San Juan-based startup accelerator Parallel18 announced Wednesday the signing of a pair of collaborative agreements — with the Puerto Rico International Banks Association and the Builders Association to create opportunities for up-and-coming businesses.
Through the partnership with the Puerto Rico International Banks Association (ABIPR, in Spanish), the goal is to facilitate the connections between P18’s startups and the international banks established on the island.
The agreement establishes that ABIPR will help the startups meet with their members and clients by celebrating meetings and events that promote business connections that benefit both groups.
Meanwhile, the accelerator will identify startups that represent opportunities for the members and clients of the financial organization, by improving their competitiveness in the market or offering a product or service that has synergy with them.
The agreement was signed by Lucy Crespo, CEO of the Puerto Rico Science, Technology and Research Trust, the entity under which P18 operates, and Rogelio Cardozo, president of ABIPR’s Board of Directors. Both leaders pointed out that collaborations between startups and legacy companies create significant value and strengthen the entrepreneurial and innovation ecosystm in Puerto Rico.
“We value and promote this kind of alliances, that open the door to new collaborations in the entrepreneurial ecosystem. They, also, allow us to facilitate new connections between important sectors in the innovation and development scene, the local capital and the entrepreneurs that create businesses with a global mindset,” said Crespo.
“This is part of our mission to invest, facilitate and develop the capabilities that allow Puerto Rico’s economy to go forward,” she said.
“We are very excited about this alliance. A key part of our day to day at ABIPR is promoting Puerto Rico’s competitive advantages, not only in the international banking industry, but also in the local entrepreneurial community,” said Cardozo.
“Here, we find entrepreneurs with world-class ideas, that can be perfectly adapted to the international where we have presence through our partners,” Cardozo added.
This alliance is an initiative by the P18 Connect subprogram in which the accelerator develops ties with large and medium businesses, both local and international established in Puerto Rico. The object is to facilitate business connections for the entrepreneurs that participate in P18’s program.
“This type of agreement is key, not only for the success of all the companies we accelerate in Parallel18, but also and especially to achieve greater retention of those that do not have a base in Puerto Rico,” said Cristina Tamayo, Business Development Manager of Parallel 18.
Meanwhile, the agreement with the Puerto Rico Builders Association (ACPR, in Spanish) seeks to develop strategies that would allow entrepreneurs access to new business opportunities in Puerto Rico’s construction industry.
The agreement establishes that ACPR will mentor entrepreneurs and promote their participation in ventures, events and meetings related to the construction industry.
To make the agreement possible, P18 will serve as a bridge between the ACPR and the local and international startups. These entrepreneurs receive training and mentorship from P18 in areas such as business structure and access to suppliers, investors and clients, preparing them to establish productive connections with members of the ACPR and promote retention of businesses in the island.
“We believe that the challenges that Puerto Rico face can be solved by propelling the economy through alliances that promote entrepreneurship and investment in the island,” said Ricardo Alvarez-Diaz, president of the ACPR.
“The ACPR is committed to help define and execute strategies that impact, among other things, job and business creation, that will ultimately generate a better quality of life for our people,” he said.
Through this collaborative agreement, the ACPR expects that P18’s startups become active participants in the efforts to put Puerto Rico on the path to recovery.