Xpand program opens call for local co’s pursuing global expansion
The program offers mentorship, connections with corporate partners, and education on raising capital, exporting and expanding into new markets.
Xpand, a business support program sponsored by Banco Popular and managed by parallel18, an accelerator of the Puerto Rico Science, Technology and Research Trust, has opened the call for applications for its fifth cohort of Puerto Rican companies in an advanced growth stage.
The educational component will last five weeks. However, the program remains active year-round to facilitate business connections, mentorship and valuable resources for companies with more than three years of operations.
The initiative will select up to 20 companies to provide them with the necessary tools for accelerated and sustainable growth into international markets.
“At the Trust, our entrepreneurship pillar supports local businesses at all stages of their growth. Xpand is a key initiative for Puerto Rican companies looking to expand into new markets. At advanced stages, businesses must learn to sustain operations and face the challenges of expansion,” said Science Trust CEO Lucy Crespo.
The fifth cohort will have the opportunity to apply for seed capital of up to $100,000 from the trust, which will be awarded to up to three outstanding companies that successfully complete the program.
The first 10 companies selected will begin in February, with another group starting in August.
To qualify, companies must have either participated in an acceleration program before or generate more than $250,000 in sales, be exporting or prepared to do so, and have at least two people dedicated exclusively to operations who can participate in the program, among other criteria.
The educational component will be offered twice a year and will cover strategic planning, finance, operational efficiency, go-to-market strategy and more.
“The fifth generation of Puerto Rican companies will benefit from high-level and relevant mentorship. This includes our corporate partner Banco Popular, which works together with our program,” said Héctor Jirau, executive director of parallel18.
“This financial institution, a leader on the island, collaborates with Xpand by offering unique resources. We want Xpand to continue being a benchmark for local companies seeking to ensure the continuity and progress of their businesses on a global scale,” Jirau added.
Since its founding in 2022, Xpand has supported more than 40 Puerto Rican companies, valued at $129 million collectively, with resources such as access to parallel18’s network of corporate partners and investors; and integration into the perks program, which includes digital platforms valued at more than $500,000.
