Parallel18 open calls for 9th cohort for int’l accelerator program
Parallel18, a Puerto Rico Science, Technology, and Research Trust program, is now accepting applications for the ninth cohort of its international acceleration curriculum, P18.
The San Juan-based accelerator is “actively looking for innovative companies with a global vision and with enough traction to scale operations.” Businesses that fit that profile will have until May 10th at midnight to submit the online application.
Selected companies will have the opportunity to access a network of investors, business partners, and other contacts that will work closely with entrepreneurs to tackle key aspects of their company’s needs.
In addition, they will receive a $40,000 equity-free grant, mentoring, and support during the 20-week program. Participants will also have access to the entire parallel18 community composed of the program’s alumni, a broad network of mentors, corporate clients, and investors.
“At parallel18 we never stop looking for ways to give companies the opportunity to bring innovative solutions through their talent and/or product,” said Eduardo Padial, parallel18’s operations director. “We encourage underrepresented entrepreneurs with innovative solutions in their communities.”
This cohort is the relaunching of P18’s international call, given that its eighth group only served Puerto Rican companies because of the pandemic.
“In addition, we’re focused on promoting community for local and international companies through a blended modality. We will continue to offer all entrepreneurs access to high-quality business education and a network of contacts that will help them scale and expand globally,” Padial said.
“Our goal is to position Puerto Rico as a worldwide hub for innovative businesses and technology,” he added.
One of the main benefits P18 participants get is access to P18Connect, a corporate innovation program that promotes and connects startups with big corporations to encourage business relationships and collaboration between both parties.
According to parallel18’s most recent Impact Report, 24% of parallel18 graduates said that they manage to close business with corporate partners thanks to this program. This benefit provided by the organization has achieved more than three investment agreements and over 150 unique interactions between corporate partners and companies.
In addition, graduated startups that raise private capital are eligible for the follow-on Matching Fund managed by P18Ventures. This subprogram focuses on helping startups create a solid investment strategy while connecting them with a network of cured investors. The Science Trust makes all matching fund investments.
Since its launch in December 2015, the accelerator has received more than 4,000 applications from more than 60 countries, and 211 companies have completed the program.
Sixty-five percent of the foreign companies that have participated in the program maintain operations on the island. Meanwhile, 85% of the companies that have passed through parallel18 continue to operate, the nonprofit said.