Selected participants will be enrolled in a 20-week acceleration program, develop their network of contacts, mentoring, and let’s not forget—a grant for US$40,000.
And the investment doesn’t stop there, upon completion, startups become eligible for P18Ventures. This follow-on fund can offer former participants up to US$75,000.
The deadline, February 17, is just around the corner. Startups interested in participating should do so here.
The Puerto Rico Science, Technology, and Research Trust—a private non-profit from the Caribbean island—launched Parallel18 in December of 2015. Since then, over 3,300 startups from 60 countries have applied for the program, according to a statement from the accelerator.
The purpose of the program is to stimulate Puerto Rico’s role as a hub for startups and innovation.
Since its founding, it’s expanded what it has to offer for the island’s startup ecosystem. For one, it added a pre-accelerator program in 2017. It also incorporated P18Connect. Through this subprogram, the accelerator connects startups to large companies. The purpose of this is to encourage business ties between parties.
And from time-to-time, Parallel18 will also collaborate with other well-known players in the name of startups.
For example, last year, Facebook teamed up with the accelerator to organize Startup Hub Caribbean. In this 12-week program entrepreneurs leading social impact startups from the area received support in scaling up their projects.
The accelerator even caught the eye of Google Developers Launchpad. And the subsidiary consequently allied with Parallel18 to expand its portfolio.
Despite these new developments, some things are immutable.
“What hasn’t changed is our commitment to offering entrepreneurs from all over the world access to high-quality business training, funding, and networks that help them scale globally,” stated the accelerator, in recent correspondence with Contxto.
Regardless, it will prove interesting to see what other big wigs join forces with Parallel18 in 2020.
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