The acceleration programs They are one of the main ways that Latin American entrepreneurs have to boost their growth. In addition to training and mentoring, some even offer startups access to financing to facilitate their expansion.
Parallel18, part of the Puerto Rico Science, Technology and Research Trust, has been promoting the ecosystem since 2015 with its support for emerging companies on the island and from other Latin American countries, providing access to financing, specialized mentoring, business connections and investment opportunities.
In its latest impact report that summarizes its initiatives and contributions to the business ecosystem, the organization highlights that it already There are more than 400 local and international startups that have been impacted through its different programs.
According to the figures, 161 Puerto Rican companies have successfully graduated from the local pre-18 pre-acceleration program, marking a starting point for Puerto Ricans seeking to immerse themselves in entrepreneurship full-time.
The report shows that more than 70% of local companies remain in operations and have generated revenues amounting to $4.1 million dollars.
The P18 international acceleration program has supported a total of 279 companies with opportunities that encourage global expansion while contributing to local economic development. P18 graduates have created more than 800 jobs and 75% of companies continue to operate.
For local companies that advance to a more advanced stage, the Xpand post-acceleration program is driven by the community that supports Puerto Rican companies towards sustainable and global growth, graduating 19 companies with sales of $9.6 million.
According to the impact report, between January and December 2023, the organization distributed $1,347,500 in grants to the 23 participating Gen. 5 (pre18) companies and the 19 Gen. 11 (P18) startups. Regarding the private capital raised by the companies, it was detailed that the Gen. 11 companies raised $675,000 during the program, while the pre18 Gen. 5 companies raised $912,000.
Related: 60% of companies in Latin America are incorporating AI into their operations, according to a study
25 startups from around the world join the twelfth generation of P18
In addition to sharing its latest impact report, Parallel18 announced the list of startups that are joining Gen. 12 of P18. Starting in July, the selected startups will receive mentoring for 20 weeks in Puerto Rico, they will be provided with business connections, access to the network of investors, and in turn they will be recipients of a $40,000 grant and an investment from the Trust for $20,000.
After hundreds of applications, 25 companies from various countries were selected as finalists, including startups from Colombia, Mexico, Argentina, Chile, as well as projects from other parts of the world.
Related: How much entrepreneurship do women do in Latin America? This study has the answer
