than 5 years
  • Have a team with at least two members

Those interested in participating in EnterPRize 2019 must complete
an online application on or before May
7. Selected semi-finalist teams will be announced on May 22. The
semi-finals will take place over the month of June, while the finalists phase
will happen from August to November. The competition concludes with an Awards
Ceremony on Dec, 12th.

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

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