Parallel18 Announces 2nd Startups Cohort
SAN JUAN – Puerto Rico-based business Parallel18 announced Monday a call for applications for a second group of startups, which can each receive $40,000 as a no-equity grant. The five-month acceleration program provides each class of up to 40 technology-enabled startups tools to scale internationally.
Apart from the grant, selected startups will receive an entry to a coworking space and access to mentors including Javier Soltero, corporate vice president at Microsoft and dozens of other tech entrepreneurs.
Directed by the former executive director of Start-Up Chile, Sebastian Vidal, Parallel 18 was launched in 2015 as a collaborative effort of the Puerto Rico Science, Technology and Research Trust, the Department of Economic Development and the Puerto Rico Industrial Development Co. to help diversify and jumpstart economic development amid the island’s debt crisis.
“Entrepreneurs are problem-solvers by nature,” Vidal said in the published announcement. “Inviting them to Puerto Rico will not only help to foster a culture of innovation, they may also aid in finding better solutions to the crisis the island’s been facing for so long and help give the island an economic rebirth.”
Applications will be accepted until June 13 at 11:59 p.m. (EST) through YouNoodle’s platform here.
Parallel18’s first generation participants hail from eight countries including Ireland, Spain, Bulgaria and the U.S. mainland and one third of the first generation’s participants were local to Puerto Rico.