The tenth edition of Grupo Guayacán’s business competition, EnterPRize, kicked off with the participation of this year’s 25 semi-finalists in a series of workshops that are part of its educational curriculum.
The group of semi-finalists is competing for the opportunity to win seed capital awards in different categories ranging from $5,000 to $15,000, the nonprofit said Tuesday.
The most recent workshop, which took place this past weekend, was focused on the Business Model Canvas (BMC), a tool that helps startups visualize key elements of the business model they plan to develop. The instructor was Matt Terrell, a BMC trainer and facilitator certified by Strategyzer, a program created by Alex Osterwalder who is the original creator of the BMC.
During the workshop, Terrell lead the participants through every section of the BMC, including value proposition, customer segments, cost structure and revenue streams. As part of the competition, each startup will develop a BMC that clearly lays out their business model.
“I believe the future growth of the Puerto Rican economy is fostering entrepreneurs like Grupo Guayacán does so well. I presented the BMC as an essential tool for starting, growing and managing a company in today’s dynamic landscape,” said Terrell.
EnterPRize’s objective is to strengthen startups through a rigorous educational curriculum, mentoring and access to capital. In this 10th edition, EnterPRize broadens its offering through two phases focused on promising startups that are capable of growing locally and internationally.
The first phase is the competition where the 25 startups are currently participating. The second phase is an acceleration program, sponsored by the U.S. Small Business Administration’s award “Growth Accelerator Fund,” focused on preparing the most promising startups to raise capital and scale their businesses.
This year’s semi-finalists are: 4JPolls; AgroInnova; AgroTropical, Inc.; Aseguratec ; Bien Cool, LLC; Biorinken Corp.; Burea; Desde Mi Huerto; Eduxys; E-Farm; Elponchador.com; EntregaMeds; Estancia Verde Luz; Fruit-Math; HidrOrganica – Finca Neo Jibairo; Interactive Video Products; JAC Innovations, Corp.; Lulu by Natalia; ParNet; Peseteando Online; Productos Atabey; Puerto Rico Hardwoods; Semila, LLC; Señor Paleta; and The Green Barrier.
“The quality of the semifinalists on this 10th edition of EnterPRize affirms the great potential of local startups to develop sustainable businesses that result in a real economic impact for Puerto Rico,” said Laura Cantero, executive director of Grupo Guayacán.
“This new generation of entrepreneurs has the capacity of launching innovative projects with a global economic mindset and we’re proud to be part of the start of their entrepreneurial journey,” she said.
EnterPRize seeks to identify startups and entrepreneurs with significant potential and to spur their development by providing access to the tools and resources they need to scale.
The competition also provides seed capital thanks to a group of sponsors. This year’s special awards are: the “Agriculture Award,” which bestows $15,000 and is sponsored by Puerto Rico Farm Credit, Puerto Rico Coffee Roasters and Caribbean Produce; the “Social Enterprise Award” for $10,000 sponsored by Fundación Banco Popular; the “Sustainability Award” for $5,000 sponsored by Fundación Aireko; the “Environmental Award” for $5,000 sponsored by FirstBank; the “Innovation Award” for $5,000 sponsored by Ferraiuoli LLC; and the “Woman Entrepreneur Award” for $5,000 sponsored by Oriental.