Parallel18’s pre18 program open calls for 4th generation
With the slogan “Sácala del Parque,” (“Hit a home run”) parallel18’s pre-acceleration program, pre18, has opened a call for local companies interested in participating on its fourth generation.
Startups will have until Oct. 12 to summit the online application form.
The program, part of the Puerto Rico Science, Research and Technology Trust, is looking for local innovative startups with global growth potential while providing a $20,000 equity-free fund that will help them launch on the market and prepare them to scale globally.
In addition to receiving the grant, each startup should commit to participate in an intensive 12-week educational and entrepreneurship program.
They will receive one-on-one mentorship, networking with corporate clients of the program, counseling, and constant monitoring from professionals of many industries and the entrepreneurship ecosystem.
“As a result of the pandemic, we are aware that in Puerto Rico there’s been a rise of local entrepreneurs because, with the global crisis, they had to reinvent themselves,” said Science Trust CIO Sebastián Vidal.
“Some lost their jobs and others discovered the possibility to innovate on such critical times. This is why we want to provide the opportunity for local companies to, as we say on the island, hit a home run and help them set a bigger and global mindset for their startups,” he said.
“Also, we want to give them the best resources and mentorship at a high level to achieve global growth,” Vidal added.
Among the requirements to apply to the program is having a basic version of the product or service. In the case of the software, the product must have its functionalities ready for a pilot test or to demonstrate to its audience. For a physical product, the startup must provide a 3D printed prototype or final drawings for its production.
The selected companies must be in business for less than a year and must have at least one team member participating full time in the program. The business needs to have the ability to grow rapidly and be able to export. So, technology-based companies or companies that have a unique component that distinguishes them are ideal candidates, the nonprofit explained.
So far, 111 startups have been part of the past generations programs and 47 have continued to the advanced and international program p18.