Puerto Rico Science Trust gets $648K U.S. Dept. of Commerce grant
The Puerto Rico Science, Technology and Research Trust is one of 60 organizations selected to receive a “Build to Scale” grant from the U.S. Department of Commerce. The entity received $648,104, funds that must be matched by public and private entities in Puerto Rico.
Administered annually by the U.S. Department of Commerce’s Economic Development Administration (EDA), the “Build to Scale” program aims to accelerate technology entrepreneurship by increasing inclusive access to entrepreneurial support and startup capital. The EDA investments support innovation industries, such as agriculture technology (agtech), the blue economy, biosciences, advanced manufacturing and health technology.
The Science Trust will use the grant, obtained through the EDA’s Venture Challenge, to develop “BioLeap: A Life Sciences Innovation Incubator Program.”
BioLeap is a life sciences innovation incubator program that aims to increase economic development through innovation and entrepreneurship within the industry, focusing on areas such as biotechnology, artificial intelligenceI-driven medical technology and genomics.
“As the only resource for life sciences entrepreneurs on the island, BioLeap focuses on closing the gap between cutting-edge local scientific research and its commercialization, thus advancing the establishment of a local, inclusive innovation ecosystem,” the Trust explained in its project description.
“The program will provide a single point of access to educational resources for creating a life sciences startup, such as technical assistance, access to capital, and co-working space,” it stated.
BioLeap will use the Science Trust’s global accelerator, Parallel18, to provide a supportive environment “where life sciences entrepreneurs can structure their businesses, launch a functional prototype and develop patentable technologies with the goal of commercialization for exports worldwide.”