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Guayacán seeks high-potential startups for EnterPRize Business Competition

Grupo Guayacán announced the call for applications for the 18th edition of the EnterPRize Business Competition, seeking to recruit up to 30 businesses in the startup stage.

This will be the largest number of companies recruited in the program’s history. The selected entrepreneurs will receive entrepreneurial education, mentoring and the opportunity to compete for seed capital. This year, seed capital prizes exceed $285,000 in cash.

“EnterPRize was the first program in Puerto Rico to offer entrepreneurial education and seed capital for early-stage companies,” said Laura Cantero, executive director of Grupo Guayacán.

“To celebrate the 18th edition of the program, we are strengthening the program’s curriculum, including new prizes, and increasing the number of companies that we admit into the competition,” she said.

As part of the recruitment efforts for EnterPRize, Grupo Guayacán will offer an orientation session on March 24, at 10 a.m., at the Hecho en Puerto Rico hub, on the third floor of the Plaza las Américas shopping center in Hato Rey.

During the event, the nonprofit organization will be sharing detailed information about the program as well as answering any questions about the application process. There will also be an opportunity to meet the sponsors of the track prizes. To register, click here.

Participating businesses will compete for the three main prizes awarded by Grupo Guayacán, which amount to $10,000 for third place; $15,000 for second place; and $25,000 for first place. The following special prizes of $20,000 each will also be awarded: Scale Up, sponsored by Popular and StartUP Popular; Health Innovation, sponsored by MCS Foundation; Uno con Puerto Rico, sponsored by FirstBank; Arts & Culture, sponsored by Fundación Ángel Ramos; Sí Se Puede, sponsored by Oriental; Agrifood Entrepreneur, sponsored by Puerto Rico Farm Credit and Walmart Puerto Rico; Innovation & Technology, sponsored by Assurant, Ferraiuoli LLC, and Liberty Puerto Rico; and Women Entrepreneur, sponsored by Aerostar Airport Holdings, TOTE, Fusion Group, and Familia Díaz Rivera.

The Entrepreneurs Organization’s Puerto Rico chapter will continue to sponsor a $20,000 Student Entrepreneur prize, which grants seed capital, as well as the opportunity to represent Puerto Rico at the Entrepreneurs Organization Global Student Entrepreneur Awards. Visa will grant the FinTech: Defining the Future of Payments prize for $10,000 for the second year in a row.

This year, the True Self Foundation has joined in as a sponsor and will be presenting the True Self Award for $5,000. Other in-kind prizes will be awarded by bMedia Group, the Puerto Rico Techno-Economic Corridor, Mampostea’o, and co.co.haus. The program is also sponsored by the Department of Economic Development and Commerce and the Special Joint Commission on Legislative Funding for Community Impact (CECFI, by its Spanish acronym).

To participate in the competition, candidates must have a startup business with sales traction. To be considered, companies must:

  • Have an original project;
  • Be based in Puerto Rico;
  • Generate less than $500,000 in sales;
  • Be in operation for less than six years;
  • Have at least two team members available to participate in the program.

Those interested in participating may access the application, which can be submitted until April 18.

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

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