Puerto Rico’s startup accelerator Parallel 18 (P18) is gearing up to launch its forth round of incubation programs, offering $40,000 to each young enterprise it chooses.
P18 is assigned with the task of grooming Puerto Rico into a technology hub in the Caribbean. Therefore, it’s offering to give another $75,000 in matched funds if the startup remains on the island after five months of training.
The organization is hopeful that the incentives, along with the opportunities to interact with and recruit talent at local universities, will make companies remain on the island for decades to come.
Startups from more than 48 countries showed interest in taking part in the previous rounds of the program. But it is not clear how many foreign startups are still running their operation in the island.
The accelerator is backed by the Puerto Rico Science Technology & Research Trust, the Department of Economic Development and Commerce, and the Puerto Rican Industrial Development Company.
Interested entrepreneurs need to apply before May 8. The mentorship program will take place in San Juan for five months.
The Puerto Rican government says the program’s mission is to expand the horizons of Puerto Rican entrepreneurs in the short term and create economic development in the long run.
The country has been struggling to create jobs and prevent skilled professionals from fleeing to the United States in search of better opportunities,