RUM gets $200K from Banco Popular to create NeuroLab
The program, aimed at supporting small enterprises, is the first of its kind in Puerto Rico.
The University of Puerto Rico, Mayagüez Campus (RUM, in Spanish), has received a $200,000 grant from Banco Popular to establish the NeuroLab MindMarket Lab innovation and competitiveness program under the Center for Business and Economic Development (CNDE, in Spanish) of the School of Business Administration (ADEM, in Spanish).
Leila Marcano-Nieves, ADEM associate professor and project director, noted Banco Popular’s ongoing support while explaining the scope of the new lab and the introduction of a new university course: Introduction to Neuromarketing. The course, offered for the first time this semester, is the first in Puerto Rico to teach neuromarketing, which studies how consumers’ brains respond to marketing.
“This contribution represents the bank’s renewed confidence in this project and in our ability to positively impact the island’s small and medium-sized enterprises (SMEs). The main objective of the new NeuroLab is to enhance SMEs’ capabilities using advanced technologies and innovative methodologies, such as neuromarketing and Lego Serious Play (LSP), to boost competitiveness and business innovation,” she said.
LSP is a hands-on workshop method where participants use Lego bricks to build models that represent ideas, solve problems and foster creative thinking in teams.
Marcano-Nieves detailed the program’s evolution, noting that in 2021, the initial proposal focused on business training and funding for new acceleration projects.
“Today, after three years and more than 50 supported companies, we have forged a robust business ecosystem in western Puerto Rico. In this fourth year, we decided to innovate with the NeuroLab, a laboratory where we not only apply neuromarketing but also offer introductory courses in this field, which complements all the initiatives we are developing,” she said.
The advanced course, MERC 5000, will train students to collaborate with and guide companies benefiting from this year’s Seed Capital funds, made possible through Banco Popular’s donation.
She added that the program will allow participants to apply strategies based on cognitive science and human behavior to improve products and services. This initiative builds on RUM’s efforts to equip entrepreneurs with tools to compete in a globalized market.
The funds will be used to purchase equipment, implement acceleration projects and provide seed funding for 20 selected companies.
One of the initiative’s key aspects is the impact on entrepreneurs who have received support through the seed fund. Many, according to Marcano-Nieves, consider the funding “the salvation of their organization.”
“These $5,000 we’re offering provide a crucial shift for companies, helping them rethink their [value] proposition and giving them a new lease on life. Doing business isn’t easy, especially in times like these, and that’s when training and innovation play a key role in ensuring a fresh start for companies,” she said.
Banco Popular officials said their support reflects the institution’s commitment to business development in Puerto Rico.
“For several years, we have supported this institution through the Seed Capital program, with the goal of preparing small businesses for success. This fund provides them with the resources needed to foster growth,” said José Soto-Cruz, regional manager of Banco Popular.
“Although these funds are distributed throughout the island, it is a special honor for me to support projects in my region, particularly at RUM, where I graduated. Watching entrepreneurs receive these funds and continue developing their businesses is one of the greatest satisfactions of this initiative,” he added.
Soto-Cruz also noted that this year’s program redesign integrates new curricula and elements, such as neuromarketing, offering additional value to entrepreneurs.
